Growing up in Brooklyn, I knew early on the challenge of finding a house after seeing my family work hard to reach the security of homeownership. However, all those years later, the dream of homeownership continues to be a struggle and building generational wealth in my community does not happen in a vacuum.
The new proposal would hurt my community's chances of securing a loan to purchase a home. Homeownership has always been the standard way to accumulate wealth in this country. Now, far too many families, disproportionately families of color, are priced out of the path to wealth under the strain of the affordability crisis.
As a small business owner, I know how important bank loans can be to simply keep a business afloat. If finalized, this rule would make it so banks would be less likely to loan to small businesses as opposed to larger companies who they would consider a safer bet.
#homeownership-rates #wealth-accumulation #racial-disparities #small-business-loans #economic-growth
Collection
[
|
...
]