Homer Hoyt (June 14, 1895 – November 29, 1984) was an American economist known for his pioneering work in land use planning, zoning, and real estate economics.
His legacy is controversial today, due to his prominent role in the development and justification of racially segregated housing policy and redlining in American cities.
[1][3] Hoyt was born in Saint Joseph, Missouri and attended the University of Kansas, graduating Phi Beta Kappa aged 18, with both an A.B.
Between 1934 and 1940, Hoyt served as the Chief Land Economist for the Federal Housing Administration (FHA), his most notable public service position.
Supported by Hoyt's research and recommendations, the FHA developed the policy of redlining, the refusal to loan money or allowing minorities to purchase homes in white neighborhoods and the inclusion of racial covenants in property deeds.
[1][5] In a 1939 FHA report, Hoyt argued that segregation was an obvious necessity and that racially-mixed neighborhoods result in decreased land values.
"[4] The FHA subsequently justified the practice of redlining to the public by claiming that a purchase of a home by a black person in a white neighborhood would cause the value of the white-owned properties to decline, making their owners more likely to default on their mortgages.
In 1946, he founded Hoyt Associates, a prominent land use and real estate consulting firm with a specialization in site selection for shopping malls.
With co-author Arthur M. Weimer, Hoyt wrote the successful text book Principles of Real Estate, which was published in seven editions.