I continue to be appalled by some of the garbage research that gets published in the name of social science and urban development. A recent one was published by The Brookings Institution titled The Devaluation of Assets in the Black Community. This is certainly a provocative title.
The research presumed to show that single family homes in the black communities are worth less than comparable houses in white communities. This is something that is hardly a surprise. These differences can be explained by lots of reasons, most prominently crime and schools. The authors made elaborate adjustments to properties and concluded there must be other reasons than the usual real estate ones for the difference in price. That difference of course was race.
If they could have shown comparable neighborhoods where everything was the same except race they could have made a point. Of course, they didn’t do any such thing.
My real problem is the concept of devaluation which assumes there is a proper value for any piece of real estate, or anything else. I could argue my house in St. Louis is devalued compared to San Francisco. These comparisons are meaningless. In St. Louis, black families moved out of historically black neighborhoods in huge numbers for reasons I stated, safety and good schools. Hardly surprising. Written by Paul Dribin