CRACKED FOUNDATIONS
School Bonds in Levittown
Hulton Archive / Stringer
By Michael R. Glass
Sometime in the spring of 1947, residents of the school district that would become Levittown received unwelcome news. At the time, the district had just one schoolhouse. A total of 38 students shared two classrooms: one for kindergarten through fourth grade, the other for grades five through eight. According to school board minutes, the discussion at a May 1947 meeting“ drifted out of control.” Renowned homebuilders Levitt & Sons had been purchasing former potato farms, upon which they planned to erect thousands of new houses. At the
An aerial view of track housing in the suburban development of Levittown, New York, 1950s.
meeting, debate centered on how to“ cut off” the development, since each house would surely bring more children and higher property taxes. One attendee said that“ the farmers should get together and protest,” but no one seconded the motion.
Instead, the discussion quickly shifted to managing the influx. An adviser from the New York State Education Department told the school board members that the most important question was“ What to do now?” and then“ What to do in’ 48 and’ 49 and the following years upon years?” At the next meeting, the board approved a municipal bond“ for the purpose of providing for excess pupils.”
Levittown, New York, is perhaps the most iconic suburb in American history. Between 1947 and 1951, Levitt & Sons constructed 17,447 single-family houses in central Nassau County, just east of New York City. Thanks to insurance from the Federal Housing Administration and the Veterans Administration, a World War II veteran could acquire one of the Cape Cods for no money down and a $ 58 monthly mortgage payment. Levittown is also notorious for its racial exclusions. As Black veterans discovered, the deeds included a clause prohibiting occupancy“ by any person other than the Caucasian race.” Even after the Supreme Court struck down racially restrictive covenants, federal officials still approved insurance for the entire development. In suburbs like Levittown, the federal government both made homeownership more affordable and enshrined segregation.
Often overlooked is how postwar suburbanization transformed public education.
16 FINANCIAL HISTORY | Fall 2025 | www. MoAF. org