Banks valuing historic buildings as farmland in black communities

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Ivana Davidovic examines how deliberate devaluation of black assets is a major factor holding those communities back. Brian Rice bought several buildings in Birmingham, Alabama, but was refused credit to redevelop them. Andre Perry, the author of Know Your Price: Valuing Black Lives and Property in America's Black Cities, says that homes in black neighbourhoods are given half the value of equivalent properties in majority white areas. Is one of the solutions for businesses and individuals to invest in black-owned banks? Mehrsa Baradaran who wrote Color of Money, doesn't think this suggestion will right historic wrongs. And what is the role of mainstream banks? Sekou Kaalund from JP Morgan Chase believes a more wholesale approach to lending risk is required. PHOTO: Brian Rice in front of some of his properties in downtown Ensley in Birmingham, Alabama. Credit: Brian Rice