It’s one thing to inherit a house worth $350,000 that needs $100,000 worth of work. It’s quite another to inherit the same house, but it’s now valued at $1 million. Columnist Erika_D_Smith spoke to Black Angelenos who are in this situation
For more than a decade, she and her husband, Emmanuel, had lived in the mostly white, mostly wealthy Westside enclave. They made friends there, built careers there and raised kids there. But their priorities changed not long after the arrival of daughter No. 3.
Homes in Crenshaw, West Adams, Hyde Park, Leimert Park and, of course, Baldwin Village and View Park, nowFor longtime homeowners, many of whom are elderly and Black, the Most — but certainly not all — of the blame for this is tied to equally longstanding disparities in homeownership, for that’s how most Americans build generational wealth.
Now, all of a sudden, Black people who grew up poor or working class and managed to buy a modest home in the ‘60s and ‘70s — and, in some cases, pay it off — are finding that they own property that’s extremely valuable. But now Mouton said he has new concerns because one son is “a very good money manager” and the other son is not. It has become a frequent topic of conversation with his wife, Lydia.
But just sorting through her grandmother’s finances to find and pay all the bills on time has been harder than expected. Everything is on paper. Others with less experience and a more immediate need for cash might have given up and turned to a house flipper or a developer, the true architects of gentrification.
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