52 53
additional direct provision of aid to those who fell outside of its assumed embrace. 42 This move was complemented by adjustments to housing policy. HOPE VI legislation (“Homeownership Opportunities for People Everywhere”), launched by the Clinton administration in 1992, aimed to reduce concentrated poverty through the public-private redevelopment of distressed public housing projects into lower-density, mixed-income communities [See 1.3.3.4, HH: 1994]. Reinforcing the implications of this policy, new mechanisms emerged within lending practice for increased productivity in the expanded, financialized market. Subprime loans are designed to provide borrowing opportunities to individuals with low credit ratings who are unable or have difficulty obtaining prime (conventional) loans. Because lenders perceive these borrowers as more likely to default on their loans than borrowers with higher credit ratings, subprime mortgages typically impose higher interest rates and steeper fees and penalties than conventional mortgages. 43 The subprime loan market increased in value from around $43 billion in 1994 to $385 billion in 2003. 44 In low-income, predominantly minority communities—the same ones largely marginalized from CEA’s “shared growth” and, subsequently, cajoled into participating in a less-and-less regulated market—the share of home-buying loans that were sub-prime increased from around 2 percent in 1993 to 13 percent in 2001. 45 There also, the share of refinanced loans that were sub-prime was 20 percentage points higher than the share for affluent, predominantly white neighborhoods in 2001. 46 Black and Hispanic households were nearly two times as likely to experience or be at serious risk of foreclosure compared to white households during the housing crash. 47 Accordingly, for a contemporary audience, the CEA’s use of the word “recovery” for a period bridging the “Great Recession” of 2008–2013 deserves a second look [See HH: 2010]. With the implication being that productivity, understood in its established technological, growth-oriented postwar frame, can or should be “recovered,” one is again reminded of the suburban communities heralded during the “Age of Shared Growth”—which are now more widely distributed, diverse in size and demographic makeup, and yet increasingly divided along economic lines. 48 The country is seeing a decline in the proportion of suburbs that can be categorized as middle class—cleaving from the imaginary undergirding of the CEA’s narrative. Instead there exists a growing disparity between affluent and poor suburbs. Between 2000 and 2011, in the suburbs of the largest metropolitan areas, the number of people living below the poverty line grew by 64 percent. In comparison, the impoverished population in cities grew by 29 percent. 49 Whereas thirty years ago, these cities and their suburbs hosted equal shares of immigrants, by 2010, more than half of the country’s immigrants were living in suburbs (compared to 33 percent living in cities). 50 Though it helped get Bill Clinton elected to the U.S. presidency just before this period began, it turns out that the central issue was not just, as he famously said, “the economy, stupid.” 51 With growth, participation, and productivity also comes marginalization. But this story does not fit neatly into the narrative given within the CEA report. In a period that has now been labeled “The Great Acceleration,” in reference to human-generated climate change, this suffusion of the sociocultural and environmental context with economic thinking must be understood as constitutive of the changing—and accelerating—nature of inequality as such. 52 Seeing income inequality as both an egregious and insufficient marker of contemporary conditions cannot be dismissed as self-contradicting. Gay rights, seemingly improving at a rate unforeseen by many, 54 55
- Page 1 and 2: In 2013, in the United States, the
- Page 3 and 4: The Temple Hoyne Buell Center for t
- Page 5 and 6: Preface The Art of Inequality: Arch
- Page 7 and 8: Introduction What is inequality? Or
- Page 9 and 10: to tangible evidence drawn from rea
- Page 11 and 12: 1.1 Defining Inequality Jacob Moore
- Page 13 and 14: ership rate, this became especially
- Page 15 and 16: 26 27
- Page 17 and 18: 1.1.4 Race in Place Since the late
- Page 19 and 20: American Apartheid (Cambridge, MA:
- Page 21 and 22: 38 39
- Page 23 and 24: Perhaps predictably, the practices
- Page 25 and 26: According to the CEA’s narrative,
- Page 27: 50 51
- Page 31 and 32: 22. U.S. Census Bureau, Statistical
- Page 33 and 34: 62 63
- Page 35 and 36: and renovated instead of demolished
- Page 37 and 38: Residents displaced by the redevelo
- Page 39 and 40: 74 75
- Page 41 and 42: ut the separation of residents of t
- Page 43 and 44: 1. This was encouraged among other
- Page 45 and 46: 86 87
- Page 47 and 48: Part 2 Architecture 90 91
- Page 49 and 50: ity is challenged as a matter of mo
- Page 51 and 52: further downtown, on which stands t
- Page 53 and 54: lower end, then, the annual housing
- Page 55 and 56: of income or consumption expenditur
- Page 57 and 58: 10 ft 20 ft Lorcan O’Herlihy Arch
- Page 59 and 60: 10 ft 20 ft Broadmoor Development C
- Page 61 and 62: sanitation, maintenance, medical, e
- Page 63 and 64: 10 ft 20 ft Classic Homes, Windsor,
- Page 65 and 66: 10 ft 20 ft Dattner Associates and
- Page 67 and 68: 38. “Aksarben Village,” Robert
- Page 69 and 70: 3.1 Contracts 3.1.1 Private propert
- Page 71 and 72: 3.1.4 the will theory of contract:
- Page 73 and 74: sonal liability, generating a compl
- Page 75 and 76: so as not to include ‘peculiar ad
- Page 77 and 78: avoid conflicts buy access lawfully
- Page 79 and 80:
Phase II-Expansion Rents Rise Rapid
- Page 81 and 82:
3.2.4 lative frenzies drive up asse
- Page 83 and 84:
3.2.5 Real Estate Finance & Investm
- Page 85 and 86:
3.3 Schools developments in the fie
- Page 87 and 88:
1964 1967 1970s ject field (with
- Page 89 and 90:
1996 Stephen E. Roulac, Roulac Glob
- Page 91 and 92:
25. James A. Graaskamp, “Redefini
- Page 93 and 94:
3.4.2 600 Harrison Avenue, Boston,
- Page 95 and 96:
3.4.4 TerraSol, Salt Lake City, UT
- Page 97 and 98:
1. In the foreword to a publication
- Page 99 and 100:
dictionary of real estate terms glo
- Page 101 and 102:
dictionary of real estate terms glo
- Page 103 and 104:
dictionary of real estate terms glo
- Page 105 and 106:
dictionary of real estate terms glo
- Page 107 and 108:
dictionary of real estate terms glo
- Page 109 and 110:
Appendix 214 215
- Page 111 and 112:
Botein, Hilary. “New York State H
- Page 113 and 114:
Glaeser, Edward. “There are Worse
- Page 115 and 116:
Kopczuk, Wojciech, Emmanuel Saez, a
- Page 117 and 118:
Renner, Andrea. Housing Diplomacy:
- Page 119 and 120:
Weiss, Marc A. “Researching the H
- Page 121 and 122:
1939 1937 1934 1933 1932 FHA DENIES