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Co nten ts
A ck n o wl ed g m en t s
iv
E x ecu t ive Su mm ary
v
K e y
Tak e aw ay s
v
H o w E cono m ic
Cr ise s
and
Su dd en
D isa ster s
Incre as e
Ra cial
Dispar it ies
i n
H o m eo wne r sh ip
1
H ow
D o Catast r op he s
an d E conom ic
Cy cle s
A ff e ct
B l ack and
H is pan ic
Ho me ow ne r s hi p
an d W e al t h Ou tc o me s ?
1
H ome ow ne r s hi p‘ s
I ne xtr icab l e
Lin k
to
W e a lth
for
H ou s e ho ld s
of
Co lo r
2
I nco me
an d Ot he r
A ss e ts
3
R acia l
an d Eth n ic
W e a lth
D i spar it ie s
Hav e
B een
P e r v as i v e
4
H ome ow ne r s hi p
a nd U ne v en
Hous in g
E q ui ty
5
P e opl e
of
Col or
F al l
Fu r th e r
B e hi nd d u ri ng
Econ om ic
D owntu r ns
5
L e ssons
fr om
P r e v i ou s
Econ om ic
Cy cl e s
7
L e ssons
fr om
t he
Gr e at R e c essi on
8
L e ssons
fr om
H ur r ica ne
K at r in a
9
COV I D - 19
H as
I mplic ati o ns
for
t he
Econ om y ,
Hom e ow ne r shi p,
a nd R ac ia l
and
Eth n ic
D ispar iti e s
11 COV I D - 19
B r in g s
A dd i tio na l
Chal le ng e s
and
D is pa riti e s
13
K e y
Consi d e r ati o ns
a n d F utur e
R e s e a r ch
16
N o t es
18
Re f eren ces
20
A b o u t
t he
A u t h o r s
22
S t atem en t
of
Indepen d en ce
23
Acknowle dg m ents
Thi s
r ep or t
w as
fund e d b y
a
g r a nt
f r om
th e
W e ll s
F ar g o Fou n d ati on .
W e
ar e
g r ate f ul
to
th e m
a nd to
a ll ou r
f un d e r s,
w ho ma k e
it
po ssi b le
for
U r b an
t o ad v a nce
its
m i ssi o n.
The
v i e w s
e xp r e ss e d ar e
t hose
of
th e
a uth o r s
a nd sho ul d no t
b e
att ri b ut e d to
th e
U r b a n
I nsti t ut e , its
tr ust ee s,
or
its
fund e r s.
F un d e r s
do n o t
d e t e r mi ne
r e se a r ch
fi nd in g s
o r
th e
i nsi g h ts
an d r e c om m en dat io ns
of
U r b a n
e xp e r ts.
Fu r th e r
i n for mat io n
o n
t he
U r b an
I nst itu t e ‘ s
fund i ng
p ri ncipl e s
i s av ailab l e
at ur b an.o r g /fun d i ng p r inciple s .
Ex ecuti v e
Summary
I n
th e
comi ng
mo nt hs,
th e
U r b a n
I nsti t ut e ‘ s
Hous in g
Fin ance
P olicy
C e nt e r
w ill
r e l e as e
a
se ri e s
of r ep or ts
to
e xp lo r e
th e
r is k s
ho m e ow ne r s
of
c ol o r
fac e
d ur i ng
e cono m ic
cy cle s
an d p ol ici e s
t hat ca n ad d r e ss
t ho s e
r is k s.
Thi s
fi r s t
r ep or t
se t s
th e
sta g e
b y
o u tli ni ng
con s id e r ati o ns
a nd i mplicat io n s
fo r r acia l
e q u ity ,
ho m e ow ne r sh ip,
and
w e al th
b ui ld i ng
p r e s e nt e d b y
th e
cu rr e nt
pan d e mi c,
whi ch
is mag ni fy in g
r acia l
an d e thn ic
dis pa rit ie s
w ith in
th e
U S
he al th
a nd ho u si n g
sy st e ms
an d l a bo r
m ar k e t.
W e lo o k
at pa st
e conomic c y cl e s ,
i nclud in g
th ose
that
encom passe d th e
G r e at R e c e ss io n
in
2007
a nd th e afte r math
o f
H ur r ica ne
K a tr in a,
fo r
i n si g hts on h ow
th e y
exace r bat e
dis pa rit ie s
in
r is k s
a nd r e c ov e r y
for pe opl e
o f
col or .
