Erasing the Wealth of African Americans

[Revoltingest]

???? I asked you what (or when) you mean by the term "to begin with". I don't have a clue how your response is supposed to answer the question.

Erase:

7. to give way to effacement readily or easily.
8. to obliterate characters, letters, markings, etc., from something.​

"Erasing" is merely a term I used in the thread title only in order to avoid repeating the title of topic study. The authors of the study did not use "erase" in any form at any point. It's a cross-sectional study. It certainly does not imply that property values do not change over time.

OK.
I inferred the wrong thing.
But I don't see a problem.
Poor people buy low value homes.
That seems natural & fair.
What would you have anyone do about valuation?
What consequences would you expect?

 

[Nous]

An over-valued home means one is paying higher real estate
taxes than one should also. I've spent tens of thousands fighting
illegally high appraisals. Be careful what you wish for.

No one has wished for an "over-valued home".

What would you change in the real estate appraisal process...
....for both licensed appraisers & for government appraisers?

Perhaps there should be standardized criteria for appraising real estate, such as those factors the study used in comparing property values. Perhaps there are also other ways to prevent devaluing the property values in majority-Black neighborhoods.

 

[Nous]

But I don't see a problem.
Poor people buy low value homes.

How is that supposed to relate to the topic?

 

[Revoltingest]

Perhaps there should be standardized criteria for appraising real estate, such as those factors the study used in comparing property values. Perhaps there are also other ways to prevent devaluing the property values in majority-Black neighborhoods.

There already are very strict standards for appraising real estate.
This occurred way back after the S&L crisis, when it was discovered
that appraisers were juicing up values so that buyers could qualify
for larger loans.
The question is....how would you change the appraisal process,
which is all about comparable sales?

 

[Revoltingest]

How is that supposed to relate to the topic?

It perfectly explains the complaint in the OP.

 

[YmirGF]

No one has wished for an "over-valued home".

Perhaps there should be standardized criteria for appraising real estate, such as those factors the study used in comparing property values. Perhaps there are also other ways to prevent devaluing the property values in majority-Black neighborhoods.

Are you seriously suggestion something like affirmative action be applied to real estate? Hmmmm. Better yet, we could calibrate land/housing prices on Intersectionality group oppression points.

 

[Cooky]

What do you remember about Cabrini Green? Does your memory of Cabrini Green have any relevance to the topic here?

My mistake, no. I was just bragging.

 

[Nous]

There already are very strict standards for appraising real estate.

So you have no problem with inclusion of criteria "such as those factors the study used in comparing property values"?

 

[Nous]

It perfectly explains the complaint in the OP.

Huh? What are you calling "the complaint in the OP"? The OP says nothing about any buyer's income.

 

[Nous]

Are you seriously suggestion something like affirmative action be applied to real estate?

What are you calling "affirmative action"? The factors used in the study to try to account for the differences in home values do not resemble anything related to any method of "affirmative action" as far as I am aware of that term.

 

[YmirGF]

What are you calling "affirmative action"? The factors used in the study to try to account for the differences in home values do not resemble anything related to any method of "affirmative action" as far as I am aware of that term.

No, silly, as a solution to this perceived problem, in that we give preferential treatment/rates to disenfranchised owners due to their location/race/circumstance.

 

[Nous]

No, silly, as a solution to this perceived problem, in that we give preferential treatment/rates to disenfranchised owners due to their location/race/circumstance.

You don't see anything about giving "preferential treatment/rates to disenfranchised [?] owners due to their" race or circumstance in those factors the study used to try to account for the discrepancy between home values, do you?

 

[YmirGF]

You don't see anything about giving "preferential treatment/rates to disenfranchised [?] owners due to their" race or circumstance in those factors the study used to try to account for the discrepancy between home values, do you?

I'm way passed that. I'm at how to we correct this disparity. I'm not questioning the study - at all.

 

[Nous]

I'm way passed that. I'm at how to we correct this disparity. I'm not questioning the study - at all.

Well, all I said was: "Perhaps there should be standardized criteria for appraising real estate, such as those factors the study used in comparing property values. Perhaps there are also other ways to prevent devaluing the property values in majority-Black neighborhoods." That's nothing like "giving preferential treatment/rates to owners" on the basis of race or circumstance.

 

[Revoltingest]

So you have no problem with inclusion of criteria "such as those factors the study used in comparing property values"?

Without re-examining them all, no.
But they just don't relate to the present passing verb, "erasing".

This is a pretty arcane argument.
Are you trying to derail your own thread?

 

[Revoltingest]

Huh? What are you calling "the complaint in the OP"? The OP says nothing about any buyer's income.

It's about "erasing".

 

[Nous]

Without re-examining them all, no.
But they just don't relate to the present passing verb, "erasing".

This is a pretty arcane argument.
Are you trying to derail your own thread?

It's about "erasing".

?????

So your whole issue here is about my offhand use of the word "erasing" in the title????? If I had just used the title of the report for the title of thread (which is what I started to do), what would you say about the findings of the study?

 

[Koldo]

According to a study conducted by Andre Perry, Jonathan Rothwell and David Harshbarger for the Brookings Institute, homes in majority-Black neighborhoods are valued at about half the price as comparable homes in neighborhoods with no Black homeowners. Differences in the structural features of the properties and neighborhood characteristics--such as higher crime rates, longer commute times, less access to desirable schools, and fewer well-rated restaurants--account for only about half of the undervaluation of homes in Black neighborhoods. Overall, owner-occupied homes in majority-Black neighborhoods are undervalued by $48,000 per home on average, amounting to $156 billion in lost wealth for these families--most of whom are Black.

As the report notes, this diminution of property values results in lower wealth accumulation for homeowners in these neighborhoods, which creates a self-perpetuating cycle where it is then more difficult for these property owners to start businesses, afford college tuition for their children, etc., etc.

Read the report: The Devaluation of Assets in Black Neighborhoods

(Like I was, you will probably be surprised by some of the metro areas with the most devalued homes in Black neighborhoods, as well as some of the cities with the least devalued homes.)

This is a very sad problem, an otherwise invisible but quite destructive privation inflicted upon African Americans. So what is the solution to this problem?

I am not sure I understand the problem. Do you mean those houses have been losing value over time ? Do you mean that if a black couple had bought their house 20 years ago they would have pretty much necessarily lost some money compared to a white couple buying a house anywhere else ? Or have the prices always been lower, and if so how is it a problem ?

 

[Revoltingest]

?????

So your whole issue here is about my offhand use of the word "erasing" in the title????? If I had just used the title of the report for the title of thread (which is what I started to do), what would you say about the findings of the study?

The issue has been explored all that is needed.

 

[Nous]

The issue has been explored all that is needed.

So you don't have any substantive critique of the findings of the study?

And you don't have any problem with my suggestion for standards that would presumably prevent the devaluation of properties in Black neighborhoods?