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Netflix Invests $25M in National Effort to End Systemic Racism in Housing Inequity

Back in June, Netflix announced it was committing $100 million to build up Black-led financial institutions. Now the streaming giant is switching gears to invest in ending racism in housing. Real Estate Weekly reports that Netflix is pledging $25 million to Enterprise Community Partners — the nonprofit founded by developer James Wilson Rouse in the 80s to build and finance affordable homes — and its Equitable Path Forward program to support its national effort to combat systemic racism in the housing industry. According to Enterprise Community Partners, the multi-pronged initiative plans to establish an equitable path forward for BIPOC and other historically marginalized housing providers by “filling the gaping capital gap from decades of systemic racism; strengthening providers through advisory services and other support; and creating new career pathways to diversify leadership in real estate.” “Our vision is nothing short of dismantling the legacy of racism in housing,” said...

Dec 16, 2020

How Housing Discrimination Continues to Impact Marginalized Groups in the U.S.

As the U.S. housing market rebounds from a pandemic-related slowdown, there is still evidence of housing discrimination that continues to limit homeownership and rental opportunities for consumers of color and other marginalized groups. It’s necessary to take stock of how far housing policy has gone to outlaw discriminatory practices, and what work remains to be finished. What is housing discrimination? The Fair Housing Act of 1968 explained What is redlining in real estate? 3 ways to strengthen U.S. housing discrimination laws What is housing discrimination? Housing discrimination is any prejudiced actions against a consumer who is buying a home , renting a home or attempting to participate in other housing-related endeavors. Discrimination can be based on the following characteristics: Color or race Disability Familial status Nationality Religion Sex People who identify as LGBTQ aren’t explicitly protected by federal law from housing discrimination. However, several states have...

Aug 6, 2020

Cash Money Co-Founders to Cover Rent for New Orleans Residents

Cities across the country are still adjusting to the impact of COVID-19, and among them, New Orleans has been one of the hardest regions hit. Black communities in the city have been disproportionately impacted during the pandemic. Now, fellow New Orleans natives Bryan “Birdman” Williams and Ronald “Slim” Williams of Cash Money Records have partnered with Mayor LaToya Cantrell to cover rent payments this month for residents living in low-income housing. As co-founders and brothers who are well-known in their community, Slim and Birdman have committed to invest and give back to those whose struggle they resonate with. “We all need each other right now,” said Slim in an exclusive interview with Black Enterprise . “I’ve spoken to people over the last several weeks and the one thing that’s a common theme is that we’re all, in so many different ways in so many of the same ways, affected. There’s no one that’s not touched.” Since the Williams brothers founded their record label almost 25...

Jun 1, 2020

Study: Rent is Higher Than Minimum Wage Pay in These 16 Cities

Rent prices have increased by two percent to four percent nationwide each year since 2011, according to CoreLogic. While gains in federal and state minimum wage rules have somewhat mitigated the bite for lower-wage earners in certain areas, it’s often not enough to compete with the rising cost of housing. Meanwhile, the population of renters has increased, forcing renters to compete for a finite supply of rental housing, which is already pricing out some people. Using data from the Joint Center of Housing Studies and the Economic Policy Institute, MagnifyMoney identified 16 cities where the median rent claims all of a minimum wage worker’s take-home pay, and then some. Let’s take a look at big cities that are more affordable and ones where the rent is too darn high. Key findings Austin, Texas, is the least affordable major U.S. city for minimum-wage workers. Austin’s median rent is equal to 143 percent of take-home pay at the minimum wage. The median rent in Austin is $1,220 per...

Apr 1, 2020