Democratic presidential candidates are hustling massive new programs to close the “racial homeownership gap.”
Democratic California Sen. Kamala Harris is pushing a $100-billion program to assist up to 4 million minority families to purchase homes. Democratic Massachusetts Sen. Elizabeth Warren proposed a bill that would spend $450 billion, including providing free down payments targeted to minority households. While such proposals might generate plenty of votes in Democratic primaries, Harris and Warren are ignoring how similar policies helped wreck the housing market and ravished minority communities.
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