New report reveals Black homeowners in Chicago lost billions due to predatory housing contracts

A report published on Thursday reveals that Black Chicagoans who purchased homes between 1950 and 1970 never had a chance of building wealth because of predatory housing practices. The report, called “The Plunder of Black Wealth in Chicago: New Findings on the Lasting Toll of Predatory Housing Contracts," reveals that more than 75 percent of Black homebuyers in Chicago who bought their homes through “home sale contracts” during this era lost between $3.2 billion and $4 billion of wealth.