Georgia Rapper Quando Rondo Arrested By FBI On Drug Charges
Rapper Quando Rondo, a Savannah native whose real name is Tyquian Bowman, was arrested by the FBI on Dec. 8 on federal drug charges.
The FBI has arrested Georgia rapper Quando Rondo. The Savannah native, whose real name is Tyquian Bowman, is being detained on federal drug charges.
The 24-year-old was taken in by the Savannah police on Dec. 8 after being present in a vehicle that was pulled over, as reported byWJCL. While a spokesperson for the Savannah Police Department did not specify what the initial stop was for, they did note that Bowman was the sole person arrested from the scene.
Bowman was indicted in June, alongside 18 others, for multiple counts of drug charges, gang affiliation, and illegal use of cell phones. For this recent arrest, the local news outlet confirmed the hip-hop artist is being charged with violating the Street Gang Terrorism and Prevention Act due to his “manager role” in the Rollin’ 60s gang.
The string of legal issues also includes efforts from the District Attorney’s Office of Chatham County, where Savannah is the county seat, to ban Bowman from the area in September. Given the rapper’s alleged involvement in multiple shootings within the county, the majority of which were where he was a target. The district attorney has filed the motion to ban him on the grounds that he is a “danger” to residents.
However, his family has since responded to the claims that his presence fuels violence in the area. Bowman’s attorney, Kimberly Copeland, claims that he is safest where he has his loved ones’ support, which would be in Chatham County.
“Bowman is a resident of Chatham County, he was born in Chatham County. There’s no reason he should be banned from Chatham County,” said Copeland in an interview with the publication. “If Mr. Bowman was the actual target, wherever he’s at, he’ll be a target. So, the best place for him to be is in his surroundings that he’s familiar with while he has his support and family support.”
Bowman remains detained at the Chatham County jail as his legal strife continues.
Former NFL Player Lincoln Kennedy Finds Success With Angry Crab Shack Franchise
The father of three believes that food brings people together and promotes love.
After retiring from the NFL in 2004, Lincoln Kennedy, who played for the Atlanta Falcons and Oakland Raiders, relocated to Phoenix. There, he became active in the NFL Retired Players Association, where he crossed paths with Ron Lou, the founder of Angry Crab Shack and another former NFL player.
Kennedy had previous experience in restaurant franchising. In 1997, he owned both a Subway and Blimpie sandwich shop and decided to acquire a small Italian restaurant to add to his portfolio. He immediately saw the potential of Angry Crab Shack.
“I learned early on that the food business can be very tricky and needs to be monitored all the time. People like to feed other people and sometimes employees want to give free food away. Not a good business practice. I felt that if I ever got back into the food business, I would be more involved in watching and learning how to manage it better. I also learned lessons about overhead and supply lines,” Kennedy shared with BLACK ENTERPRISE.
He continued, “Although I am not managing day-to-day operations with my current restaurants, I’ve learned enough about the business to pay enough attention to the details so I can be involved with major decisions and marketing. I’ve also learned the importance of paying attention to trends and key times during the year to make a greater impression upon the communities our restaurants are located in. I’m really big on community involvement.”
With his experience in franchise and independent food businesses, Kennedy recognized how quickly the Angry Crab Shack franchise was growing and wanted in.
“At first, I got involved with the corporate side. I was bringing in potential investors. Ron (CEO) and Andy Diamond (president) expressed they wanted to start franchising the Angry Crab Shack brand, and I wanted to help,” said Kennedy.
He added, “A few years later, I saw an opportunity to get involved with a franchise in Phoenix. We took over an old Applebee’s and flipped it into an Angry Crab Shack. Our Norterra location was a great find. The location, as well as the popularity and reputation of the Angry Crab Shack brand, really took off, and I started making residual income. What’s not to like about that?”
Then came expansion. “From there, I decided to try and open more. Since then, I’ve opened in Vegas, and I’m currently working on opening a few more in the future,” he said. “I wanted a business in the communities I live and work in. Food brings people together and makes people happy. I like doing that. Besides, I wanted residual income once I retire from broadcasting.”
