In Bloomberg world, there’s nothing that a massively expensive and intrusive government program can’t fix.
Bloomberg’s plan, according to details released by his team, focuses on investing in black business and home ownership, which includes “a $70 billion investment in the country’s 100 most disadvantaged neighborhoods.” The money will be controlled by a new White House office, the Neighborhood Equity and Opportunity Office, which will coordinate across federal agencies. The plan provided did not explicitly state the criteria to determine a level of disadvantage beyond being “place-based and evidence-based.”
In his proposal, mortgage and loan guarantors will also be forced to update their credit-scoring requirements, which the plan maintains is rigged against African-Americans. Under the initiative, a new Housing Fairness Commission would be established with a $10 billion fund to work with localities and municipalities to test and potentially reserve housing laws that might discriminate against buyers or renters of color.