Housing discrimination causes generational wealth gap between White and Black Americans

Decades of housing discrimination left a devastating legacy across the U.S. Unable to purchase property in some neighborhoods, many Black families were deprived of the opportunity to acquire wealth for themselves and their families. "CBS Mornings" co-host Tony Dokoupil joined CBSN to talk about the impact that is still being felt today.
CBSN is CBS News’ 24/7 digital streaming news service featuring live, anchored coverage available for free across all platforms. Launched in November 2014, the service is a premier destination for breaking news and original storytelling from the deep bench of CBS News correspondents and reporters. CBSN features the top stories of the day as well as deep dives into key issues facing the nation and the world. CBSN has also expanded to launch local news streaming services in major markets across the country. CBSN is currently available on CBSNews.com and the CBS News app across more than 20 platforms, as well as the Paramount+ subscription service.
Subscribe to the CBS News KZbin channel: / cbsnews​
Watch CBSN live: cbsn.ws/1PlLpZ7c​
Download the CBS News app: cbsn.ws/1Xb1WC8​
Follow CBS News on Instagram: / ​
Like CBS News on Facebook: / cbsnews​
Follow CBS News on Twitter: / cbsnews​
Subscribe to our newsletters: cbsn.ws/1RqHw7T​
Try Paramount+ free: bit.ly/2OiW1kZ
For video licensing inquiries, contact: [e-mail]

[@Blackfender36]

This practice is played heavily in Houston Tx where my aunt lives. Her white neighbor just sold his tiny 720 sqft home for $345,000 with no driveway or garage. My aunt has a 1600 sqft home sitting on 5000 sqft of land and she only receives offers under $300,000 but the home is valued at $560,000. This discrimination tactic is rampant towards black homeowners in Texas.

[@EvergreenVB]

Has she considered creating a corporate entity, transferring the title over, waiting a few weeks or months, finding a stager, then selling?

[@MeMe-ht2hd]

@@EvergreenVB Good job, evb!

[@leabush2608]

Some houses might be bigger but extremely filthy and smelly

[@DA-ji4tf]

@@leabush2608 there is another major reason. I am a mortgage broker for over 25 years for equity and fairness.

[@leabush2608]

@@DA-ji4tf and you did not make any changes 😂

[@learningearning8385]

He moved to Florida and tried to “buy his respect”. This definitely still happens today.

[@ebvisionnetwork8758]

It still happens today/ I am helping my kids fight this today just so they can own property

[@ebvisionnetwork8758]

@Modia Ways Both my children own Houses/ they are College Educated and very aware of the Market. It’s not about that, I am developing Generational Wealth for my kids and Grandchildren, when that time comes, I have given my kids a multi- Family each that produces income. You must understand much more, for example if your Black you need to know Redline/ and where to buy. My kids know what to do because I was a Real Estate agent and purchased houses with No money down. I also taught my kids where to buy/ for future wealth… My family is also set, I am interested more in teaching other Black Families about Generational Wealth, and moving out of the poverty zone. ✍🏾🧘🏾‍♂️🔑🏡

[@MeMe-ht2hd]

You go, girl set up your kids wealth

[@angrybritches1854]

Leave Babylon. This is stolen land.

[@n3wy3ar83]

I would say in situations like this where there is ABSOLUTE proof of racism affecting the family they should be able to sue the state for the money.

[@mysterymachineone]

In the dumb south, they call this bs "CRT"

[@n3wy3ar83]

@@mysterymachineone I don’t agree with CRT at all but I think in circumstances like this one the family could sue to the state to get some of the wealth that IS OBVIOUS they would have been able to obtain if not for red lining.

[@nakuro2686]

States would lose a ton of money

[@n3wy3ar83]

@@nakuro2686 that would be unfortunate but this is a very clear cut case that this family lost a opportunity to millions because of race and simply race

[@tvtime1505]

BULLSHI*

[@SOURAVEMEL]

I’m a black man and this hurts

[@dwainewhitley2227]

This is not new information. It has been known for years. The question is What's being done about it? What change in policies are necessary?....DW.

