YDB95
Hopeless Romantic!
- Joined
- Nov 5, 2011
- Posts
- 14,149
Gee, it's almost as if you could put two and two together but are choosing not to...Eat shit. Redlining was about not making loans in areas of declining real estate values. Mortgage lenders did not want to put money at risk where in the near term the outstanding loan balance exceeded the property value. And in most cases those areas were in minority neighborhoods.
But wait, there's more.
Using a few friends as an example. They started buying up properties in the Charlestown section of Boston, one of the so called red line areas. The area had become a virtual slum. They paid cash and started renovating the properties. They were on the leading edge of the 'gentrification' of Charlestown.
And so it goes. When a neighborhood is allowed to fall into squalor the property values fall and no institution is going to underwrite mortgages and that's "racist." New money comes in and revitalizes the neighborhood and that's 'gentrification' which also deemed racist by the racialists.
Damned if you do, damned if you don't. Go fuck yourself.