July 12, 2011 | 4:28 PM | By Elahe Izadi
Black Home Ownership and ‘the American Dream’ in Ward 8
FILED UNDER: Around the City, Government, Housing, Marion Barry, Renters
D.C. Councilman Marion Barry wants to encourage home ownership in majority black Ward 8, where only 24 percent of residents are homeowners. How? By banning construction of new apartment buildings. He tells Washington City Paper‘s Lydia DePillis:
“The American dream is to own a home. And black people have not gotten the American dream as much as they need to,” Barry says. “Somebody can rent for 20 years, and has no equity in their unit at all.”
![Home Prices Drop To Lowest Level Since 2006](../../../files/2011/07/1149584751-300x200.jpg)
Scott Olson / Getty Images
Renters are the most vulnerable to forces of redevelopment and gentrification, since they can’t really profit from leaving a neighborhood with exploding housing prices the way a homeowner can. But owning a home, and having equity tied to it, doesn’t necessarily buffer one from poverty, either. As noted yesterday, one of the contributing factors to the decline of the black middle class is the fact that African Americans generally had more of their wealth tied up in housing than white people did at the start of the recession — 63 percent versus 38.5 percent. Declining housing prices and foreclosures meant the loss of a lot of black wealth — between 2004 and 2009, the median net worth for black households dropped by 83 percent. For white households, it dropped by 24 percent.
On the other hand, the value of homes in D.C. as a whole hasn’t dropped at drastic levels since the peak of the bubble. Only a few portions of Ward 8 saw home values decline at higher rates than the national metro area average.
Even still, there are plenty of questions as to whether banning new apartment construction would even be effective in increasing home ownership. Matthew Yglesias of ThinkProgress writes:
There’s just no way that zoning policy in Ward 8 of Washington, DC could possibly influence black people’s ability to own homes. Banning apartment buildings will reduce the supply of affordable housing and reduce construction jobs. That’s it.
MORE POSTS ABOUT
- Around the City
- Government
- Housing
- Marion Barry
- Renters
-
Farewell, DCentric
Today is my last day as the senior reporter for DCentric. It’s been a little over a year since I started writing for this blog, and I’m blown away at just thinking about all of the interesting topics I’ve had … Read More
- Malcolm X or Meridian Hill Park: On Symbolism And Accuracy
- Meridian Hill Park Or Malcolm X Park? (Poll)
-
Resentment And Race In Reducing Government
The black middle class has been hit particularly hard by the recession; many of the economic gains earned over 50 years disappeared between 2007 and 2009. The foreclosure crisis, lack of accumulated wealth and the role of a college education in … Read More
- Can Wireless Tablets Bridge The Digital and Education Divide?
- The Effect Of Youth Unemployment On Crime
-
The Complexities Of Rent Control
Expensive rents can be a byproduct of gentrification and rising property values. So isn’t rent control one way to keep housing affordable? Turns out that it’s not always that simple. This week’s Washington City Paper Housing Complex column explores how … Read More
- How Expensive Is D.C. For Renters?
- Gentrification's Impact On Poor Children in Rich Neighborhoods
-
Art Driving Gentrification?
The District is funding a series of art events housed in vacant spaces in downtown Anacostia. The idea behind Lumen8Anacostia: to make use of under-used spaces, and also spark some much-needed economic growth in Anacostia. The Ward 8 neighborhood has … Read More
- Asian Shopkeepers And The Economics Of Improving Corner Stores
- Marion Barry: Breaking Down Race, Plexiglass And 'Dirty Shops'
-
The Complexities Of Rent Control
Expensive rents can be a byproduct of gentrification and rising property values. So isn’t rent control one way to keep housing affordable? Turns out that it’s not always that simple. This week’s Washington City Paper Housing Complex column explores how … Read More
- How Expensive Is D.C. For Renters?
- Competing For Flat-Screen TVs and Affordable Housing
-
Floridafreedom
-
Anonymous