#SOCIAL JUSTICE
A Landmark Moment for Reparations
Today, the city council of Evanston, IL, will vote to begin distributing $400,000 in grants to Black residents. It would be the first instance of a US city issuing reparations for decades of racist government policies.
Who’s eligible? Black people who lived in Evanston between 1919 and 1969 (or those whose ancestors did), as well as Black residents who can show they were subject to housing discrimination by the city government. They’ll receive up to $25,000 to put toward housing, such as buying or upgrading a home.
The money will come from a sales tax on recreational marijuana, which was recently legalized in Illinois.
How we got here
Since the Civil War ended in 1865, reparations have been floated as a potential solution to the racial wealth gap that has resulted from centuries of discriminatory laws. For instance, in a process known as “redlining,” banks would deny mortgages to Black people in certain neighborhoods—preventing them from accumulating wealth by owning a home.
Fast forward to 2019. Evanston, a Chicago suburb and home to Northwestern University, voted to create the Reparations Fund to begin making amends for its past policies that denied wealth to its Black residents, who currently make up 16% of the total population. The city pledged to give out $10 million over 10 years.
For some, that’s not close to enough
A group of Black residents argue that Evanston’s reparations program is more like Reparations Lite for its narrow focus on housing assistance and cash payments: "If we're doing reparations, let's do reparations right," said Alderwoman Cicely Fleming in a statement. "Let's not short-change Black people on something they've been waiting centuries for."
Proponents say it’s a good start for grappling with systemic racism, and could serve as a model for other cities, including neighboring Chicago, Providence, RI, and Asheville, NC, that are also considering reparations programs.
NEAL FREYMAN
#HEALTH
Covid’s Cancel Culture
A year into the global pandemic, the coronavirus continues to cause calendar chaos.
The Tokyo Olympics will bar international spectators from attending the event, which is set to start on July 23. Typically about 10%–20% of Olympics tickets go to international fans, and the Tokyo games had already sold 600,000 to overseas buyers, per the NYT.
March Madness had its first Covid-related forfeit: Saturday’s game between VCU and Oregon in the NCAA tournament was declared a “no-contest” after VCU reported multiple positive Covid-19 tests. Oregon will advance and play Iowa today.
Miami Beach declared a state of emergency and imposed a curfew in its entertainment district for 72 hours. The reason? Spring breakers have simply overwhelmed the area. "We've got too many people and too many looking to act out while there's a pandemic going on,” Mayor Dan Gelber told USA Today.
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#REAL-ESTATE
Key Performance Indicators
Stat: There are more real estate agents in the US than homes for sale, per the WSJ. The National Association of Realtors had 1.45 million members in January (up 4.8% annually), while there were 1.04 million homes for sale (down 26%).
Quote: “There’s a very strong incentive for us to be very confidential with any information. If Tesla used cars to spy in China or anywhere, we will get shut down.”
During a virtual appearance at the China Development Forum, Elon Musk addressed reports that the Chinese government banned the use of Teslas at its facilities over fears their cameras could send sensitive information back to the US. Musk said the company would never do that.
Read: What working from home looks like in nine different countries. (Rest of World)
NEAL FREYMAN
#MARKET
The Week Ahead
Earnings: GameStop drops its Q1 financials on Tuesday lol.
Inflation: Key inflation numbers will arrive on Friday in a report known as the Core PCE price index. Many investors have been worried about higher prices...but will it finally show up in the data?
DC appearances: The economic power duo of Fed Chair Jerome Powell and Treasury Secretary Janet Yellen will talk to Congress on Tuesday and Wednesday about Covid relief efforts.
Everything else:
Israel will hold its national elections on Tuesday
So much college basketball will be played
Start getting rid of your chametz, because Passover starts Saturday evening
Earth Hour, when people are encouraged to shut off lights for an hour, is Saturday night
NEAL FREYMAN