Reddit reviews Family Properties: How the Struggle Over Race and Real Estate Transformed Chicago and Urban America
We found 6 Reddit comments about Family Properties: How the Struggle Over Race and Real Estate Transformed Chicago and Urban America. Here are the top ones, ranked by their Reddit score.
Family Properties is a great book on the topic as well.
They have a history of abuse that caused laws to change to make them more mortgage-like. Historically, not only could you just evict, any minor failure to meet with the terms of the contract (i.e. making a payment a day late) was basis to cancel the whole thing, Buyer walks away with nothing, regardless of what payments were made.
It's a good book, but reality is more like Family Properties where the lawyer ends up losing much of his business and family wealth as well as the legal cases he fights for. The first people to fight ingrained injustice are usually destroyed...
> hundred year old talking points
Official redlining didn't start until 1934. Other forms of discrimination and segregation existed during that same time period. For example, the realtors association of Grosse Pointe had an informal racial point system until the 1960s. This is hardly a hundred-year-old issue. Elderly people alive today spent a good portion of their lives living under these conditions. There are plenty of excellent, thoroughly-sourced books on the subject. Enjoy!
1 2 3 4
p.s. Wealth may not last for three generations, but that doesn't necessarily mean that poverty (and its effect) also does not last for three generations. It's much easier to lose wealth than it is to gain it in the first place.
You should get this book in your hands as fast as you can. It's an amazing story about Chicago and the practice of Contract Selling, another insidious form of housing discrimination.
In theory, rent-to-own can be a good instrument for some buyers, but it has frequently been used by unscrupulous speculators to defraud those without access to other forms of financing. At the time of signing your agreement, were you a naive member of a minority group without other financing options? If yes, you are probably being taken advantage of.
Here is an interesting history of racially discriminatory rent-to-own scams in Chicago, which were copied all across the country.