For Kennedy, the most rewarding part of running his business is witnessing the smiles on people’s faces as they enjoy the unique and fully customizable dining experience at Angry Crab Shack. The father of three believes that food brings people together and promotes love, further enhancing his commitment to the community and to creating memorable experiences for his guests.
Kennedy’s commitment to giving back to the community is ingrained in everything he does, and he is a staunch supporter of education, regularly contributing to local school districts and providing discounts to teachers and students. Additionally, he actively supports children’s hospitals and acknowledges the invaluable contributions of first responders. Along with Kennedy’s efforts and other franchise partners, Angry Crab Shack has surpassed $1 million in charitable donations to various philanthropic organizations.
Kennedy’s advice for potential entrepreneurs looking to get into franchising is, “First, do your research on what you want to open and where it will be located. If it’s in the food industry then location, location, location is absolutely important. Also, understanding the food industry itself is important. Read as much as possible about some of the stories of existing business owners in the field you’re interested in.”
This is solid advice from Kennedy as he has owned an insurance agency and a cigar company, along with his restaurants. And he is still looking for more ventures. “I am currently looking for more opportunities,” he revealed. “Diversify your portfolio as much as possible and never be afraid to learn more about something new.”
2024 Home Sellers: To Agent Or Not To Agent? Insights For Black Americans Looking To Put Their Homes On The Market
Some 36% of Black sellers said finding a good agent was difficult, found one report.
As 2024 approaches, numerous homeowners may be thinking about selling their properties. One of the initial questions to address is whether to hire a real estate agent. Given that a home represents the most substantial investment for many Americans, several factors warrant consideration before deciding.
Recent data reveals that for Black Americans, choosing to sell with a real estate agent resulted in a five-fold increase (21%) in the likelihood of reporting no regrets about their sale compared to those who opted not to use an agent (4%). Among those who chose the latter route, 54% believed their house could have commanded a higher selling price, and an equal percentage were convinced that their home would have sold more expeditiously with the assistance of an agent.
This discovery is among figures provided by Matt Brannon, author of a report titled Home-Selling Trends: Success and Struggles Heading Into 2024. Some 1,000 Americans who sold a home in 2022 and 2023 were polled in an online survey in October by Clever Real Estate. About 8.3% of the respondents were Black.
A new reality for home sellers is that the market does not now value their house like before. Buyers are not acting as fast, waiting for mortgage rates and home prices to drop. Brannon says sellers have lowered asking prices to meet buyers’ budgets. As such, the 2023 median home price fell by about $49,000, the largest drop since 2008.
On what home-selling priorities are very important, 58% stated earning the most money as the top reason. Wanting a quicker sale and needing the money soon (both 31%) were leading factors in selling without an agent. Some 28% of those quizzed wanted to save on realtor fees/commissions, and 25% opted to handle showings and negotiations.
Intriguingly, the data showed that recent Black home sellers seem more inclined than the average seller to use non-traditional means, including not using an agent or selling directly to a cash buyer. Some 31% of Blacks stated they did not use a real estate agent to sell, higher than the 20% overall.
According to Brannon, his firm’s report can assist Black Americans who plan to sell a home by allowing them to set expectations for what might happen with their sale in “this new market.”
He offered some pros and cons for Black sellers to consider before hiring a real estate agent:
Pros
Convenience: Handling a home sale can often feel like a full-time job, so opting for an agent can help remove some of the burden off the seller. Black sellers who did not use an agent were nearly as likely to say the process was harder than expected.
Expertise: “About 55% of Black home sellers say they would feel uncomfortable filling out necessary legal paperwork without an agent,” he noted.
Pricing: “A poorly priced home can stay on the market for much longer than anticipated, which gives buyers more leverage to negotiate a lower price. Roughly 65% of Black home sellers who did not use an agent wish they priced their home differently,” Brannon pointed out.
