In this example how do we think that a legacy of redlining, gentrification, and racial wealth inequality would impact the motivations of the speakers?
This is presupposed by moral relativism, which can disintegrate the whole conversation incredibly quickly if we're not careful.
I think that most people would agree that truth can exist outside of a given context. To argue that all truth requires context is a _very_ slippery slope that most aren't truly committed to.
With that being said, something is racist regardless of who says it. There isn't a differentiation based on any sort of perceived, favored group. It's incredibly difficult to be consistent with the opposing stance.
I can also assert that it is racist nonetheless, and that we should either admit some level of racial bias is acceptable in parts of society, or we should admit that even "understandable" racism should be discouraged.
One example was a Hispanic woman talking to me at the bar about renovating her grandma's house that she bought, and she was glad she did it. It is in an old "brown" neighborhood and she didn't want some white guy coming in and buying it.
She said this without irony and also without any real anger, just as a matter of fact, to me, a white man who she presumably found decent enough to chat with.