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1.1.4 Race in Place Since the late 1980s, scholars have analyzed housing’s relationship to various other basic necessities—from education, to transportation, to employment—in their assertion that “place matters.” 27 A person’s exposure to poverty and crime, or their prospects for health, education, and income, as well as other indicators of “well-being,” are not only measurable, but predictable, according to the neighborhood in which he or she lives [See 1.2.1]. 28 The racial dimensions of wealth inequality remain striking and have direct spatial implications as well. In 2013, the median-income white household’s net worth was ten times that of the median-income Hispanic household, and 13 times that of the median-income black household. And even with higher incomes, according to a 2015 study, middle-income black households are more likely to live in low-income areas than white households of comparable incomes, turning the primacy of economic inequality on its head. 29 The principles underlying real estate development play a central role in establishing these relationships. Property taxes collected annually on the assessed value of land and buildings are local governments’ single most significant source of revenue for supporting public services. 30 Accordingly, local real estate values—and not the overall wealth of a city, state, or nation—are one of the clearest predictors of the quality of education, amenities, and safety in U.S. neighborhoods. In turn, the quality of those public services is often the strongest predictor of the real estate prices [See HH: 1995]. In 2010, the average cost of homes near high-achieving public schools in the 100 largest metropolitan areas of the U.S. was 2.4 times higher than those near schools whose achievement was deemed low. 31 In this way the housing market distinguishes itself from other markets. Its commodities are fixed; its rootedness in place inextricably links it to vital aspects of life beyond simply providing shelter; its production occurs over extended periods of time and is cost intensive; and there are highly emotional values attached to it. It differs from other sectors of the real estate market through one key factor: for the overwhelming majority of people, participation is not optional, since the result would be homelessness. This last point creates a decided imbalance of power and choice between the providers of housing—developers or large-scale owners—and those needing housing. This imbalance of power within the housing market translates fiscal concerns into material ones, highlighting the necessarily permeable borders that define the set of concerns related to what we call the “economy.” After all, the root of the word itself, the Greek oikos or household, indicates an interplay of forces at work that reaches beyond a financial frame without negating it. So, upon closer inspection, we recognize that many of the conditions and qualities more conventionally relegated to the world of culture are not simply affected by economic inequality, but rather that they actively assist in its design and reproduction [See HH: 1949]. In this sense, the spaces of house and housing—the oikos—are not just coincidentally instructive examples of inequality; they define it. 32 1. Thomas Piketty and Emmanuel Saez, “Income Inequality in the United States, 1913–1998,” The Quarterly Journal of Economics 118, no. 1 (2003): 1–39. Tables and figures updated to 2013, accessed June 16, 2015, http://eml.berkeley.edu/~saez/. 2. National Low-Income Housing Coalition, “Affordable Housing is No-where to be Found for Millions,” Housing Spotlight 5, no. 1 (2015): 4. 3. Richie King and Roberto Ferdman, “How Many Months It Takes an Average Worker to Make What the CEO Makes in a Hour,” Quartz, December 23, 2013, accessed April 20, 2015, http://qz.com/156522/how-many-months-it-takes-an-average-worker-to-earnwhat-the-ceo-makes-in-an-hour/. 4. Orley C. Ashenfelter, “Comparing Real Wages,” NBER Working Paper 18006 (2012), accessed June 12, 2015, http://www.nber.org/digest/aug12/w18006.html. 5. Richard Fry and Rakesh Kochhar, “America’s Wealth Gap Between Middle-income and Upper-income Families is Widest on Record,” Pew Research Center, December 17, 2014, accessed June 2, 2015, http://www.pewresearch.org/fact-tank/2014/12/17/wealth-gapupper-middle-income/. Here upper income is defined as household incomes, adjusted for size, that are more than twice the national median. 6. Further, “The top 1 percent controls almost 50 percent of global wealth and the top 10 percent owns 83 percent of the world’s wealth. In contrast, the bottom half of the 30 31
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38. “Aksarben Village,” Robert
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3.1 Contracts 3.1.1 Private propert
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3.1.4 the will theory of contract:
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avoid conflicts buy access lawfully
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Phase II-Expansion Rents Rise Rapid
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3.2.4 lative frenzies drive up asse
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3.2.5 Real Estate Finance & Investm
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3.3 Schools developments in the fie
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1964 1967 1970s ject field (with
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1996 Stephen E. Roulac, Roulac Glob
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25. James A. Graaskamp, “Redefini
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3.4.2 600 Harrison Avenue, Boston,
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3.4.4 TerraSol, Salt Lake City, UT
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1. In the foreword to a publication
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dictionary of real estate terms glo
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dictionary of real estate terms glo
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dictionary of real estate terms glo
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dictionary of real estate terms glo
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dictionary of real estate terms glo
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Appendix 214 215
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Botein, Hilary. “New York State H
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Glaeser, Edward. “There are Worse
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Kopczuk, Wojciech, Emmanuel Saez, a
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Renner, Andrea. Housing Diplomacy:
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Weiss, Marc A. “Researching the H
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1939 1937 1934 1933 1932 FHA DENIES