San Francisco wants to pay $5 million to black residents and forgive their debts

Your life may soon become much simpler if you’re a black man in San Francisco.

The city’s reparations committee is proposing to give each lifelong black resident $5 million – a proposal that would cost the city at least $50 billion.

The draft proposal states, “A lump sum payment would compensate the affected population for the decades of harms that they have experienced and will redress the economic and opportunity losses that Black San Franciscans have collectively endured as a result of both intentional decisions and unintended harms perpetuated by City policy.”

According to the suggestion, black residents should also be granted debt forgiveness because they are more likely than white people to owe money still.

The plan stated that “Black households are more likely to have expensive, risky debt and are more likely to have outstanding student loan debt.”

When this is coupled with reduced household incomes, a debt cycle that is impossible to break may result.

Getting rid of this debt paves the way for Black households to prosper.

As if that weren’t enough, the plan also recommends giving low-income black households money to raise their income to the $97,000 city median.

The draft states, “Racial disparities across all indicators have resulted in a considerable racial income disparity in the City of San Francisco.” “Black folks may better afford to house and achieve a higher quality of life by rising income to equal AMI,” says the study.

Not only that. The proposal also calls for the city of San Francisco to issue a formal apology “for past harms, and commit to making substantial ongoing, systemic and programmatic investments in Black communities to address historical harms,” as well as financial education, legal protections for people’s reparations, tax credits, and the hiring of black-owned banks to manage people’s money.