homeownership

As major cities around the country struggle with providing affordable housing to their long-standing residents, Boston reigns supreme as a poster child for gentrification.

What is happening this week at the city and state level could have the most consequential impact on the economic fate of Black and Latino residents and homeowners in Boston. If you’re interested in the matter of real Black wealth creation, you should pay attention. If you are interested in racial equity, you should pay attention.

In February, a Zillow study found, “The typical home value of Boston-area homes with Black owners is 18% less than homes with white owners.”

Homeownership, the basic building block of American wealth, figures prominently in the nation’s equity gap, with Black and brown households lagging behind white families by 25 percent.

As I sat in a recent listening session of Governor Maura Healey’s Advisory Council on Black Empowerment, I heard many community members request assistance from the state government in many areas. But none seemed more urgent and justified than a call for relief from property tax foreclosures.

Homeownership has long been a symbol of the American dream. Our homes often represent far more than just shelter — they’re central to family life and building strong communities.

There is a limited availability of housing in Boston. Roxbury is geographically a prime location. There is no reason for Roxbury homeowners who have survived during economically unrewarding times to be prevented from developing their real estate at prevailing rates without suffering lost values because of affordable housing restrictions.

In a year fraught with financial challenges, going home for the holidays will have heightened significance this year for many Black and Latino families.

The  path to homeownership can be overwhelming, and current market trends (low inventory, rising rates) have created barriers that may make it even more challenging for potential homeowners to envision a future in which they can call a home their own.

Felicia Richard, a Boston native and long-time resident, started looking to buy her first home in 1995, after her oldest son was born. Nearly three decades later, after eight years away from the city and another year and a half where she was essentially homeless, Richard still has not been able to buy a home.