Abstract
In the 20th century, redlining and, subsequently, Urban Renewal programs ravaged neighborhoods and communities in cities across the United States. These programs affected many communities, which were predominantly Black; homes were taken, schools were closed, and the protection from white supremacy was lost. Given that most Americans’ wealth has been historically held in real estate, it is believed that Urban Renewal had dramatic impacts on the financial wealth of those who owned homes in neighborhoods affected by Urban renewal. In this paper, a lost wealth estimate is created for homeowners in Asheville, NC’s East End/Valley St neighborhood. Using hedonic pricing models built from Asheville’s contemporary housing data, the characteristics of the houses that were acquired via Urban Renewal are examined through the lens of the modern housing market to determine what these homes could have sold for had they still existed today. This paper estimates that the gross wealth lost for homeowners affected by Urban Renewal in the East End/Valley St neighborhood to be between $11.9 million and $13.2 million.
How to Cite
Meyer, J., (2022) “Lost Wealth in Asheville’s East End: The Impact of Urban Renewal on Homeowners”, Capstone, The UNC Asheville Journal of Undergraduate Scholarship 35(1).
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