Pre-listening Questions
- What are some common financial goals people have in their 20s or 30s?
- Have you noticed prices rising in your country? How has that affected people?
- Is owning a home an important goal in your culture? Why or why not?
Pre-listening quiz
Listening
True or False
Instructions: Watch the video. Read each statement and write True or False based on the reading.
Millennials and Gen Z are finding it easier to buy homes than older generations.
The median home price has increased over the past five years.
Inflation is the main reason people are worried about the economy.
Renting a home is much cheaper than buying one today.
Millennials and Gen Z are in a stage of life where they are forming families and building careers.
Answers
- False
- True
- True
- False
- True
Comprehension Questions
Instructions: Watch the video again and answer the following questions.
- What is changing about how interest accrues on student loans?
- What are some of the proposed limits on student loan repayment?
- Why does Javier say the “circuit breakers” are disappearing?
- What is the government’s goal with these student loan changes?
- According to Javier, how has the purpose of student loans changed?
Answers
What has happened to home prices since 2020?
Home prices rose from about $300,000 in April 2020 to $438,000 last month.Why is owning property considered important?
Owning property is seen as a way to invest and build equity, and people feel stressed when they aren’t doing it.What does Javier say is the biggest issue in today’s economy?
He says inflation is the biggest reason people feel negative about the economy.How are younger generations particularly affected by inflation?
Millennials and Gen Z are in their prime earning and family-forming years, so rising prices make it especially hard for them to afford housing and rent.What is a “vibe session,” and how does it influence financial behavior?
A “vibe session” is a term that refers to how personal attitudes and feelings shape economic decisions; it explains why people may feel financially worse off even when earnings rise.
Vocabulary
Gap-Fill
Text
White picket fences, clipped hedges, well-maintained lawns — from the outside, it looks like the American dream. But what the community of Levittown was built on didn’t include all Americans. The builder, Levitt, had in his deeds something that said: “This property can only be sold to Caucasian people.” We have to remember — those deeds were approved by the federal government.
Dolores and Erwin Quintine experienced this government-approved racist policy firsthand when they went looking for a home in Levittown in the 1960s. The man showing homes told them, “You know what, get your [expletive] out of here — we don’t sell to them.”
Established in 1947, Levittown shaped American suburbia. William Levitt built the first mass-produced suburb in the country. The 17,000-home development set a national standard. Levitt financed the project through guarantees from the Federal Housing Administration and the Veterans Administration. But banks used redlining, drawing red boundaries around neighborhoods that had even one Black resident, and refused to offer loans in those areas. That’s why Levittown said “no” to Black buyers.
Richard Rothstein, a leading housing discrimination researcher, explains that the federal government required Levitt to include a clause in every home’s deed prohibiting resale or rental to African Americans. Those clauses remain today—unenforceable, but still present—stating the property may not be used or occupied by anyone other than members of the Caucasian race.
Luis Casano, who moved to Levittown in 1951, said some buyers likely chose the community because it was “Caucasian only.” Although she never witnessed abuse, she notes only 1% of Levittown residents today are Black, while 84% are white. That’s the problem with racism—it carries forward.
Homes in Levittown originally cost around $8,000 ($96,000 today), with no down payment for veterans and a $10 deposit for others. Black families could afford these prices, but were excluded. Today, Levittown homes are worth around $500,000. White families built wealth through equity. Housing advocate Ian Wilder says this created a major wealth divide. The families locked out lost around $400,000 in equity—money that could have sent their children to college and given them a better chance in life. Government-enforced segregation ensured that most white and Black Americans have lived separately for generations.
[4:00]
There were a few exceptions. Madeleine Quintine shows clippings of her father, Erwin Quintine, who was run out of Levittown almost 60 years ago. He later bought a home in Roanek Park—four miles away—in North Amityville, a Black-majority subdivision that advertised “all men are created equal.” Still, the wealth growth there was “separate and unequal.” North Amityville is now 92% Black or Latino, with a median income of $73,500—just 62 cents for every dollar Levittowners earn.
This housing discrimination launched 70 years ago and spread nationwide, creating a persistent racial wealth gap. Even today, studies show that Black-owned homes are taxed more heavily than white-owned ones, yet are often valued lower—even when located next door.
Redlining by the federal government designated communities of color as “high-risk,” prohibiting investment and loans in those neighborhoods. The result: white Americans have lived separately from Black Americans for generations.
Protesters have marched in Levittown, demanding change. “We have to acknowledge the painful things that happened in our past and look toward a better future,” one said. Some call for significant financial compensation—reparations—from the banks that funded discriminatory developments. These banks, they argue, should set up funds to subsidize Black homebuyers.
Others support legal remedies. In New Jersey and Massachusetts, “fair share housing” laws require that at least 10% of new housing in each town be affordable to low-income residents, who tend to be people of color. In Mount Laurel, NJ, fair share housing helped raise property values and improve school outcomes.
On Long Island, Senator Kevin Thomas of Levittown led an effort to investigate racial steering by real estate agents—pressuring them to testify. Subpoenas were issued to realtors who didn’t comply.
Although Levittown’s racially restrictive deed language is no longer enforceable (thanks to the 1968 Fair Housing Act), it remains embedded in documents. Nassau County lawmakers now want to create a database so buyers can find out whether their homes contain these clauses.
The Quintines were just one family among countless others denied the American dream. Erwin Quintine, once excluded, became a leading housing rights activist—honored today with a town building named after him. His daughter Madeleine is now a commissioner in Babylon. Decades after being driven out, she lives in a high-end home with a pool, and her brother just purchased his second home in the area.
Still, as the Quintine family matriarch warns, “Don’t go home and sit down once you’ve won one battle. Because once you win one, another one’s going to come up.”
[10:00]
James Ford concludes: “There are still many battles to fight in the realm of housing discrimination and reparations.” Subpoenas have been issued to major real estate companies like Coldwell Banker and RE/MAX. A state senate hearing is scheduled soon.
Though Erwin Quintine passed away, his legacy lives on—and the fight continues.
Post-listening activity
Discussion Questions
Answer the questions
Should young people today still aim to buy a house? Why or why not?
Is it fair for student loans to accrue interest right away?
Do you think the government should help make college more affordable?
What financial challenges do young people face in your country?
How do you personally feel about taking on debt?
How does inflation affect your everyday decisions?
Do you agree with the idea that inflation is a “stealth tax”? Why?
What role does media play in shaping how people feel about the economy?
Have your financial goals changed over the past five years?
What advice would you give someone entering college today about money?