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April 23, 2018 / Kendra Allen, Editor

New report suggests reparations will end the US racial wealth gap, not increased home-ownership

WEALTH GAP | Increasing the home-ownership rates of Blacks has long been touted as the way to decrease the racial wealth gap in the US, but a new report debunks this belief. Researchers say that even if we eliminate the home-ownership gap, we will still have wealth disparity. They suggest that America must consider the idea of reparations if it truly wants to address the gap. (Citylab, 4/20)

…doing away with the homeownership gap, by itself, will not create wealth parity for blacks and whites. They have numbers to prove it: White households that do not own homes have 31 times more wealth than black counterparts. The net worth of the latter group is just $120, according to the researchers’ calculations of 2014 government data.

Among homeowners, too, racial differences exist. White households who own homes have $140,000 more in net worth than black ones. That’s a much narrower gap, but still pretty significant, the authors write in the paper. They conclude that it’s not just that white households, on average, have greater housing equity, but they appear to have greater equity from all other types of financial assets.

RACIAL EQUITY | WRAG is pleased to announce that it will partner with the Racial Equity and Leadership Initiative of the National League of Cities to host a regional summit in 2019, tentatively called Race, Racism and the Future of Greater Washington. Read more here. (Daily, 4/23)

PHILANTHROPY
– Terri D. Wright, vice president for program and community at the Meyer Foundation, reflects on her first two months at the foundation and discusses her hope for the future. (Meyer Foundation, 4/17)

– Last week, we shared a study that found that funders are the biggest barrier to nonprofits. Vu Le, Nonprofit AF blogger, responds to the report by discussing grantmakers’ strategy of reducing or stopping funding for organizations that are going through turmoil. (NAF, 4/23)

BUSINESS | This year, the Washington Business Journal launched its first Business of Pride Awards to honor Greater Washington companies and business leaders for outstanding practices in advancing LGBTQ leadership and equality. Congratulations to Harry Fox of CareFirst BlueCross BlueShield and J. Max Barger of PNC Wealth Management for being named 2018 honorees! (WBJ, 4/20)

EDUCATIOND.C. Council members propose independent education watchdog (WaPo, 4/22)

WORKFORCE
– MGM National Harbor’s executive chef is partnering with the Culinary Arts Center at Prince George’s Community College to help staff the National Harbor resort and give students industry experience. (WTOP, 4/23)

– D.C.-area officials in talks about ways to jointly court Amazon’s HQ2 (WBJ, 4/20)


Here’s something to make you smile on this Monday:

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Do you want to be involved? Send us a picture of something that has made you smile and we may include it in the “Daily WRAG’s Monday Smile”!

Email us your content at allen@washingtongrantmakers.org.

– Kendra

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