OUR DISCUSSION NOW MOVES TO THE
WEALTH GAP.
YOU CAN SEE IT RIG HERE, THE
BUREAU OF LABOR STATISTICS
REPORTS BLACK PEOPLE HAVE MEDIAN
WEEKLY EARNINGS OF 775 DOLLARS
20% LESS THAN WHITE PEOPLE, WHO
EARN ON AVERAGE 979 DOLLARS A
WEEK
THAT’S JUST ONE OF THE MAJOR
FINANCIAL AND ECONOMIC
DIFFERENCES THAT SEPARATE US ON
RICK -- ON RACIAL LINES.
>> RESEARCH SHOWS -- MARI
RESEARCH SHOWS THAT
INSTITUTIONAL PRACTICES IN
HIRING, MORTGAGE LENDING, EVEN
APPLYING FOR A BUSINESS LOAN
DISCRIMINATE AGAINST PEOPLE OF
COLOR.
AS ONE LOCAL WOMAN DISCOVERED,
EVEN HAVING A MEDICAL DEGREE.
DID NOT MAKE HER IMMUNE TO BIAS.
-- DEGREE DID NOT MAKE HER
IMMUNE TO BIAS.
KAREN: OUR RHONDELLA RICHARDSON
REPORT
>> IT’S EVERYTHING THAT SHE EVER
DREAMED OF.
>> OWNER OF VIBRANT DERMATOLOGY
AND SKIN MD.
>> HER EMPLOYEES, OR DAHMER
TOLLETT PRACTICE, PATIENTS SHE
TREATS WITH CARE.
>> I’M THE CHILD OF IMMIGRANTS
AND I THINK I WANTED TO BE A
DOCTOR SINCE I WAS LIK TWO.
I THINK THE TRUE AMERICAN DREAM
IS LIKE IN YOUR OWN BOSS.
>> MODEST ABOUT HER OWN
ACCOMPLISHMENTS, SHE DIDN’T WANT
TO HANG HER DEGREES IN HER
OFFICE, BUT SHE SAID SHE HAD TO.
>> I INTENDED TO LEASE A SPACE
AND THEN WHEN HE MET ME HE
SUDDEN SAID -- WELL, CAN I SEE
EVIDENCE OF WHERE YOU GRADUATED
FROM MEDICAL SCHOOL.
I SAID THAT MY EDUCATIONAL
PEDIGREE SPEAKS FOR ITSELF AND
MORE IMPORTANTLY MY FINANCIAL
SPEAK FOR THEMSELVES.
>> IF YOU ARE SURPRISED A DOCTOR
WOULD EXPERIENCE DIFFICULTIES
OPENING A BUSINESS, DON’T BE,
SAYS ALLISON.
>> THE SYSTEM IN WHICH WE ARE
OPERATING WAS NOT DESIGNED FOR
TRUE EQUITY.
>> THEY CITE THE POLICY OF
REDLINING AS AN EXAMPLE OF
INSTITUTIONAL DISCRIMINATION
AGAINST BLACK PEOPLE WITH
LASTING EFFECTS.
>> REDLINING BLOCKED OUT FEDERAL
MAPS THAT TOLD YOU WHERE IT WAS
SAFE TO GIVE PEOPLE MORTGAGES,
EXCLUDING COMMUNITIES OF COLOR
FROM THE MAPS.
YOU BASICALLY COULDN’T GET A
STANDARD MORTGAGE.
IF YOU DID, IT WAS PREDATORY IN
NATURE.
WHEN WE THINK ABOUT THE
DISCRIMINATION THAT CONTINUED
FROM THEIR, A 2018 REPORT SHOWS
AN ANALYSIS OF 31 MILLION WORK
APPLICATIONS FOUND BLACK AND
HISPANIC APPLICANTS WERE DENIED
MORTGAGES AT HIGHER RATES THAN
WHITE APPLICANTS WHEN
CONTROLLING FOR INCOME,
EMPLOYMENT, AREA.
