Recent books like Richard Rothstein’s The Color of Law and journalistic examinations like Ta-Nehisi Coates’s “The Case for Reparations” have helped raise awareness about the racist history of real estate in the United States by reminding us of the intimate relationships among housing, racial inequality, and today’s racial wealth gap. But some parts of the story are still neglected. We are just beginning to confront, for example, how fixtures of the inner city—the fast-food restaurants, the payday lenders, the cash-for-homes fliers—are all outward signs of the physical and financial exploitation that was routinized in the post-civil-rights years and has undermined Black advancement, despite the passage of laws that were supposed to ensure equal treatment in housing. As Keeanga-Yamahtta Taylor shows in Race for Profit, we are also only beginning to reckon with the complex network of bankers, real estate agents, and federal agencies that used the rhetoric of equality to obscure a set of race-to-the-bottom schemes that sought to extract as much wealth as possible from poor Black Americans.
In Race for Profit, Taylor provides new insight into many of these processes, examining one of the most exploitative attempts to bring the Black urban poor and working class into the fold of homeownership. Histories of Black urban life have focused on public housing, housing discrimination, redlining, and the rise and fall of tenants’ rights movements, but Taylor’s book shows us how tens of thousands of Black people were manipulated by the federal government and unscrupulous bankers and real estate agents through a program of predatory lending that claimed to empower Black homeowners but ultimately pushed them into greater financial insecurity. Agencies like the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) may have been founded “to transform low-income renters into low-income homeowners,” Taylor writes, but they ended up squeezing poor Black homeowners while creating lucrative financial instruments for lenders and real estate interests.
Rather than create a nation of homeowners, the housing programs of the Great Society, which relied on public-private ventures that almost always benefited the private interests, only helped to intensify racial disparities. Taylor’s book offers us a warning about the dangers of these public-private programs, which have become ever more common in our neoliberal age. It also reminds us of just how deep the roots of inequality and violence in our cities are—that even the efforts to create more black homeowners were stymied by racist stereotypes and a federal government determined to shrink its presence in the life of the poor.