It has been long understood that a nation of stakeholders makes for a strong union, and for that reason, closing the minority homeownership gap has been a goal and a topic of discussion for decades. However, despite a lot of talk and a modest amount of action, the homeownership gap for Black and Latino communities has remained stubbornly large. Homeownership percentages only increase when a large number of first-time buyers enter the market. This is not an easy problem to solve. It’s time to recognize that closing the minority homeownership gap won’t come without a ton of fresh capital and some serious discomfort for the industry and policymakers in the coming years. Below is what I think is required to make a quantum leap forward.