>> DISCRIMINATION IN MORTGAGE
LENDING EXCLUDES MANY PEOPLE OF
COLOR FROM THE NUMBER ONE WEALTH
BUILDING OPPORTUNITY IN AMERICA,
HOMEOWNERSHIP.
IN 2015 THE FEDERAL RESERVE BANK
OF BOSTON RELEASED A STUDY
CALLED THE COLOR OF WEALTH.
THE FINDINGS WERE SHOCKING.
LOCAL WHITE FAMILIES HAVE A
MEDIAN WEALTH OF ROUGHLY 200 AND
$50,000.
MEANWHILE, NONIMMIGRANT BLACK
FAMILIES HAVE A MEDIAN WEALTH OF
JUST EIGHT DOLLARS.
THE COVID-19 PANDEMIC HAS PUT A
SPOTLIGHT ON THE ECONOMIC
DISPARITIES AMONG
AFRICAN-AMERICANS.
ECONOMISTS BELIEVE THAT
AFRICAN-AMERICANS MAKE UP THE
MAJORITY OF CURRENT UNEMPLOYMENT
CLAIMS.
 ANYONE PAYING ATTENTION WOULD
HAVE EXPECTED A GAP, BUT THE
SEVERITY OF THE GAP WAS
SHOCKING.
>> BOSTON BUILDS CREDIT IS AN
ORGANIZATION CREATED BY THE
CITY, THE UNITED WAY, AND THE
LOCAL INITIATIV THAT ARE
ATTEMPTING TO IMPROVE WEALTH
ACCESS.
>> A BIG PART OF OUR WORK IS
FOCUSING ON THAT SERVICE
DELIVERY SIDE OF THINGS,
CONNECTING YOU TO A FINANCIAL
COACH IF YOU WANT THAT
ONE-ON-ONE SUPPORT.
BUT THERE IS ALSO A SYSTEMIC
PIECE WE NEED TO RECOGNIZE.
>> WE HAVE SEEN SIGNIFICANT
MOVEMENT FROM THE CORPORATE
UNITY AND ALSO LOCAL AND
GOVERNMENT OFFICIALS IN TERMS OF
MOVING THE DIAL.
>> DARRELL IS A CURRENT REAL
ESTATE DEVELOPER AND HE ALSO
OWNED SEVERAL BOSTON
RESTAURANTS, INCLUDING HIS
CORNER BAR.
IT WASN’T EASY FOR HIM GETTING
INTO THE BUSINES, BUT THE
FINANCIAL AND SOCIAL GAINS MADE
IT WORTHWHILE.
>> ATHLETE, ENTERTAINER, CE
SENIOR PERSON.
THEY CAME TO BE COOL AND IT
CREATED A NETWORK FOR ME.
>> DARRELL IS REHABBING THIS
FIVE UNIT CONDO AND HAS THREE
PERSONAL PROJECTS COOKING WITH
TWO VOYAGE AND -- JOINT VENTURES
CURRENTL
>> OVER THE YEARS, YOU KNOW, I
GOT MORE AND MORE INTO REAL
ESTATE FROM THE PEOPLE I MET I
THE RESTAURANT.
>> SOCIAL CAPITAL THAT PAYS GIVE
-- DIVIDENDS, ANOTHER FORM O
WEALTH UNAVAILABLE TO PEOPLE OF
COLOR.
>> A LOT OF COLLEAGUES MENTIONED
THAT THEY GOT MONEY FROM FRIENDS
AND FAMILY TO START A PRACTICE.
THAT JUST WASN’T AN OPTION FOR
ME.
I WAS TAKING A RISK ON ME AND
HOPING THAT WHAT I OFFERED MY
PATIENTS WAS DIFFERENT.
SLOWER, HOMIER, MORE TIME, THAT
IT WOULD TAKE HOLD.
SUCCESS IS MY ONLY OPTION, SO
HAVE TO BE SUCCESSFUL.
MARIA: THERE’S ANOTHER SIGN OF
DISPARITY.
WHEN YOU LOOK AT MAJOR
CORPORATIONS,
