The area in red is where African Americans and poor Irish lived. No bank would write a mortgage there.
A quote from an article referenced in the link:
“As federal official and leading real estate economist Homer Hoyt explained in 1939: "Usually existing residential structures deteriorate and become obsolete with the passage of time. They are occupied by successive groups of people of lower incomes and lower social standards with the result that the quality of the neighborhood declines with that of the buildings." In the eyes of Hoyt and nearly all other real estate professionals, the presence of non-white residents was prima facie evidence of neighborhood decay and the destruction of property values.”
These ideas were codified in Federal policy and residential lending standards. The legacy of those maps remains today in many places.
http://alloveralbany.com/archive/2017/02/16/albany-redlining...
The area in red is where African Americans and poor Irish lived. No bank would write a mortgage there.
A quote from an article referenced in the link: “As federal official and leading real estate economist Homer Hoyt explained in 1939: "Usually existing residential structures deteriorate and become obsolete with the passage of time. They are occupied by successive groups of people of lower incomes and lower social standards with the result that the quality of the neighborhood declines with that of the buildings." In the eyes of Hoyt and nearly all other real estate professionals, the presence of non-white residents was prima facie evidence of neighborhood decay and the destruction of property values.”
These ideas were codified in Federal policy and residential lending standards. The legacy of those maps remains today in many places.