Morgan Stanley says housing discrimination has taken a huge toll on the economy
CNBC Jeff Cox
In addition to its human toll, racial housing inequality is exacting an economic price that has cost nearly 800,000 jobs, $400 billion in tax revenue and prevented about five million from owning homes, according to a Morgan Stanley analysis.
Disparities in homeownership are a root cause of wealth disparities across society, the Wall Street firm said in research that also looked at the rising unaffordability of rental housing and how that fits into the broader issue.
The analysis found that Blacks still have a harder time getting a mortgage than Whites, causing a snowball effect that results in lower credit ratings, pushing minorities into lower-quality housing and further into the fringes of society...click here to read more.