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Dane Madsen's avatar

Adjacent issue: In Marin City, CA, a Black couple had their home, which they paid ~$500 K and remodeled for an additional $400 K, appraised at ~$1 mm in Feb 2020 after the home appraised for $1.5 in March 2019.

They "erased themselves" from the house and had a White friend "act" as the homeowner a few weeks later. Surprise! The new appraisal came in ~$1.5 mm.

A 2018 Brooking Institute study found comparable homes in White neighborhoods appraised 23% higher on average to Black neighborhoods. Considering 30% of the USA has no wealth outside of home equity (source: Deutsche Bank), this is a huge impact on Black wealth and the ability to create wealth.

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Joseph Mangano's avatar

As is often the case, the "behind-the-scenes" money tells the true story. Great reporting, Judd and PopInfo team.

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