[@Bugjuck]

Exactly, what is being done today?

[@NoahBodze]

When do you realize how objectively pathetic it is to prostrate yourself helplessly to the government?

[@chairmanoftheboard11]

Nothing it will only grow.

[@angrybritches1854]

White supremacy ideology & Capitalism are blood brothers.

[@LonnieBhi]

As long as evil people are in power this will happen

[@delisedavis8352]

I'm a black women and this hurts..

[@AbenaMcKenzieSoapiphany]

Thank you! 💜😊

[@erpink6]

Pathetic. Not too much has changed!

[@boombyeah]

Still happening

[@NiniBonita]

Correct the imbalance indeed

[@jermainelatimer804]

We've been trying since day 1

[@angrybritches1854]

Go home. This place is not for us.

[@6073721062]

Wow! And any talk of reparations is met with stalling, doubletalk, etc. This country has a huge debt to pay to African Americans but racism persists in every aspect of American life.

[@leabush2608]

Lol

[@angrybritches1854]

This debt will be paid in blood, as demanded by the Most High. Be patient, providence is coming, but not on this land.

[@iAM2AM]

Six months later and this barely has views. That's where we are right now.

[@danawest1017]

Sometimes banks don't even want to checks

[@beatpirate8]

wow i think about this often… so hard to see your proud young father work hard and never get their home. he was denied over and over.

[@MeMe-ht2hd]

Support black businesses, educate black families about homeownership. And help encourage and mentor blacks who want better! 🤔 Help with Black schools receiving the same funds

[@angrybritches1854]

Leave Babylon. Support the Motherland.

[@gokoronkwo]

Something has to be done.

[@angrybritches1854]

Something is being done. The Motherland is calling some of us to help rebuild so the rest of you can come home.

[@stormrave5371]

Their complicit tone aggravates me.

[@sundaiguy7701]

Right I'm sick of them 😢

[@ShezMarvalouz]

Anyone who says that “this was so long ago, everything is different now” there was just a black couple doing this same thing a couple years ago and it’s still happening. Keep supporting racism is suits all of you. Smh 🤦🏾‍♀️ at this point you’re just a terrible human being if you see this and tell someone to get over it.

[@shawnhogue4797]

Facts will never go away

[@somewhereinsouthamerica5829]

That generational gap isn't anything new, it has always been there and part of the reason why one race on average has a net worth exponentially higher than the average non-white race.

[@Ddoglatin]

Something i always talked about is on the news now. That wont change reality and facts.

[@ant73195a]

i hope he still has a job from telling the truth!

[@rhondahopkins4366]

This is happening today. They just now had a couple that tried to buy a house in the new development that was owned by Asian and they told no.

[@Ifyouonlyknewtruth]

REDLINING

[@jameswashington4493]

Yes, my White Brethren need to have this conversation on a large scale and view this video and others to see exactly how the wealth disparity plays out in the lives of someone in your own age group, so you can clearly how it affects the generations and the rest of peoples lives as the live and breathe. I was born in 1961 and I know first hand of the disparities of black people versus whites in this country and it doesn't feel good at all.

[@TruthBTold-op9kv]

Exactly. But this is the American way🙄😙. Nothing wrong here.

[@beatpirate8]

assistance w housing first time buyer and also education programs and scholarships please !

[@globalsistasconnection]

But many of other races (especially those that practice and benefit from the discrimination) will still argue descendants of the enslaved aka Black/African Americans should not be paid reparations.