Cons:
Potential profit: Among all Americans surveyed, those who used a real estate agent tended to profit more. Yet, that was not the case with Black sellers who did not use an agent. They made a median profit of about $185,000, nearly $15,000 more than Black sellers. “It’s hard to say whether other factors can be influencing this statistic, but it’s not always more profitable to use an agent,” said Brannon.
Picking the right agent: Some 36% of Black sellers said finding a good agent was difficult, while the public was less likely to say that. That could explain why 39% of Black sellers said their agent failed them, said Brannon.
Further, check this out to gain insightful tips to help find a real estate agent.
Michael Jackson Estate Claims Rights Violated With Digital Sale Of Jackson 5 Recording
The song is being promoted as is the first time Michael Jackson's voiced was recorded.
The estate of Michael Jackson is calling out the digital sale of a Jackson 5 recording. The estate not only claims that the sale of the Jackson 5’s song “Big Boy” violates its rights, but it has also warned of filing a lawsuit to settle the matter.
A Swedish blockchain company, known as anotherblock, is facilitating the sale under the notion that the 1967 version of the song, deemed the “One-derful” version, is the first time Jackson’s voice was recorded, while the 1968 rendition was the version released to the public at the time. The Swedish platform announced the news on Dec. 6, partnering with Jackson’s mother, Katherine, and the company that owns the intellectual property rights over the song. The delivery of the track comes in an open and limited edition, with prices being $25 and $100, respectively.
However, the estate’s lead attorney, Jonathan Steinsapir, released a letter on Dec. 7 stating that the sale is violating the estate’s rights as anotherblock did not obtain permission to use Jackson’s “name, image, and likeness in marketing, advertising or in the product itself” in its promotion. The letter itself was obtained byBillboard, which also shows the attorney stating the song being marketed as Jackson’s first audio recording was unconfirmed.
“We have no information to confirm that the unreleased recordings you are making available are in fact the first time Michael Jackson’s ‘voice was put on tape’ or even that it was the first time he recorded in a studio at all,” wrote Steinsapir. “Indeed, we have good reason to believe that this is not the first time Michael Jackson ever recorded in a studio. Because of that, you are likely misleading the public.”
The letter continued to condemn the sale from another standpoint of Jackson not wanting the song to be released, as the attorneys state the musician was particular about what recordings were shared with the public. They further implored the company to stop the sale from this perspective of honoring Jackson’s wishes, as the estate’s priority is to “protect his legacy.”
“Because of this, we have serious doubts that Michael would have ever wanted these recordings released and commercialized,” the letter detailed. “As the persons designated by Michael to protect his legacy after his untimely passing, the Estate’s Co-Executors are duty-bound to point this out. What you are doing is the opposite of honoring Michael Jackson.”
While the note did conclude with the estate relaying their willingness to pursue legal action over the issue, the sale is still ongoing on anotherblock’s website. As the sale continues, the estate can file an injunction if enough evidence confirms the rights are violated.
White Man Sentenced To 8 Years For Racial Harassment Of Black Neighbors In New Jersey
Matthews was caught on camera calling his Black neighbors a number of racial epithets, including the N-word.
Edward C. Matthews, a white New Jersey man who had a history of racist conduct toward his Black neighbors, was sentenced to eight years in prison on Dec. 8. As NBC Newsreported, the 47-year-old Matthews will be required to serve at least half his sentence before he is eligible for parole in connection with a 2021 incident that Matthews was caught on camera calling his Black neighbors several racial epithets, including the N-word.
In October, Matthews pleaded guilty to four counts of bias intimidation and possession of a controlled substance with the intent to distribute. Burlington County Prosecutor LaChia L. Bradshaw released a statement detailing the county’s intent in bringing the charges against Matthews, saying, “Our office is committed to combating bias crimes and sending a clear message that such actions will not be tolerated in our community,” Bradshaw said. “Nobody should have to endure what these victims experienced.”
