How a gaping loophole in a landmark law is fueling gentrification
3,138 views · Published 22 February 2018 · 7:56 · Indexed 22 September 2026
Channel: Reveal · 2018 · News & Politics
Financial institutions are fueling gentrification in low-income neighborhoods while getting credit for helping the poor. Read the full investigation: revealnews.org/redlining Subscribe: https://www.youtube.com/reveal -------------- Since banks constricted credit immediately after the 2008 housing bust, they have been slowly increasing the amount they’re lending. But this economic prosperity has not reached everyone. Reveal’s year-long analysis of 31 million mortgage records found that in 61 metros across the country, people of color are denied loans at disproportionally higher rates than white applicants. In the second part of our two-part series for PBS NewsHour, we return to Philadelphia, one of the largest cities where our analysis found high rates of denials for black applicants. The 40-year-old Community Reinvestment Act was meant to prevent this from happening. Passed in 1977 by President Jimmy Carter, it forced banks to lend in low-income communities and to low-income applicants. But the law didn’t anticipate a day when historically black neighborhoods would be sought out by young white homebuyers. So in cities like Philadelphia, banks are helping white newcomers instead of longtime residents. CREDITS: Reporter Aaron Glantz Data Reporter Emmanuel Martinez Producer Rachel de Leon Senior Producers David Ritsher Richard Coolidge Videographers Rachel de Leon Jaywon Chloe Kimberly Paynter Archival Ringo Chiu/Zuma Press Alamy Stock Photo Production Assistants Cody Knoblauch Matthew MacLean Executive Producer Amanda Pike Sara Just Editor in Chief Amy Pyle Produced for PBS NewsHour Supported by The Fledgling Fund Copyright 2018 The Center for Investigative Reporting