[@Golden-us3hj]

What they don’t talk about is despite the guise that the state and lenders come off stating now is the best time and their rates couldn’t be better, they still overlook the standards they are supposed to follow, even if the rates are their best, if the costs have a disparate impact then they should be reduced. We still live in segregated times just in the absence of the smoking gun or overt racism, it is more subtle and hidden behind clever laws and stances. Hopefully FEHA and EEOC can live up to the mission Goals and enforce the laws they created and claim to support indefinitely

[@ThinkTankIllustration]

I understand that they wanted to live in Bergen county, but there were other places in New Jersey. They could've went Passaic county, Union county they were nice neighborhoods there that was not too much further away that they could've moved to and bought a nice home. Yes, Bergen county is a pricey place to live because I use to live in Bergen county but if they had enough money to buy a home there, they could've still bought a home in a nice neighborhoods in New Jersey and got in on some of the American dream like my parents.

[@thetruthofthematter8715]

They doing the same today

[@angrybritches1854]

Leave Babylon. The Motherland is calling.

[@ms.m7995]

Where do I get money for every past injustice?

[@angrybritches1854]

How many hundreds of years have you been beaten, raped, and murdered?

[@empressdawnsomerville1101]

REPARATIONS

[@DA-ji4tf]

My only advice is get your credit report reviewed, save your tax returns and use a skilled broker like myself. I have hosted many classes for over 25 years. You have to be prepared to fight back.

[@jblaney-bolansouthworth7646]

It’s all the same with disabled people, no different!!

[@angrybritches1854]

Except the 400 years of slavery Africans endured. The Nazi's imprisoned the Jew-ish for 15 years. Still not in the ballpark.

[@mitchgarbeno3788]

5 decades is not recent times.

[@pookiemoon]

exactly

[@rondanew9916]

It made all the difference between the richness in a person's life today. Stop lieing about how it effects the children of that generation today. If we weren't allowed to buy a house in the early 1980 at the price of our home of 48,000 we couldn't have sent our children to Good school's or sell it for 1 million today. It's made a lot of difference today.

[@av8orbob829]

You obviously don’t get it.

[@libertyordeath555]

@@av8orbob829 Oh, they get it..they just don't wanna admit it. It wouldn't play well down at the country club.

[@delynnturner7904]

The only redemption for this is reparation’s. There is no closing a wealth gap to something that was purposely done to us. Wealth trickles down generationally and our ancestors should not have gone to their graves dirt poor due to the color of their skin.

[@angrybritches1854]

They'll never admit the wealth of this country was built on a system based on the ideology of white supremacy, or that it still functions. True reparations would be returning the land back to the natives. Yah demands nothing but the truth, & they won't give it willingly.

[@beyondhuman3148]

💨

[@alancold1427]

Give us our reparations now mr mayonnaise

[@jayrizzle9226]

I'm my city my family owns an apartment complex and we don't rent to black people. Guess what, we have the lowest crime out of all of the other complexes on our side of the city, the others are raggity and very unsafe.

[@droolalot5795]

I wouldn't want critical race theory and know what my ancestors did either

[@alancold1427]

Your grand pop pop did vote tho

[@aw1078]

What’s their excuse now?

[@ChineduOpara]

It's self-hatred. I say that with the conviction of *experience* of a middle-aged Nigerian-American (BLACK) male homeowner. If you want details, ask me 🙂

[@aw1078]

@@ChineduOpara Please explain.

[@ShezMarvalouz]

Who’s excuse?

[@aw1078]

@@ShezMarvalouz Who’s complaining?

[@ChineduOpara]

@@aw1078 I keep trying but KZbin is shadow-deleting my posts 😡 What's your email address?

[@zerocool5395]

Today on: Everything is racist.

[@CoolJ-ku4qk]

You damn right!!!!

[@ritawill1365]

@@CoolJ-ku4qk 😆 I like the way you stated that

[@erpink6]

Because it is

[@angrybritches1854]

It's only racist, when it's your family's blood in the street. That's the only thing you understand.

[@miguelpatrick79]

Today on everything is racist because im white and in denial about it.

[@Stephen..]

Caused it no one went ta jail.