FOLLOW-UP: Mount Laurel man,47, gets 8 years in prison, after being recorded on video spewing racial slurs against several of his neighbors. The 2021 video of Edward Matthews was seen around the world. It was not the first time neighbors told police he had harassed them. 1/2 pic.twitter.com/TElhDmGdbS
NEW: New Jersey man Edward Mathews sobs in court after getting sentenced to eight years in prison for harassing, abusing, spitting on and terrorizing his black neighbors.
In a viral video, Mathews is seen calling his neighbors “monkeys” and the “n”word.
On the day Matthews engaged in his racist tirade against his neighbors, a resident in the area filed a harassment complaint against him. Later, authorities told NBC News they received another complaint about a man who needed to be removed from a neighborhood. Once officers arrived on the scene, they found Matthews “using racial slurs while engaged in a verbal altercation with four residents.” Once officers searched Matthews’s home, they found shrooms, or psilocin mushrooms, which are known to have a hallucinogenic effect on those who use them.
Matthews also reportedly had a habit of harassing and/or terrorizing his Black neighbors, including an instance where he left a threatening note on a vehicle. He had also been accused of stalking neighbors and smearing feces on their windows, as well as damaging their cars. Matthews invoked religious language during his court appearance, apologizing for his behavior before telling the court, “Every saint has a past and every sinner has a future,” Matthews said. “I want to commit to rebuild the community.” Matthews also stated he was remorseful for “my insensitive and disrespectful words in the past.”
Matthews, who has been in custody ever since his arrest, will have that time credited to his sentence and, according to NBC News, will be eligible for parole once he has served 16 months in prison.
Nikkia McClain’s Pow(H)er Initiative Empowers Black Women To Be Unapologetically Themselves
Nikkia McClain speaks to Black Enterprise about Support Your Girlfriends, her creative agency Tene Nicole, and how the Pow(H)er experience came to be.
Vulnerability, intentionality, and authenticity. Nikkia McClain is dedicated to these values which revolve around creating supportive spaces for Black women. Through her Pow(H)er initiative, McClain champions the elevation of Black women, fostering a stronger network for them to empower themselves and their ideas. Her commitment is a testament to her determination to uplift and support Black women in their journeys.
McClain has been sparking this change through her now-fifth annual Support Your Girlfriends’ Pow(H)er Experience and Award ceremony, facilitated by her creative agency, Tené Nicole.
She knows that real change comes not only from within but throughout, as all Black women have the potential to encourage and inspire those within their community. Her work building the Pow(H)er experience has shed light on pioneering and triumphant women within and beyond the entrepreneurial, social impact, and media realms. McClain and her growing collective of “disruptors” seek to break any ceilings that limit Black women from being the game-changers the world needs.
The CEO and PR mastermind spoke to BLACK ENTERPRISE about the impact of Pow(H)er and Support Your Girlfriends and how she is continuing to help women be unapologetic in who they are.
What is the overarching mission with Pow(H)er? The story of how it came to be, and what made you feel like this was vital for our community?
NM: It started with needing a break. If you know me, I’m extra, but in the best way possible. We started with a girls trip before girls trips were even that popular yet. That first year, it was 10 women; by the third year, we had 44 women. As it started to evolve, it became Support Your Girlfriends. We had a mantra of “Celebrate her, Support her, Power her,” and that’s how we got here. Last year was the first time we implemented the Pow(H)er experience, a free conference. I’ve been treating Pow(H)er her as this passion project because it is also part of our giveback, but now I have to treat it like a client. In this full year of programming, we are making more resources available through grants and networking. I started out as a small-business owner and had no background in PR and marketing. So I made every mistake, and now I want to be a resource for others so that they can learn and have the tools to be successful.
Whatis holding back Black female entrepreneurs the most, and what is the best way to rectify this?
