California Sen. Kamala Harris, who wants to be the Democrat candidate for president, wants government grants for black home buyers. Her plan would cost $100 billion and give blacks up to $25,000 for down payments and closing costs. Housing and Urban Development would oversee it. Black families making up to $100,000 in most areas and $125,000 in expensive areas would be eligible.
Sen. Harris says this would “deal with the racial wealth gap.” “A typical black family has just $10 of wealth for every $100 held by a white family,” the senator said earlier this month. “So we must right that wrong and, after generations of discrimination, give black families a real shot at homeownership—historically one of the most powerful drivers of wealth in our country.”
Special treatment for black home buyers isn’t new. It was one of the causes to the Great Recession of 2008. ...
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