Tag Archives: foreclosures

Dope Quote: Marx on Housing and Crisis

In light of another study showing the racialized impact of foreclosures on communities of color (where 17 percent of Latino homeowners, 11 percent of black homeowners and 7 percent of white homeowners were foreclosed), check out this dope quote from Marx . . .

Race and Foreclosures

From Capital Vol. 2

“Anyone wanting a new house picks one from among those built on speculation or still in process of construction. The builder no longer works for his customers but for the market. Like every other industrial capitalist he is compelled to have finished articles in the market. While formerly a builder had perhaps three or four houses building at a time for speculation, he must now buy a large plot of ground (which in continental language means rent it for ninety-nine years, as a rule), build from 100 to 200 houses on it, and thus embark on an enterprise which exceeds his resources twenty to fifty times. The funds are procured through mortgaging and the money is placed at the disposal of the contractor as the buildings proceed. Then, if a crisis comes along and interrupts the payment of the advance instalments, the entire enterprise generally collapses. At best, the houses remain unfinished until better times arrive; at the worst they are sold at auction for half their cost . . .”