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Blockbusting was a business practice in the United States in which real estate agents and building developers convinced residents in a particular area to sell their property at below-market prices. This was achieved by fearmongering the homeowners, telling them that racial minorities would soon be moving into their neighborhoods.
The California Real Estate Association also advised its member boards that speakers from the State Fair Employment Practice Commission, the agency which enforced the Rumford Fair Housing Act, should be prevented from talking to the general real estate membership about the new law.
Redlining was an established practice in the real estate industry before the federal government had any significant role in it; to the extent that any federal agency is to blame for perpetuating the practice, it is the Federal Housing Administration and not the Home Owners' Loan Corporation. [25] [23]
For many years, urban community organizations had battled neighborhood decay by attacking blockbusting (deceptive encouragement of white flight from neighborhoods in order to buy up real estate at a huge discount and then rent to low-income, usually black tenants), forcing landlords to maintain properties, and requiring cities to board up and ...
The Bruce family is getting their land back after the state took it in 1924 citing eminent domain. It could be a precedent, barring some hurdles.
Many of these agreements were in the form of covenants in a house's deed which explicitly blocked sales of the homes to anyone not of the "Caucasian race". [10] Chapter six discusses white flight and blockbusting tactics used by real estate agents to accelerate the migration in order to make a profit. [10]
Racial steering refers to the practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. The term is used in the context of de facto residential segregation in the United States, and is often divided into two broad classes of conduct:
To his point, the commercial real estate loan distress rate—or the percentage of loans that have been delinquent for over 30 days—soared 480% from February 2023 to 8.6%, signaling more capital ...