Source: Real Estate Weekly
Netflix wants to help end systemic racism in real estate. The streaming giant announced this week it was donating $25 million to a national effort to combat housing discrimination.
Their funds are going to Enterprise Community Partners, a nonprofit group that for over the past four decades has been building and financing affordable housing. Netflix has committed cash to the group’s Equitable Path Forward program, a nationwide initiative that hopes to stop practices fueling a growing racial wealth gap in housing. Homeownership rates for white Americans are nearly twice as high as they are for Black Americans, and whites’ median net worth is nearly eight times that of Black households.
Five of the top six U.S. metro areas that saw the highest median down payments in the third quarter were in California: 1) San Francisco-Oakland-Hayward, Calif.: $243,000; 2) Los Angeles-Long Beach-Anaheim, Calif.: $154,000; 3) Oxnard-Thousand Oaks-Ventura, Calif.: $138,300; 4) Boulder, Colo.: $123,600; 5) Santa Rosa, Calif.: $118,550; 6) San Diego-Carlsbad, Calif.: $112,000.