Photos: Edwin Freeman
As an African American filmmaker and real estate investor, I have seen firsthand the power of land and property ownership in building wealth. For too long, Black Americans have been intentionally excluded from home-ownership and land ownership, depriving generations of a primary means of accumulating assets and passing them down.
This lack of ownership is a major reason for the persisting racial wealth gap in America.
Closing this gap requires a renewed focus on real estate and land as the foundations of generational wealth in the Black community. Too often we concentrate our spending on depreciating consumer items – cars, clothing, jewelry. While important, these purchases do not create lasting equity. In contrast, owning land and property is a stable asset that generally increases in value over time.
Home-ownership allows wealth building through equity and appreciation. Land ownership provides stability and opportunities for business development, food production, and community planning. When purchased and maintained communally, real estate can fund schools, medical clinics, and civic institutions.
For these reasons, increasing Black land ownership must become a priority. Government, business, and philanthropic programs should provide down payment assistance, low interest loans, and grants to make property acquisition more attainable. Knowledge sharing networks can help aspiring owners navigate real estate markets.
With a historical understanding and a renewed vision, African Americans can regain our foothold in real estate. This will steadily build communal wealth for our future generations. The time is now to plot a course for land ownership and create a foundation for narrowing the racial wealth divide.
Our children and grandchildren deserve nothing less.
