In this clip, Mai provides a history lesson on unequal access to capital, sharing an example of real estate "blockbusting" in St. Louis during the 1920s for urban renewal projects at that time (buy low from whites, sell high to blacks). Displaced families were not provided any financial assistance for relocation.
In addition, secret realtor agreements in St. Louis would only sell homes to these families in certain sections of the town. She calls it hyper segregation during the suburbanization of the 1950s-70s. Many cities were partaking in these practices. St. Louis is just one example of many, unfortunately.
But Mai added that credit unions today are well equipped to provide financial services that would nullify this unequal access to capital and she shared steps on how they can help members caught in this scenario.
Super interesting and sobering history lesson here from Mai. But credit unions can help. Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.