Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership

The book opens with the story of a black single mother who was unable to find a place to rent. She was encouraged to buy a place instead. This ended up being a dump that should have probably been condemned. The author places the blame on the real estate professionals and the government's complicity. There is a conflict in seeing housing as a place to live and as an investment. Well-meaning intentions to expand access end up backfiring. 

Much of the book focuses on the HUD during the Nixon administration. George Romney was Nixon's in-party rival, so Nixon attempted to relegate him to the backwaters of the housing department. Romney, however, really wanted to help the poor and especially racial minorities. He had worked hard to integrate housing. He ended up working too hard. His attempts to integrate suburbs was leaked and was disbanded for political expediency. Romney ended up having a fall-out with Nixon.

In spite of Romney's intentions, all was not well with the HUD. Black employees tended to earn less than their white counterparts. There were also cases of the government signing off on poor quality housing that it insured. There were many areas of corruption throughout. Some required repairs may not be done. Some appraisers and inspectors may be doing double duty other places and have incentives that were not in the best interest of others.

The narrative of black housing ended up using color-blind rationale to continue segregation. Black homeowners were seen as not being able to maintain their housing. Minority neighborhoods were less desirable than white ones. With free choice, people would still choose to cluster. On top of these arguments, local communities argued that they should have control. Many zoning ordinances made no mention of race, but served to make things difficult for black homeowners. There ended up being a whole "throw the baby out with the bathwater" mentality. Local communities enact restrictive zoning regulations that ended up driving up the cost for everyone while also making neighborhoods more isolated, spread out and car dependent.