Activism
‘Closing the Racial Equity Gap: A Call to Action’
The report, “Closing the Racial Equity Gap: A Call to Action,” is a result of a series of Homeownership Solutions Summits held in Arizona, California, and Nevada in 2022 and 2023. More than 150 housing advocates, member institutions, and other stakeholders gathered to develop evidence-based ways to boost access to mortgage financing and sustainable homeownership for people of color.
Federal Home Loan Bank of San Francisco Recommends Ways to Close Racial Homeownership and Wealth Gaps in US
By Mary Long, Special to The Post
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) released a package of recommendations to close the racial wealth gap in the United States.
The report, “Closing the Racial Equity Gap: A Call to Action,” is a result of a series of Homeownership Solutions Summits held in Arizona, California, and Nevada in 2022 and 2023.
More than 150 housing advocates, member institutions, and other stakeholders gathered to develop evidence-based ways to boost access to mortgage financing and sustainable homeownership for people of color.
Among the recommendations:
- Expand mandatory financial education and begin teaching the basics in grade school.
- Broaden the reach of down-payment assistance programs to include buyers who earn more than 80% of area median income.
- Encourage the widespread adoption of novel or modern building practices that can bring down costs without sacrificing safety or comfort.
- Provide support to elected officials in favor of higher-density zoning and less-restrictive land-use ordinances.
- Modernize credit scoring to bring more creditworthy borrowers into the housing finance system.
According to the Urban Institute, in 1960, the gap between Black and white homeowners was less than 27 percentage points.
By 2019, it was nearly 30 points, the widest spread ever. Today, only 45.3% of Black households own a home, compared to 72.2% of whites and nearly 66% of the U.S. population.
The Federal Reserve acknowledges that the average Black family owned about 24 cents for every $1 of white family wealth as of the first quarter of 2023, while the average Hispanic family owned about 23 cents for every $1.
“The inequities entrenched in the homebuying process cannot be eradicated by a single entity or a single solution. To make meaningful change in the industry, we must bring all stakeholders together to consider the options and formulate approaches that make the most of the expertise at hand,” said FHLBank San Francisco CEO Teresa Bryce Bazemore.
“Our Homeownership Solutions Summits provided an opportunity for discussion and collaboration, and we now have pages of practical and sustainable action items that, together, can help people of color gain equal access to homeownership and wealth-building,” Bazemore said.
The Homeownership Solutions Summit series, the first of its kind among Federal Home Loan Banks, is a continuation of FHLBank San Francisco’s equity approach, which includes a two-year, $1.5 million partnership between the FHLBank of San Francisco and the Urban Institute.
Their Racial Equity Accelerator for Homeownership collaboration has produced groundbreaking research on the effectiveness of alternative underwriting methods, the impact of student debt on Black homeownership, the use of mortgage reserve products to help sustain homeownership, and coming soon, how best to harness the power of artificial intelligence for equity in mortgage financing.
Activism
‘Respect Our Vote’ Mass Meeting Rejects Oakland, Alameda County Recalls
The mass meeting, attended mostly by members of local Asian American communities, was held in a large banquet room in a Chinese restaurant in Alameda. The Respect Our Vote (ROV) coalition, consisting of concerned community members and groups, is organizing meetings in Oakland and around Alameda County leading up to the November election.
By Ken Epstein
A recently organized coalition, “Respect Our Vote – No Recalls!,” held a standing-room only mass meeting on Sept. 14, urging residents to vote ‘No’ on the two East Bay recalls funded by conservative billionaires and millionaires with the help of corporate media and instead to support the campaign to protect residents’ democratic right to choose their representatives.
The mass meeting, attended mostly by members of local Asian American communities, was held in a large banquet room in a Chinese restaurant in Alameda.
The Respect Our Vote (ROV) coalition, consisting of concerned community members and groups, is organizing meetings in Oakland and around Alameda County leading up to the November election.
