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Race for ProfitHow Banks and the Real Estate Industry Undermined Black Homeownership$
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Keeanga-Yamahtta Taylor

Print publication date: 2019

Print ISBN-13: 9781469653662

Published to North Carolina Scholarship Online: January 2021

DOI: 10.5149/northcarolina/9781469653662.001.0001

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PRINTED FROM UNIVERSITY OF NORTH CAROLINA PRESS SCHOLARSHIP ONLINE (www.northcarolina.universitypressscholarship.com). (c) Copyright University of North Carolina Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NCSO for personal use.date: 05 July 2022

The Urban Crisis Is Over—Long Live the Urban Crisis!

The Urban Crisis Is Over—Long Live the Urban Crisis!

(p.211) 6 The Urban Crisis Is Over—Long Live the Urban Crisis!
Race for Profit

Keeanga-Yamahtta Taylor

University of North Carolina Press

George Romney announced his resignation from HUD after Nixon’s reelection in November 1972, citing the lack of integrity and honesty in politics as his reason. Nixon declared the urban crisis over despite the fact that HUD had met very few of its goals and certainly had not eradicated urban poverty. With Romney’s departure, funding and construction of affordable housing ceased and several community improvement programs were eliminated. Nixon cut billions from affordable housing and urban renewal programs despite the fact the funds had already been appropriated by Congress. Ultimately, Nixon claimed that housing issues should be solved by more local authorities. Section 8 was introduced to allow privately owned businesses to rent to public housing recipients. Unfortunately, section 8 vouchers were often not enough to move people out of inadequate housing, and private owners were not obligated to accept section 8 vouchers.

Keywords:   Urban Crisis, Section 8, Nixon, George Romney, Resignation, Affordable housing, Public housing

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