The
G r e at Lock d ow n , 1
in stitute d to
r e d uce
th e
sp r e ad
of
th e
n ov e l
c or o nav ir us ,
has cri pp l e d ho use ho l d s,
jo b s,
a nd busi ne sses
i n
w ay s
w e
h a v e
n o t
s een
in
m od e r n
h is to r y
an d that
w ill
have la sti ng
e ff e ct s
o n
r acial ho m e ow ne r shi p
an d w e a lth
g ap s.
Ye t
we can
lear n
fr om
o ur
past e xp e ri ence s w ith
e conomic m ar k e t
dis r u ption s.
T he
g oa l
of
ou r
s e ri e s
i s
to
e l e v at e
th e
r ol e
of
r ac ia l
e q ui ty
w hen e xam in i ng
e cono m ic
cy cle s ;
pr om ote
e q ui ty - conscio us
f e d e r al ,
stat e ,
an d city
p olic i e s;
b r in g
fo r th r e lev a nt
d ata
a nd a nal y s is ;
a nd c r e a te
a
us e fu l
se t
of
t oo l s
to
acce l e r at e
e q ui tab l e
a n d i nc lu si v e r e c ov e r y .
Key
T akeaw ays
Thi s
i s
th e
fi r st
in
a
s e ri e s
of
r e s e a r ch
r e por ts
w e
w ill
pu b li s h
o v e r
t he
ne xt
fe w
mon ths o n
th e r is k s
home ow ne r s
of
c ol o r
f ace
d ur in g
e conomic c y cl e s
and
natu r al d i saste r s,
to
un d e r stand t he w ay s
ho m e ow ne r s
of
c ol o r
may
b e
dis pr opo r tio nat e ly
a ffe ct e d b y
th e
CO V I D - 19
cr i si s.
Str uct ur a l
b ar ri e r s
cont ri b u te
to
w id e
an d pe r si st e nt
r a cial
a nd e th ni c dis pa rit ie s
i n ho m e ow ne r shi p
( an d oth e r
ar e as
o f
th e
e cono my ,
such
as
l a bo r
ma r k e t s),
r e g a r d l e ss
of
w he th e r the
ov e r al l
e cono my
is g r owin g
or
shr in k in g .
B ut
fr o m
past e conomic do wntu r ns,
w e
ob s e r v e
tha t
th e
ho m e ow ne r s hi p
g ap
b e tw een
pe opl e of
col o r
a nd whi t e
pe opl e
ofte n
w o r s e ns
ami d a
r ece s sio n
b e caus e
pe opl e
of
col or
ar e dis p r opo rti onat e ly
h ar me d .
W e
hy poth e s iz e
th at st r uct ur a l
b a rri e r s
p r od uc in g
w id e
an d pe r s is t e nt
dis p ar iti e s
i n
ho me ow ne r sh ip
al so
m ak e
h o me ow ne r s
o f
col or
mo r e
v u l ne r ab le
to lo ss
o f
ho me
an d w e a lth .
At
the
sam e
ti me ,
th e y
a r e
le ss
ab l e
to
p ar t ici pat e
i n
th e
r e c ov e r y afte r war d b e caus e
th e ir
ov e r al l
w e a lth
is conc e nt r at ed
i n
th e ir
ho me ,
a nd t he y
a r e
l e ss
l ik e ly
t o r e t ur n
to
ho m e ow ne r sh ip
i f
they
b e came
r e nt e r s.
To e x amine
tr en d s
an d l e ss on s
l e a r ne d fr o m
p r e v i ou s
c atastr oph e s,
w e
r e fe r
to
th e
Gr e at R e c e ss io n
b e caus e
of
i ts
im pac t
on une mpl oy me nt
an d mo rt g a g e
ma r k e ts,
as
w e ll
as
i ts dis p r opo rti onat e
e ff e ct
on home ow ne r s
of
co lo r .
S ome
d ata
an al y se s
( e . g .,
of
une mp l oy me n t in su r anc e
cl ai ms,
s e ct o r s
m ost
aff e ct e d b y
jo b l os s,
an d r acia l
dis pa riti e s
ab ou t
w h o is mo r e li k e ly
t o b e
aff e ct e d )
sug g e s t
the
im pac t
of
C OV I D - 19
m or e
clos e ly
r e semb le s
a
n a tu r al disast e r than a
cy cl ical
d ow ntur n,
so
w e
al s o l o ok
at th e
e ff e ct s
o f
H ur r ica ne
K at ri na.
A s
to d ay ‘ s
e conomic dis r upt io n
do e s
n ot
st e m
f r o m
a
h ousi n g
bust o r
a
hu rr ican e
b u t
fr o m
a pub l ic
he al t h
cr isis ,
w e
al s o d r aw on t he
r e se ar ch
lit e r at ur e
an d e xp e r ts
in
th is a r e a
to
i d en tify un i q ue
featu r e s
of
t hi s
pa nd e mi c.
