At the height of the 2008 economic collapse, then-New York Mayor Michael R. Bloomberg said that elimination of the discriminatory housing practice known as redlining was an instigator of the meltdown
“It’s been well-documented that the 2008 crash was caused by unethical, predatory lending that deliberately targeted communities of color,” said Debra Gore-Mann, president and chief executive of the Greenlining Institute, a nonprofit that works for racial and economic justice. “People of color were sold trick loans with exploding interest rates designed to push them into foreclosure. Our communities of color and low-income communities were the victims of the crash, not the cause.
Bloomberg’s 2008 remarks stand in contrast with the decades-long positions some of his rivals have held. Bloomberg’s redlining remarks are the latest instance of past comments by him that have resurfaced in recent days that make him appear racially insensitive.On Tuesday, an audio recording ricocheted around social media of Bloomberg defending use of the controversial “stop-and-frisk” tactic by police during a 2015 appearance at the Aspen Institute.
Bloomberg’s resurfaced comments about redlining come as he’s in the midst of a two-day tour of the South that in part is focused on building relationships with black voters who are the backbone of the Democratic Party. On Thursday, he plans to launch “Mike for Black America.”
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