NM: We are limited to resources. Limited as we don’t know where those resources are, and we don’t know where to begin. We as entrepreneurs have to be in a vulnerable space. In order to keep pushing forward, we may need to be vulnerable and say, “Hey, I need this.” Vulnerability is the biggest thing when it comes to being your authentic self. We have to be open, and as long as you are being you, that attracts like-minded people who want to see you win.
What does it mean to be unapologetic?
NM: Meaning that you can show up as who you are without feeling you have to apologize for it. I’m going to show up as the loud, boisterous, upbeat, and confident woman that I am. Because of who I am, it may rub someone the wrong way. But guess what? That is their problem, not mine. I am not dimming my light to fit in anyone else’s space. For me, that is being my unapologetic self. I want to be that disruptor in this space and say, “Hey, this is how I’m showing up.” Showing up like this is truly standing in my power and knowing who I am and what I represent.
Women leave your event feeling so inspired. How do we expand upon that for women who aren’t in the room?
NM: I want to be extremely intentional in servicing the community. We build these workshops around support. It goes back to Support Your Girlfriends, when I realized it was bigger than me. I didn’t do this out of want; I did this out of a need. But after Pow(H)er, I realized the impact we can have on women of color and how this network is so needed. Now we decided to do a four-part series in different cities. This is an ecosystem that they can come to and be vulnerable to say what they need. At the end of each day, we’re going to ask, “How can I support you?” Everything you need is in this room. No one is going to leave without a full call to action, and making sure we’re following up with that.
Let’s dive in about the nomination process. How do you figure out who best embodies these awards?
NM: Now, there is a board in place. I’ll submit my nominations, but I want the people who really see the impact of Pow(H)er to also have a say in who gets nominated. We really try to align with who is being unapologetic when it comes to things like entrepreneurship, finances, and the DEI space. When I thought about entrepreneurship, why not Angela White? [White won the 2023 Unapologetically Her Award for Entrepreneurship.] And that goes for Charlamagne, too, for getting the first-ever Power Him award. He is the most unapologetic person, and he stands in his truth.
How do you stay empow(H)ered, and what is the key to inspiring that in others?
NM: I was a mother of two by the time I was 18, and that was me making poor decisions because I didn’t have someone pouring into me. After becoming a mom, it literally was my best friend saying, “Let’s go, I’m about to go register you for college.” That got me on the road that life was going to look different. After four years of starting Tené Nicole, I went and got my master’s in strategic relations, and now I am in a Ph.D. program in marketing. For me, it was always how to elevate and get better. I’ve seen the lowest version of myself to the highest version. It really is these women, the network around me, and my family. I’ve broken every chain you can imagine. So that’s how I stay empowered.
Food Not Bombs Defies City Citations, Continues To Serve Meals To Houston’s Homeless Despite Legal Challenges
Since March, the organization has received 80 citations from the city of Houston.
A Houston volunteer charity group has received dozens of tickets from city police while handing out food for the homeless. Shere Dore, a volunteer at Food Not Bombs, relayed to Business Insider that despite receiving the tickets, the organization will continue giving food to those in need.
Food Not Bombs has been handing out food four nights a week for nearly 15 years as an international charity group. They’ve been able to serve vegetarian meals to 150 homeless people who reside near the downtown area.
Dore explained that since March, the organization has received 80 citations from the city of Houston. The tickets are for Food Not Bombs violating a 2012 local ordinance that “prohibits giving away food to five or more people without permission from the property owner.”
Dore toldBusiness Insiderthat they plan on appealing all the tickets, each of which can be as high as $2,000.
Houston Mayor Sylvester Turner told the outlet that Food Not Bombs’ operation is unsafe for “those seeking food, those who serve, pedestrians, and patrons of the library facilities.” Turner wants the group to move to location half a mile from its current downtown location.
Dore, who’s been with the group for 12 years, says a move would make it more difficult for the homeless population to have access to the food events. So despite what the mayor wants, Food Not Bombs refuses to relocate, Dore told Business Insider.
