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.
Thank you for shining some light on this issue. Believe me there's more to find. For example, "lower income housing" often requires an income higher than most truly poor people can show. The builders of these new multi income apts profit.....
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.
Thanks for sharing this story--I had read about this couple and the ploy that revealed obvious active prejudice.
As is often the case, the "behind-the-scenes" money tells the true story. Great reporting, Judd and PopInfo team.
Thank you for shining some light on this issue. Believe me there's more to find. For example, "lower income housing" often requires an income higher than most truly poor people can show. The builders of these new multi income apts profit.....
Why do you think this isn't part of that fight?