Speaking at the meeting, prominent East Bay leader Stewart Chen said that local leaders, like Alameda County D.A. Pamela Price and Oakland Mayor Sheng Thao, worked hard to get elected, and our system says they get four years to carry out their policies and campaign promises. But rich people have “broken” that system.
Within two months after they took office, they were facing recalls paid for by billionaires, he said. “(Billionaires’) candidate did not get elected, so they want to change the system.”
“(Our elected leaders) were elected through the process, and the people spoke,” said Chen. “It’s the entire system that the billionaires are trying to (overturn).”
“If a candidate does something wrong or enacts a policy that we do not like, we let it play out, and in four years, we do not have to vote for them.
“The democratic system that we have had in place for a couple of hundred years, it needs our help,” said Chen.
Pastor Servant B.K. Woodson, a leader of the coalition, emphasized the diversity and solidarity needed to defend democracy. “We need each other’s wisdom to make our nation great, to make it safe. We are deliberately African American, English-speaking, Latino American, Spanish-speaking, and all the wonderful dialects in the Asian communities. We want to be together, grow together, and have a good world together.”
Mariano Contreras of the Latino Task Force said that people need to understand what is at stake now.
The recall leaders are connected to conservative forces that will undermine public education, and bilingual education, he said. “The people behind (the recalls) are being used by outside dark money,” he said. The spokespeople of these recalls are themselves conservatives “who are wearing a mask that says they are progressives.”
In 2017, Oakland passed an ordinance that gave teeth to its “Sanctuary City” policy, which was brought to the City Council and passed because it was supported by progressive members on the council.
“That would not be possible anymore if the progressive alliance – Sheng Thao, Nikki Fortunato Bas, and Carroll Fife – if they are pushed out,” he said.
Elaine Peng, president of Asian Americans for Progressive America, said, “I strongly oppose the recalls of Oakland Mayor Sheng Thao and Alameda County District Attorney Pamela Price.”
Citing statistics, she said Alameda County’s murder rate was higher when Alameda County D.A. Nancy O’Malley was in office, before Pamela Price was elected to that position.
“The recall campaign has been misleading the public,” said Peng.
She said Oakland is making progress under Thao. “Crime rates are falling in Oakland,” and the City is building more affordable housing than ever before and is creating more jobs.
Attorney Victor Ochoa said, this recall is “not by accident in Oakland – it is a political strategy.”
“There is a strategy that has been launched nationwide. What we’re seeing is oligarchs, (such as Phillip Dreyfuss from Piedmont), right wingers, conservatives, who can write a check for $400,000 like some of us can write a check for $10.”
“They aligned themselves with so-called moderate forces, but they’re not moderates. They align themselves with the money, and that’s what we have seen in Oakland.”
Ochoa continued, “You got to put up signs, you’ve got to talk to your neighbors, volunteer whatever hours you can, have a house meeting. That’s the way progressives win.”
Pecolia Manigo of Oakland Rising Action spoke about what it will take to defeat the recalls. “This is the time when you are not only deputized to go out and do outreach, we need to make sure that people actually vote.
“We need everyone to vote not just for the president, but all the way down the ballot to where these questions will be. Remind people to fill out their ballot, and mail it back.”
Former Oakland Mayor Jean Quan, who had herself faced a recall attempt, said, “In this recall, they used a lot of money, had paid signature gatherers, and they moved very fast. I talked to many of the people gathering signatures. They didn’t know what was going on. Many of them didn’t live in Oakland. It was just money for them.”
“Sam Singer, the guy who is their spokesperson, is a paid PR guy. He has media ties, so they’ve swamped the media against Sheng,” Quan said.
‘Oakland is… a city that implemented some of the first rent control protections in the country. So, developers and big apartment owners would love to get rid of rent control,” said Quan.
“We also established ranked-choice voting, which allows people with less money to coalesce and win elections,” she said. “That’s too democratic for people with big money. They would rather have elections the way they were.”
Activism
Oakland Post: Week of September 25 – October 1, 2024
The printed Weekly Edition of the Oakland Post: Week of September 25 – October 1, 2024
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Activism
Oakland Post: Week of September 18 – 24, 2024
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