On e
hy poth e s is w e
te st
an d e xp lo r e
is th e
e xte nt
t o whi ch r acia l
conc e nt r at io n
y i e l d s
w or s e
w e a lth
ou tc o me s
fo r
ho m e ow ne r s
of
c ol o r
d ur in g
a d ow ntur n.
W e
att e mpt t o q uan t ify
ho w
r acia l
w e a lth
dis p ar iti e s
pl ay
ou t
fo r
home ow ne r s
of
c ol o r compa r e d w ith
whi t e
home ow ne r s
w hen
t he
e cono my
i s
i n
a
r ece s sio n,
as
w e ll
as
ho w
the im pac ts
on r e nte r s
f ur t he r
d e la y
home ow ne r shi p,
e sp e ci al ly
fo r
l ow - in co me
y o un g
r e nt e r s
of colo r .
W e
al s o ass e ss
ho w
mu ch
h ou s e ho ld s
of
col or
ty pically
sha r e
i n
e conomic r e c ov e ri e s
( e . g ., lo w e r
une mplo y m e nt,
hi g he r
ho me
pric e s,
h ig he r
stoc k
mar k e t
v al u ati o ns).
W e
pla n
to
offe r
e v id ence - b ase d pol ici e s
a nd p r actic e s
t hat f e d e r al ,
stat e ,
an d l ocal stak eh ol d e r s
mig ht
i mpl e m e nt
t o a dd r e ss
r acial in e q ui t y
and
st r uct ur a l
b ar ri e r s
to
l e ss en
t he e ff e ct s
fo r
futur e
e con om ic
e v e nt s,
an d r e co mm en d sol uti on s
that
d ir e ctly
a dd r e ss
un d e r ly in g is su e s
as
w e ll
as
mi ti g at e
a n d e f fe ctiv e ly
p r e pa r e
pe opl e
of
col or
for
f utu r e
e cono m i c shock s.
B y
me e tin g
th e
i mm e dia t e
a nd dis p r opo rti onat e
i mpact
on pe opl e
of
c ol o r
f r om
th e
e con om ic d ow ntur n
i n d uce d b y
CO V I D - 19 ,
poli cy ma k e r s
have
an
oppor t un ity
t o a dd r e ss
th e
cause s
of pe r s is t e nt
r acial a nd e th ni c dis pa rit ie s
i n
ho m e ow ne r sh i p
and
ho u si n g
e q u ity — pa rti cular ly
i f the s e
l on g - te r m
disc r e panci e s
m ak e
pe opl e
o f
col or
mo r e
vul ne r a b l e
w hen
th e
ov e r al l
e con om y d e c li ne s.
How
Economic
Crises
and
S udden Disasters
In crease Racial
Dis pari ties in
Homeownersh ip
The
C O V I D - 19
pan d e mic h as
cr ipp le d e con om i e s
and
t he
dai ly
li v e s
of
pe opl e
t hr o ug h ou t
t he
w o rl d .
A s of
thi s
w rit in g ,
ov e r
100 , 000
U S
li v e s 2
have
b een
l ost
i n
t hr ee
mon ths,
ma ny b u si ne ss e s
have
cl ose d , tr ave l
has
b een
cu r tai le d ,
bo r d e r s
ha v e
clos e d ,
an d g lo b a l
ma r k e ts
have
c ol l apse d as
par t
of
w hat h as b een
d u bb e d th e
G r e at L oc k d ow n.
Thi s
he al t h
cr isis has
tri gg e r e d a n
e conomic c r isis that
is aff e ct i ng ho us eh ol d s
i n
p r of ou n d w ay s
an d has
c r e at e d t he
nee d for
e con om ic
stim ul u s
suppo rt
fo r
busi ne s se s and
ho us eh ol d s
a li k e .
Gov e r nm e nt
act io n
t o r e st or e
a nd suppor t
th e
e cono my
has
b een
swi ft,
w ith
th e U S
spe n d i ng
cl ose
to
$3
trill io n
i n
r e l ie f
pac k ag e s . 3
At
th e
he a rt
o f
th e
g ov e r nm e nt‘ s
r espo nse ,
a nd t he polici e s
b e in g
i n tr od uce d to
r e s tor e
t he
e cono my ,
a r e
st r uct u r al b a rri e r s
t hat a r e
d ee ply
r oo t e d in
ou r histo r y
of
r acia l
i ne q ua li ty .
Thi s
r ep or t
focus es
on h ow
e con om ic
cy cl e s
s hap e
ou tc ome s
fo r
pe opl e
of colo r
i n
...
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