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Title: Black appraisers call out industry's racial bias and need for systemic change
Source: Yayoo/NBC News
URL Source: https://www.yahoo.com/news/black-ap ... ndustrys-racial-191500679.html
Published: Jun 7, 2021
Author: Safia Samee Ali
Post Date: 2021-06-07 19:54:00 by Dakmar
Keywords: None
Views: 48
Comments: 4

Safia Samee Ali Mon, June 7, 2021, 3:15 PM

It didn’t sit well with Michael Tidwell when an appraisal report he submitted for a large commercial property in a predominantly Black neighborhood in Los Angeles was rejected by a bank reviewer who insisted the lot was valued too high.

Tidwell, a Black appraiser who is also a valuation and advisory director at the global real estate services firm Cushman & Wakefield, said it took months of back and forth, with the issue getting escalated to the bank’s top brass, before they ultimately agreed with his initial assessment.

“The reviewer didn't respect the community because he felt like, ‘Oh, it's a Black neighborhood. It's crime-ridden and violence and all of that. There's no way this place is going to be able to make money,’” he said. “It’s frustrating because even when you do your job or you may know the value of the community, somebody that's not from that community, a lot of times, they're not going to see the value.”


Poster Comment:

Free "music" at all hours, whether one wants to listen or not, does not really add much value. Same for collecting empty 40oz glass bottles, used diapers, fast food wrappers, and spent shell casings, the time and energy spent removing them from my yard far ouweighs any recycle value.

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#1. To: Dakmar (#0)

more from idiotic story of day source

The study found that from 1980 to 2015 homes in white neighborhoods appreciated almost $200,000 more than comparable homes in similar communities of color.

A different study by the Brookings Institution in 2018 found that in the average U.S. metropolitan area, “homes in neighborhoods where the share of the population is 50 percent Black are valued at roughly half the price as homes in neighborhoods with no Black residents,” and that there is a level of “implicit bias” in an individuals’ perception of members of an oppressed class. The study also found that the “value of assets — buildings, schools, leadership, and land itself — are inextricably linked to the perceptions of Black people.”

lod ~ if all my properties could be valued at ZERO, I'd be thrilled! That would mean I'd pay nothing in property taxes, a savings of some 46+K/year.

For this particular story, however, it could be an inflated valuation scheme to take the money and run, but I don't know that for fact.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2021-06-07   21:56:30 ET  Reply   Trace   Private Reply  


#2. To: Lod (#1)

The study found that from 1980 to 2015 homes in white neighborhoods appreciated almost $200,000 more than comparable homes in similar communities of color.

As a former contractor, I certainly don't understand that. How stupid can folks get? Shoot me Loddy.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-06-07   22:10:25 ET  Reply   Trace   Private Reply  


#3. To: Esso (#2)

Yeah, Lyndon forgot to include lawn care and daily trash removal in the great society program.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2021-06-07   22:25:09 ET  Reply   Trace   Private Reply  


#4. To: Dakmar (#0)

Banks are naturally conservative because if they make unsound loans, they don't get all their money back. Regardless, if one bank doesn't approve the loan, the option is to provide more collateral, ask for a smaller loan, or apply for the loan at other banks. No lender should be required to lend money just because an applicant believes they should.

DWornock  posted on  2021-06-08   5:12:19 ET  Reply   Trace   Private Reply  


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