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Blockbusting
Blockbusting was a business process of U.S. real estate agents and building developers to convince white property owners to sell their house at low prices out of fear that racial minorities would soon be moving into the neighborhood. The agents then sold the houses at much higher prices to black families desperate to escape the overcrowded ghettos.〔James M Rubenstein (2014). ''(Cultural Landscape: An Introduction to Human Geography, Tenth Edition, James M. Rubenstein, Pearson Prentice Hall, Copyright 2011,2008,2005 Pearson Education, Inc. All rights reserved )''. ISBN 1-56639-147-4〕 Blockbusting became possible after the legislative and judicial dismantling of legally protected racially segregated real estate practices after World War II, but by the 1980s it largely disappeared as a business practice after changes in law and the real estate market.
==Background==
Beginning around 1900, with the Great Migration (1915–30) of black Americans from the rural Southern United States moved north to work in the cities and towns of the northern U.S. that had severe labor shortages due to WWI. As U.S. soldiers returned from Europe in the aftermath of World War I, scarce housing and jobs heightened racial and class antagonisms across urban America. Many white people regarded black people as a social and economic threat, and countered their presence with local zoning laws requiring them to live and reside in geographically defined areas of the town or city, preventing them from moving to areas inhabited by white people.
In 1917, in the case of ''Buchanan v. Warley'' (1917), the Supreme Court of the United States voided the racial residency statutes forbidding blacks from living in white neighborhoods, as violating the Equal Protection Clause of the Fourteenth Amendment to the United States Constitution.〔''Buchanan v. Warley'', 245 U.S. 60 (1917).〕 In turn, whites used racially restrictive covenants in deeds, and real estate businesses informally applied them to prevent the selling of houses to black Americans in white neighborhoods. To thwart the Supreme Court’s ''Buchanan v. Warley'' prohibition of such legal business racism, state courts interpreted the covenants as a contract between private persons, outside the scope of the Fourteenth Amendment; however, in the ''Shelley v. Kraemer'' (1948) case, the Supreme Court ruled that the Amendment’s Equal Protection Clause outlawed the states’ legal enforcement of racially restrictive covenants in state courts.〔''Shelley v. Kraemer'', 334 U.S. 1 (1948).〕 In this event, decades of segregation laws which compelled black Americans to live in over-crowded and over-priced ghettos created economic pressures to avail black people of housing in racially segregated neighborhoods were annulled. Freed by the Supreme Court from the legal restrictions against selling white housing to blacks, real estate companies sold houses to those who could buy — if they could find a willing white seller.
Generally, “blockbusting” denotes the real estate and building development business practices yielding double profits from U.S. anti-black racism; aggravating, by subterfuge, the white home owners’ fears of mixed-race communities to encourage them to quickly sell their houses at a loss, at below-market prices, and then selling that property to black Americans at higher-than-market prices. Given then-standard banking criteria for mortgage-lending, black people usually did not qualify for mortgages from banks and savings and loan associations; instead, they recurred to land installment contracts at above market interest rates to buy a house — a racist economic strategy eventually leading to foreclosure.〔 With blockbusting, real estate companies legally profited from the arbitrage (the difference between the discounted price paid to frightened white sellers and the artificially high price paid by black buyers), and from the commissions resulting from increased real estate sales, and from their higher than market financing of said house sales to black Americans.〔 The documentary film ''Revolution '67'' (2007) examines the blockbusting practiced in Newark, New Jersey in the 1960s.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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