[@scotthenkel1939]

This is wildly disingenuous. About 91% of whites don’t get any inheritance at all and the average inheritance of the 9% that do get inheritance is about $20K. Not really the life changing money that people equate with generational wealth. On top of that, the $20K number is heavily skewed high because of the top 0.01 percent who leave their children multiple millions.

[@phantomgames7728]

What source are you using? According to the Federal Reserve Board, 30 percent of white families have received inheritance, compared to 10 percent of black families.

[@miguelpatrick79]

That one percent just so happen to be white lol

[@neonnoir9692]

People naturally self-segregrate.

[@thelovejoyshow568]

If that's the case why conspire to enforce it🤡

[@miguelpatrick79]

Doesn't make it right i thought we was past race why are you people still holding on to it

[@Ms.Robot.]

Hispanics neighborhoods in California, and other states, are hard to get into, if you are African American.

[@eseliq1218]

You talking about the neighborhoods that African Americans were renting before the Hispanics came and purchased them?

[@Garcia1900]

I'd like to know more about this. I'm Hispanic and if it wasn't because of the blacks folks that paved the way (they fought hard to buy). We would have the same problem

[@antharris4829]

You are the best m a s k o f f w e b.

[@marilyncalvert4143]

It’s sad but it is reality in this country and trump just made it bad all over. My sister in law is going through this right now not just the regular discrimination but being. Orb into poverty and the home that’s been in the family for decade is in jeopardy of being taking out from under her by cost of houses built around her. They can’t even pay for families funerals.

[@angrybritches1854]

You do realize the current administration is responsible for the highest inflation in over 40 years right? Let your politics & emotion go and step into the reality of facts. Go take a look at how many Africans were imprisoned under Joe, Kamala, & Obama.

[@neonnoir9692]

Buying into a community is a huge investment - people have every right to want to keep it nice.

[@infantebenji]

What you mean is “keep it white “there I fix it for you

[@818boy]

​@@infantebenji🤔👍👏👏👏🙏💪✌

[@aliciawilliams9605]

My neighborhood used to be beautiful........... Slowly it's turning to a ghetto 😢 sad.

[@miguelpatrick79]

​@@aliciawilliams9605ya because all white people are law abiding citizens that would never destroy there neighborhood 😅

[@LonnieBhi]

​@@miguelpatrick79one day God will open your eyes

[@oppressedspeakeroftruth6558]

Back to the racially motivated news. They were saving this stuff for something special

[@ShezMarvalouz]

It needs to be said and heard. Go somewhere else tans listen to false news. Goodbye

[@jamesjordan8761]

@@ShezMarvalouz this issue has nothing to do with race why does the media wanna make it about race ?? This issue starts from the government and those who lead it and those continuing to lead us into higher and higher inflation rates well they sit in there mansions printing more and more money out of thin air. All Well they expect you to pay your taxes every year

[@libertyordeath555]

@@jamesjordan8761 Couple says wife's race affected home appraisal l GMA kzbin.info/www/bejne/nWS8eKNqoZmkfaM Black Family Sees Home Value Increase $500K After Erasing Themselves From Appraisal kzbin.info/www/bejne/maq2nZxuf92jl68 Black Indianapolis Owner's Home Value Doubles After Concealing Race kzbin.info/www/bejne/ioa7pnd5bqaJhZY

[@BiG-JuPO1O1]

@@ShezMarvalouz Exactly they hate it when people have a voice and voice what they go through only for people like him to gas light as much he can. Nothing but denial and ignorance running through KZbin.

[@angrybritches1854]

Go report on what was not the truth. When your family is dying in the street, let's see if you have the same opinion when it is your blood.

[@peterinmiami4681]

Just to show how far America has progressed, there was a time not so long ago when catholics weren't welcome in certain WASP neighborhoods, or if you were Greek or Italian. CBS needs to report the whole picture that other ethnic group also had to deal with this type of discrimination

[@mack3310]

everyone knows that, my question is what's the point of mentioning it on this video at this very moment! Peoples struggles are not a competition!

