Real Estate Law as a Catalyst for Closing the Racial Wealth Gap
The racial wealth gap in the United States has witnessed alarming growth in recent years, with BIPOC households now possessing less than 25% of the wealth held by their white counterparts. A substantial portion of this wealth gap can be attributed to disparities in housing. Owning a home remains a principal method for building and transferring wealth, constituting approximately 70% of an individual’s net worth. However, challenges such as housing discrimination, restrictive zoning laws, income disparities and lending practices have created barriers to homeownership, particularly for BIPOC individuals and first-time homebuyers.
Real estate lawyers and practitioners have a unique opportunity to address this critical issue by creating new pathways to homeownership for increasingly diverse communities. Industry professionals examined how real estate law plays a pivotal role in the short-term provision of affordable housing to underserved communities and, in the long term, contributes to the wealth accumulation of Black individuals and families. View the videos here.
Topics:
1. Housing, Real Estate and Lending Discrimination
2. Affordable Housing, Zoning and Law Reform
3. Community Education and Coalition Building
Opening Remarks: Dean Eboni Nelson, UConn School of Law
Panel 1: Housing, Real Estate and Lending Discrimination
Panelists:
Prof. Nadiyah Humber, UConn School of Law
Attorney Judith Rothschild, City of Hartford Director of Licenses and Inspections, Housing Liaison
Attorney Michael Powers, CATIC Title Counsel
Panel 2: Affordable Housing, Zoning and Law Reform
Panelists:
Prof. Kristen Haseney, UConn School of Business
Pete Harrison, Director of Desegregate CT & CT State Director, Regional Plan Association
Attorney William Hennessey Jr., Carmody Torrance Sandak & Hennessey LLP
Attorney Dwight Merriam
Panel 3: Community Education and Coalition Building
Panelists:
Prof. Kristen Haseney, UConn School of Business
Fanita Borges, Residential Sales Manager, Affordable Lending Officers, Liberty Bank
Marcus Smith, Director, Research, Marketing and Outreach, Connecticut Housing Finance Authority
Marcus Ordoñez, Executive Director, Hartford Land Bank