Word: ownership
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Dates: during 1980-1989
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...groups hit the hardest by the housing crunch are low-income and young households, the report says. Apgar said two million young households "would own a home today if the home ownership rates did not decline so sharply since 1980." Rent costs have also increased, rising at a rate 14 percent higher than other prices since 1981, according to the report...
...empire had a critical weakness: it was constructed largely of passive investments in other companies' stock, rather than outright ownership of plants, equipment and other hard assets. Half of the Bell Group's pre-October assets of $1.8 billion, for instance, were made up of corporate shareholdings. "We were overexposed to the world's stock markets," Holmes a Court has conceded. Moreover, since the raider did not own controlling interest in those corporations, he was unable to tap their corporate credit lines to get infusions of new money. Said he: "Our money was tied up without getting cash flow...
...bloody 1976 uprising in the sprawling township of Soweto, outside Johannesburg, angry young radicals trashed many black businesses, along with government-owned liquor stores and beer halls, as symbols of white oppression. At that time they could find relatively few such targets, since the law impeded black ownership of homes and businesses in urban areas. Only gradually were free enterprise and limited schemes for home ownership extended to the townships on the basis of 99-year leases. In April 1986 the government scrapped the hated pass laws, which required blacks to carry documents stating where they could live and work...
...Soweto suburbs that were once flash points of unrest, signs now advertise dozens of new residential developments. Almost every other house in the black townships has a fresh look. Some feature do-it-yourself extensions; others are brand new, built on cleared lots or over old foundations. This home-ownership drive has produced profitable spin-offs for black businesses, ranging from contractors and suppliers of building materials to dealers in instant lawns and burglar-alarm systems. Moses Mahlalela, 41, a design engineer with offices in one of the new Soweto shopping centers, can hardly keep up with demand...
...government of South Africa was not exactly motivated by altruism when it relaxed the apartheid laws restricting black businesses and property rights, thereby fostering the rise of a black middle class. "It hoped the ownership of palatial homes and heavy mortgages would create a class of black people that would have too much to lose to help the masses in the struggle for liberation," says Aggrey Klaaste, editor of the black newspaper Sowetan. "It has not worked out that way. Not at all." On the contrary, the material success of a growing number of blacks has reinforced demands for economic...