“We won’t move. So that’s just a given. We’re on public property, we’re on public space,” said Dore, adding that the organization planned on waiting for the mayor’s term to end to hopefully bring someone in who would help them to change the ordinance.
“We’re really not hurting anybody. We’re going out there, and we’re serving people who are hungry, and we don’t believe that we need to ask city permission or government permission to be able to do that,” Dore said.
U.S. Job Market Posts Strong Numbers Despite Inflation
The U.S. labor market is holding steady, despite concerns that inflation could hamper its ability to create jobs.
Following the end of several high-profile labor strikes, the U.S. labor market added 199,000 jobs in November, up from the 150,000 jobs posted in October. As NPR reported, even though there is currently less hiring being done, there was still enough of an increase to keep unemployment steady at 3.7%, which is down slightly from October’s 3.9% unemployment rate. According to NPR, some job gains can be attributed to the return of striking auto workers and Hollywood writers.
Additionally, the data suggests that the labor market is doing quite well for itself despite severe interest rate hikes by the Fed. When unemployment is high, the Fed typically lowers interest rates and vice versa. Still, the Fed’s interest in curbing inflation took precedence over stimulating the economy, which has not affected the labor market adversely. Even though wage growth has slowed, it is still up 4% from where it was in November 2022, which has given the actual buying power of workers a boost.
Speaking of inflation, CNBC reports that excess profits from companies like Exxon Mobil, Shell, and Kraft-Heinz helped to kick up inflation-aided earnings for those companies, which naturally placed more burdens on the consumers paying for those products. According to a joint study from the Institute for Public Policy Research and Common Wealth, both British think tanks, “Companies with (temporary) market power seemed to be able to protect their margins or even reap ‘excess profits,’ setting prices higher than would be socially and economically beneficial.”
That report stresses that these companies did not create the inflation that kicked off following Russia’s invasion of Ukraine, but they certainly did not mind profiting from it, either. Although there is no consensus within the economic community regarding the concept of “greedflation,” or overcorrecting prices to compensate for market movements or higher production costs so that profit can be turned, it has been called a potential contributing factor to inflation by some analysts as well as Christine Lagarde, the European Bank Central president.
In May 2023, Lagarde accused some companies of using the uncertainty of inflation to their benefit, saying, “In some sectors, firms have been able to increase their profit margins on the back of mismatches between supply and demand, and the uncertainty created by high and volatile inflation.”
New Sickle Cell Drug Awaiting FDA Approval Met With Mixed Emotions
The FDA will decide on a new sickle-cell drug, causing excitement and concern among physicians and patients.
The time has come for the U.S. Food and Drug Administration (FDA) to decide on a new sickle cell treatment. The FDA has until Dec. 8 to decide the fate of the drug.
As previously reported by BLACK ENTERPRISE, Exa-cel, the one-time gene therapy created by Vertex Pharmaceuticals and CRISPR therapy, has the potential to change lives. As the public awaits the FDA’s decision, concerns are being raised about the drug’s cost, accessibility, and transparency regarding potential side effects. The sickle cell treatment would be the first of its kind, in that would use CRISPR, a gene editing tool that alters one’s DNA. But its side effects are unknown, according to NBC News.
The newness of the drug, as well as a distrust of healthcare held by the Black community, may lead to hesitation in receiving the treatment.
Derek Robertson, president of Maryland Sickle Cell Disease Association, has two sons with sickle cell. He said, “We are aware that there are a number of individuals who are still a little bit hesitant. But overall, we’re excited mainly because it’s another option.”
Robertson, whose wife works in patient advocacy at Vertex, believes the focus should be on establishing a drug that is effective, and to “get it to the people who need it.” Later, the focus can turn to finding ways to ensure affordability and access.
As Dr. Cecelia Calhoun, a hematologist-oncologist and medical director of the Adult Sickle Cell Program at Smilow Cancer Hospital at the Yale New Haven Health System in Connecticut, discussed the disease process, saying sickle cell affects the “quality of life and ability to just function as normal humans.”