[@MeMe-ht2hd]

It has progressed in technology. Mindset depends on our leaders and politicians and that Mindset hasn't changed much!

[@CARBONHAWK1]

Not to the same extent bud,

[@Kelly-mi1yz]

@@CARBONHAWK1 yes to the same extent …. You obviously haven’t done ur research on nyc. If u had then u would know that Greeks and Italians weren’t considered white …. They were considered the dirty people. Because of the color of their skin

[@angrybritches1854]

Oh yeah? When were Catholics, Greeks and Italians enslaved for 400 years, followed by segregation laws where they were legally said to only be 3/5ths of a human being in a country where they said, "All Men Were Created Equal"?

[@ArabsforIsrael]

and what about poor white people in appalachia? why are they so rarely if ever acknowledged??

[@Facebook-sb3eo]

They government didn't stop your lively hood ,You poor because of yourself.

[@ArabsforIsrael]

@@Facebook-sb3eo was that for ALL races or just white people?

[@bootynut1002]

@CCG MA Housing discrimination means discrimination to low income family’s so next to read carefully

[@angrybritches1854]

Because they don't live under a system of oppression created by and being benefited by people of color.

[@rcolbert1971]

More victimhood!

[@angrybritches1854]

More denial from a colonized mind. You blame a girl for getting raped because her dress was too short. It's called gaslighting. Victimizing the abuser and demonizing those being abused. Don't matter, the Earth is getting ready to wipe you out of history.

[@solyndrasolyndra212]

There is no discrimination over housing. Blacks need to quit blaming and take accountability for their own actions. There was a black President, supreme court judge to secretary of state. Black people need to quit being the victim. Start having 2 parents, stay in school and out of criminal justice system and get a job. Can go on and on.

[@libertyordeath555]

Please do, prove it.

[@vic5044]

Lol easy to say when YOU'RE not going through the discrimination 🤣🤣🤣

[@Facebook-sb3eo]

White privilege!!!! Sure you would say that because you never been in this situations because of your pink skin shut up please.

[@back2the80s]

🙄🙄

[@indridcole7596]

Easy to say when you are not the ones being discriminated

[@faithingod5533]

Study hard, work hard, save your money and don't buy crap you don't need, get married, stay married, don't have kids out of wedlock and guess what? Yeah that's too much for you huh?

[@Levell247]

Faith in God?

[@tchevelle1834]

You must be a white boy 👦 who blames Democrats I know your type

[@adewaledada4001]

Classic 🐕 whistle 🙄

[@faithingod5533]

@@adewaledada4001 classic meaningless statement

[@adewaledada4001]

@@faithingod5533 The couple highlighted in the news piece, did all that and still got the short stick. It will probably take more than "Faith in God" for you to understand that.

[@brandon-tech]

But they could have made the black neighborhood be nice and valuable. Just like the asian

[@sheldonmoore7483]

That only happens if you get funding from some sort of or organization for the materials to make the house you know houses don’t just don’t come out of thin air.

[@friedgreentomatoes5054]

Black neighborhoods were also flooded with drugs by the government but that’s another topic…

[@lindaminton]

Baloney.

[@kenklein9228]

More CRT nonsense.

[@jessecockrum5273]

But we do black and brown should have some kind of payment plan

[@Hangman675]

Dumb story.

[@sheldonmoore7483]

Right it’s dumb because it’s the true

[@angrybritches1854]

You should hear the story about the Europeans who didn't realize brushing their teeth or bathing was necessary or that having farm animals living in the house was a bad idea. Now that is a dumb story, about dumb people who are about to become a brief moment in history.

[@angrybritches1854]

@@sheldonmoore7483 What's funny is that they don't believe all these crimes against the Creator's children will have to be answered for. So dumb.

[@jessecockrum5273]

I think native Americans should get money first cuz there are not to many of us and even black people have it better than us

[@friedgreentomatoes5054]

Natives did get reparations, join your tribe for monthly cash payment plus you all have tribal land! 🙄 not much but something is better than nothing.