https://theintercept.com/2018/09/28/elizabeth-warren-affordable-housing-bill/

About damn time. And as someone who is of color and in the market to buy a house at this time, I and my hubby feel the sting. We feel the discrimination.

Not that we have allowed ourselves to be victims, but because the system is designed to keep us out because we are LOW INCOME. We’ve been responsible and our credit is in good standing, yet can’t find anything affordable In a decent neighborhood. The investors have come in to my city of Orlando and caused serious irreparable price gouging in even the most undesirable neighborhoods. This isn’t a black people problem, this is a socio economic problem. Basically, regardless of your race, if you’re of a specific income, expect to pay high rents to horrible landlords.

After the crisis of 2006-2008 Orlando, Florida was known for the amount of foreclosures. Every community faced some type of financial crisis. But the poor lower class communities suffered the most and they haven’t been able to bounce back since.

My family has suffered because of having only one income. Due to a chronic illness that I suffer from. I don’t qualify for disability. That’s nobody’s fault. That’s life. But despite my own situations I’m thinking about the elderly couple on a fixed income. I’m thinking about the single mom with two children. I’m thinking about the single dad with 2 children. These families will all suffer because of their income bracket. And it shouldn’t be this way. Many families are stuck in apartments and don’t want to rent anymore, but can’t find a home, EVEN after getting approved from a lender. That’s where my family is. At this moment, we have approval and can’t find a home.

And the homes that we did find, there was blatant discrimination because we were approved for a FHA LOAN.

FHA LOANS carry a negative stigma. In the sellers mind, you’re irresponsible, your purchase of their house won’t close because your finances aren’t in order. Your credit score must be extremely low. And in our case, that couldn’t be further from the truth. So they’d rather take a lesser amount from a CASH BUYER than to deal with your offer. And that’s even if you go above asking. And the majority of the cash buyers in low income communities are all INVESTORS. They don’t give a shit about the neighborhood. They just want to win, close the deal and make a profit. They purchase for low and rent typically above fair market. And even those in my city that are renting at market are still purchasing houses at inflated prices. They buy a shoddy 3 bedroom for $70,000, put $10,000 into it and Jack the price up to $109,000. Meanwhile they haven’t bought the house up to code, it’s not up to FHA standards and no low income family will be able to purchase it. So What do they do? They charge 1% of the selling price in rental rates. EXCUSE ME IF I DON’T HAVE $75,000 CASH LAYING AROUND!

This isn’t an accident or oversight. It’s intentional. It’s deliberate and shouldn’t be allowed on such a grand scale. We shouldn’t be allowing Chinese investors who don’t live here in the State’s to purchase property. We shouldn’t be allowing ANY foreigner to purchase property in this country unless it’ll be their PRIMARY RESIDENCE for at least 5 years.

It’s greed that’s caused this collapse in lower income communities. And complete neglect by those in positions of power.