Kayla Smith Owens, a 25-year-old graduate of Bowie State University, shared her experience living with sickle cell disease. She was diagnosed at age 12 after experiencing mild pain and fatigue during puberty. Those symptoms were exacerbated following her matriculation in 2016.
“I had no college experience at all,” she said. “My time in college consisted of being in the hospital for seven days, coming home, catching up, and then going right back to the hospital.”
Living with the disease drastically altered her college experience. “I couldn’t join clubs. I didn’t have time to make friends because my time was spent in the hospital,” Owens said.
After graduating with a degree in criminal justice, Owens said she has not had the opportunity to work because she is constantly in pain and “always sick.” Owens feels the new drug “would be huge and change [her] life tremendously.”
Dr. Jeffrey Glassberg, director of the Mount Sinai Center for Sickle Cell Disease, had some patients who participated in the Exa-cel and Blue-bird clinical trials. (Blue-bird is an additional sickle cell drug under FDA review.) Glassberg said his patients have “normal blood counts” and are able to run three miles a day because “they don’t have sickle cell anymore.”
To receive the treatment, patients must undergo chemotherapy. Dr. Glassberg attributes the risks associated with chemotherapy to why less than 10% of people being treated for sickle cell at Mount Sinai will pursue the drug as treatment. However, he said the risks have “nothing to do with gene therapy.”
The cost of the treatment is an additional concern among doctors and patients. The drug could cost up to $2 million, according to the Institute for Clinical and Economic Review.
According to an analysis by NORC, a research organization associated with the University of Chicago, 87% of people who are both enrolled in Medicaid and have been diagnosed with sickle cell disease are Black.
As far as coverage and insurance costs are concerned, Dr. Glassberg said, “My experience has been nobody really knows what’s going to happen until it just hits the market and then stuff starts to happen. Then we sort of figure out how to make it work.”
Dr. Glassberg acknowledged the Black community’s distrust of the healthcare industry and said he and his colleagues have worked to build “foundations of trust and gain confidence” with their patients through support groups as well as a process where a group of patients assess and “approve” research studies.
New York Racial Wealth Gap Surpasses National Average
The report says that Black New York residents has an average net worth nearly 15 times lower than white residents.
A new report called “Scoping the Racial Wealth Gap in New York State and City” shows that the racial wealth gap between Black Americans and white Americans is extremely high.
According to the study, conducted by New York’s comptroller, white households have a median net worth of $276,900 — nearly 15 times higher than Black households, which have a net household worth of just $18,870.
Comptroller Brad Lander said, “The data in our report show — in Black and white — the persistence of a stark racial wealth gap in New York. The median household net worth of white New Yorkers is nearly 15 times that of Black New Yorkers — 15 times.”
He explained such wealth gaps ricochet through other aspects of financial and educational well-being for families.
“The average white New York high school graduate has a net worth three times greater than the average Black college graduate. These numbers add up to opportunities denied to millions of Black New Yorkers; wealth disparities perpetuated across generations, and a poorer city and state for all of us since inequality holds back economic growth for all.”
The numbers were not limited to New York, but the state has a more severe wealth gap than the national average. In the United States, the median white household has a net worth of $291,250, and the median Black household net worth is $31,370, which, while still concerning, is a narrower gap than the New York State numbers.
“Scoping the Racial Wealth Gap” identified further causes and ramifications and causes of the discrepancy, saying that white New Yorkers who have only earned “a high school degree [still have a net worth] three times greater than their Black counterparts who are college graduates.” This has led to Black New York citizens having higher rates of student debt as well.
With the inequality in education and financial opportunities, only 24 percent of Black New York citizens are homeowners, as opposed to 63 percent of white citizens. Further, “the average home owned by a Black New Yorker is valued significantly lower than the median White New York City homeowner.”
The Scoping the Racial Wealth Gap report has revealed a concerning deficit in wealth equity in New York State.
