Appraisals Referencing Gentrification
Started by FreebirdNYC
about 12 years ago
Posts: 337
Member since: Jun 2007
Discussion about
Hi - quick question. Can an appraiser legally reference "gentrification" in forming his opinion? (e.g. discounting a property relative to the comps because comps are in an area that are "more gentrified"). Would think this would violate fair housing standards...
The gentry are a protected class. He should specify "yeomanization" instead.
Gentrification has come to mean something that is different from 20 yrs ago. It says that the neighborhood is improving. Doesn't mean that there are more "white" people here now.
I can truly see this one going either way. It seems to me that FDB below 125th has newer housing stock and better retail than neighboring avenues. So one could say, in a sort of objective fashion, that it's "more gentrified."
So the question would be, are the residents/tenants of that newer housing stock of a different ethnic makeup, or religion, or sexual orientation (or whatever protected class you would want to cite) than the residents of the neighboring avenues? If so, then yes, one could argue that "more gentrified" is a coded reference to that difference, and thus a Fair Housing violation.
There are people who work for the city who are really good at explaining all this -- you might want, as a first step, to call 311.
ali r.
DG Neary Realty
"Gentrification has come to mean something that is different from 20 yrs ago. It says that the neighborhood is improving. Doesn't mean that there are more "white" people here now."
Its NEVER ever meant, in literal terms, "whiter." People may have read into such, but the literal dictionary definition is "to change (a place, such as an old neighborhood) by improving it and making it more appealing to people who have money"
http://www.merriam-webster.com/dictionary/gentrify
>"Gentrification has come to mean something that is different from 20 yrs ago.
>http://www.merriam-webster.com
Please, 20 years ago they didn't even have merriam-webster.com.
is your family embarrassed by your problem?
Let's not kid ourselves: It may have never literally meant "whiter", but that's EXACTLY what it's come to mean.
And if it means in the emaciated, pasty & clueless hipster sense, it is beyond insulting that that's considered a positive.