The National Association of REALTORS® (NAR) 2020 REALTORS® Conference & Expo began on Nov. 2 and is running through the 18th. On Nov. 10, NAR held its Regulatory Issues Forum, hosting a session, “The Role of Homeownership in Advancing Racial Equality and Ending Racial Disparities,” which looked at the history of housing discrimination in the U.S., as well as the racial wealth gap, to determine how REALTORS® can combat discriminatory behavior and systemic racism in order to provide equal housing opportunities for all.
Vince Malta, president of NAR, kicked off the session with the following statement:
“REALTORS® must be active participants in promoting equality, inclusion and acceptance. Housing discrimination and segregation have devastating impacts on families in terms of the racial homeownership gap, the racial wealth gap, and disparities in education, healthcare and so much more. We must educate our members and the public about the past. We must be clear-eyed about the problems that exist in the present. We must have honest and frank discussions about the disparities that exist because we can’t solve problems that we don’t see and don’t measure.
“Change starts with us. Fair Housing is the law, and to REALTORS® is the fundamentally right thing to do. It is an absolute necessity if we are to live up to our Code of Ethics and safeguard real property rights for every American. We recognize that it’s not enough to stop discriminatory behavior. We must take action to remedy years’ worth of inequality.”
Malta led the discussion—with panelists Mehrsa Baradaran, professor of Law at UC Irvine and author of “How the Other Half Banks” and “The Color of Money: Black Banks and the Racial Wealth Gap,” as well as Ryan Gorman, president and CEO of Coldwell Banker—on how to close the racial wealth gap to advance racial equality.
To start, Baradaran said one must fully understand what the racial wealth gap really means—it impacts more than just affordability.
“The wealth gap foretells your exposure to violence, whether you have clean water and parks, whether your schools are underfunded,” she said. “It’s about housing and where you live, and the policies and outcomes that relate to housing, which can segregate. It’s about systemic racism.”
Baradaran discussed the past, referencing a time when people of several religions, ethnicities and races were discriminated against in the housing and lending space.
“We’ve all heard about the Jewish-Americans, the Irish-Americans, etc. It’s important to understand what happened and how things became structural. Those practices were, for the most part, temporary,” she said, emphasizing that looking at these populations, and the solutions implemented, is key to breaking down obstacles for the Black community as well.
“Look at the areas that were left out the first time and provide solutions within those areas: down payment assistance, housing grants, etc. It’s about the resources.”
Gorman agreed, stating that policies in recent years to combat discrimination in housing have been much too broad.
“The challenges are very narrow, and so what we do about it has to be similarly narrow in order to deal with it,” said Gorman. “Imprecision isn’t helping us get anywhere.”
Both Gorman and Baradaran explained the clear challenge that lies ahead: it can be uncomfortable to admit these issues still exist, especially in the political space.
“It’s a difficult political move, but when looking at practicality, it’s not difficult,” said Baradaran.
“There’s a political challenge and discomfort with being more precise,” added Gorman.
The best way to look at the obstacles standing in the way of housing equality? Baradaran said one must conceive it as a “damages” scenario.
“We’ve promised equal opportunity and we’ve breached that promise,” said Baradaran. “It’s not about someone losing something so someone else can gain. It’s about equality.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to ldominguez@rismedia.com.
Stay tuned to RISMedia for continuing coverage of NAR’s 2020 REALTORS® Conference & Expo.
I really support this, what can I do to help. this is so important
I am concerned that by the statement “We promised equal opportunity and we’ve breached that promise” I have not breached any promise and having more thought and speech police watching our every move is turning America on it’s ear! The way to cure poverty is to change the education system and to encourage a strong family system that supports success. Playing the victim in this country has got to stop.
I am so very pleased to see NAR take the necessary steps to start the process of first acknowledging that there is definitely a huge disparity in all aspects of our society. As an African American Realtor in San Francisco, I have seen so many “hidden” factors of racism and redlining in my region but because of the statutory laws, we’ve been unable to circumvent the discriminatory practices. I purchased the book, ” The Color of Law”, through my local association a few months ago when we had the author on a Zoom meeting with a very educational and enlightening rendering of how long and why these systemic injustices still prevail to this very day. Hopefully this is not just a topic during a convention, but a cognizant realization in our everyday meetings with clients, businesses, and offices throughout the United States of America.
I love the direction that NAR is taking on this. Every American should have the same opportunities. NAR and it’s members are in a unique position to make an impact on one of the biggest results of systemic racism. Systems in the US have been jury rigged toward white folks like myself. In the meanwhile, my Black American fiancé’ who has a loving family, is a very spiritual person, and is far more educated than me has spent his entire life combatting discrimination at work, inappropriate police stops, and strangers acting fearful just because he’s Black. Thank you NAR for taking a strong position on this and for giving your members an opportunity to engage in much needed change.