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CLOSING THE RACIAL WEALTH GAP

CLOSING THE RACIAL WEALTH GAP

America’s persistent racial wealth gap is the primary reason that it continues to be difficult, if not impossible, to create generational wealth among Black, Indigenous and people of color (BIPOC). The racial wealth gap in Boston is rooted in policies and practices that have allowed systemic racism to persist for hundreds of years. In Boston, the average net worth for a white household is $247,500. For a Black household, the average net worth is only $8. This is an incredibly significant disparity within our city. There is no single answer to how the gap can be closed. The response must be multifaceted and deeply layered.



John’s record:



  • As a community organizer, John has fought for community residents to become homeowners and business owners, thereby increasing their opportunity to create generational wealth.

  • As Executive Director of the Dudley Street Neighborhood Initiative, John helped to reduce the racial wealth gap by making sure residents had access to private and public programs designed to increase capacity and lower barriers to entry.

  • As a Black man, John knows first hand what it means to have dreams and aspirations for both his family and his community. He also knows the fear of not being able to manifest those dreams and aspirations because of barriers to obtain wealth. As Mayor, John will be equipped with the tools and experience necessary to create a clear path to generational wealth for all Bostonians.


As Mayor, John will:



  • Focus on the ways in which wealth is extracted from Black and Brown communities through systematic economic decisions (absence of strong labor laws, higher cost of borrowing, charges associated with mass incarceration, amongst other issues).

  • Create a pipeline of new homeowners by reassessing current criteria for participation in homeownership programs and aggressively recruit participants.

  • Cultivate a citywide housing fund to use for matching housing down payments, lowering down payments, and reducing closing costs.

  • Establish a citywide apprenticeship programs in skilled labor positions such as carpentry, masonry, and plumbing to increase career options for Bostonians.

  • Create college debt elimination programs for Boston residents.

  • Work with the City’s credit unions to reconfigure finance and credit structure modules.

  • Work with the Federal Reserve Bank of Boston to create programming solutions and resources to make socioeconomic success a reality for historically marginalized Boston residents.