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 home ownership 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.- Advertisement – Suburbs of San Diego, CaliforniaSkodonnell | iStock / 360 | Getty Images – Advertisement – – Advertisement – While Morgan Stanley said the gap can be explained somewhat by age, income and education, discrimination in getting home financing also plays a major role.“Disproportionately high rates of home loan application denials for Black and Hispanic applicants are a key factor contributing to the homeownership gap,” the report said. Citing data from the Home Mortgage Disclosure Act, the report noted that 16% of Black households and 12% of Hispanics were refused a mortgage in 2019, compared to just 8% of White households.Morgan Stanley floats several proposals to deal with the problem.The report cites the likelihood that President-elect Joe Biden will institute more regulations that address inequality. However, it also states the need for more rental housing units rather than simply instituting different regulations for the existing stock.There’s also a recommendation for greater scrutiny of how banks and other financial institutions are lending, especially for loans not backed up by government enterprises like Fannie Mae and Freddie Mac. Even when they get mortgages, Black and Hispanic families usually pay significantly higher rates – generally more than half a percentage point above the prevailing rate.Morgan Stanley’s analysts also call for a rental and homeowner bill of rights, expansion of the Community Reinvestment Act, and the creation of a $100 billion Affordable Housing Fund.The authors also address financial literacy and its importance for prospective borrowers to know what they’re getting.Fixing the disparities could result in 4.9 million more households created, along with 784,000 jobs and $400 billion in tax revenue by bringing homeownership levels in line from a race standpoint, according to the analysis.The report cites a number of initiatives from big Wall Street banks to address disparities: $1 billion from Citigroup and $30 billion from JP Morgan Chase, two name two. – Advertisement – “Inequality compounds in exactly the same way as interest — small, nearly negligible differences accrue into significant gaps over time,” Morgan Stanley analysts said in a lengthy report. “Racial inequality in access to homeownership is real, is compounding existing inequality, and is contributing to a rental affordability crisis that’s especially acute among lower-income earners.”Though rising, the homeownership rate for Blacks remains well below that of Whites, Asians and Hispanics.The rate as of the third quarter of 2020 was 46.4% for Blacks, compared to 67.4% for Whites, according to the Census Bureau. The Black rate was 41.5% at the beginning of 2016; the gap with Whites then was 22 percentage points, while it currently is 21 points.
In anticipation of the Trojans’ first weekday football game at the Los Angeles Memorial Coliseum, the USC Athletic Department announced special procedures regarding tailgating, transportation and parking that will take effect on Thursday.New territory · USC’s game against Arizona will be the first time the team has played at the Los Angeles Memorial Coliseum on a Thursday during the BCS era. All classes will operate on their normal schedules. – Ralf Cheung | Daily TrojanChanges to typical game day logistics have been made because USC classes will be in session as usual on Thursday.According to the webpage created by the Athletic Department detailing the changes to game day regulations, tailgating and picnicking will not be permitted within campus boundaries or on The Row. Tailgating will be allowed in Exposition Park and at the Coliseum.Because of the tailgating restrictions, the Trojan Athletic Fund and the Galen Center Founders Club will open their tailgates to ticket holders who purchase passes. Fans will also be able to attend the first ever Cardinal & Gold Picnic at the Coliseum. In addition, Lawry’s Carvery at L.A. Live will offer a 10 percent discount to USC-Arizona ticket holders on the day of the game.Through a partnership with CID Entertainment, the Athletic Department will offer a “Park & Ride” Trojan Express Shuttle Bus service to game attendees in the greater Los Angeles and Orange County metropolitan areas. Shuttles will pick up passengers in several locations, including Anaheim, Pasadena and Ontario, and drop off near the Coliseum and on Exposition Boulevard.The Orange County Transportation Authority will also provide Metrolink train service from Oceanside to the Coliseum. Pickup is available at all stops in between, including Union Station.On-campus parking lots will be closed to visitors without season parking passes. Alternatives to on-campus parking include the USC Parking Center on Grand Avenue, Parking Structures 1 and 2 on Flower Street., and The Shrine Lot. Beginning at 4 p.m., parking will also be available at the St. Vincent Elementary School at the intersection of Figueroa Street and Adams Boulevard. for $20. Parking lots at the Coliseum will open at 2 p.m. Thursday.Additionally, the Athletic Department has partnered with L.A. Live to offer parking to USC game attendees in Lots 6 and 7 for $20. A complimentary shuttle from L.A. Live to the Coliseum will run continuously before and after the game.Thursday’s game against Arizona will mark the team’s first game since Athletic Director Pat Haden relieved Lane Kiffin of his head coaching duties and Ed Orgeron will make his debut as interim head coach.The Trojans (3-2, 0-2 Pac-12) will be going for their first conference win of the season after surprising losses to Washington State and Arizona State. In the team’s most recent home game against Utah State on Sept. 21, the official attendance was 63,482. On the season, USC has averaged 67,770 fans per game, which ranks No. 2 among all Pac-12 schools in average attendance, though that number represents only 72 percent of the Coliseum’s capacity.In 2012, USC averaged 87,945 fans per game, the most in the Pac-12 and nearly 20,000 more than UCLA, who was No. 2 in the conference.More details about changes to game day procedures for Thursday’s game can be found at weplayfor2013.com/thursday.