In other words, Miami, FL is free to pursue the banks for damages to its tax base. The precedent will likely reverberate for years to come.
The city was finally vindicated in its 2013 move to sue Wells Fargo, Bank of America, JPMorgan Chase and Citigroup. Miami claims the banks violated the 1968 Fair Housing Act (which prohibits racial discrimination in real estate transactions) by intentionally issuing high-risk loans to African Americans and Hispanics. Later, there was a surge of foreclosures and lost property value.
It is unclear whether other cities around the country will now follow suit.
What did remain in doubt was the claim that the banks could know the future damage; the court did not believe the city sufficiently proved this.
From a conservative standpoint, the broadening of the scope of victimhood is troubling. It feeds the litigious society that is eroding American values of personal responsibility. Any individuals who are allegedly discriminated against ought to be the sole agents and benefactors of justice–not governments.