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Black couple sues for housing discrimination after shocking results - YouTube
Channel: CNN
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SHE FACES NINE COUNTS OF WIRE
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FRAUD AND TWO COUNTS OF
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CONSPIRACY TO COMMIT WIRE FRAUD.
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CLOSING ARGUMENTS SCHEDULED FOR
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NEXT WEEK.
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>>> IT'S A PART OF AMERICAN REAL
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ESTATE MORAL AND RACIST.
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IT IS CALLED WHITEWASHING.
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AFRICAN AMERICANS MAY GET A
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HIGHER VALUE ON THEIR PROPERTY
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WHEN THEY REMOVE THEMSELVES
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ENTIRELY FROM THE SELLING
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PROCESS.
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JOE JOHNS WITH MORE ON WHAT
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HAPPENED TO ONE COUPLE IN SAN
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FRANCISCO.
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>> Reporter: TENISHA AND PAUL
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AUSTIN BOUGHT THEIR HOME IN THE
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MARIN CITY OF NORTHERN
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CALIFORNIA IN 2016.
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IT CAME WITH A COVETED VIEW OF
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THE BAY BUT A LONG TO-DO LIST.
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>> IT NEEDED A LOT OF WORK, BUT
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WE WERE UP TO THE TASK.
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>> Reporter: THEY ADDED A DECK,
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A GAS FIREPLACE, AND ADDITIONAL
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LIVING SPACE.
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IN JANUARY OF 2020, WITH THE
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BUILDOUT ALMOST FINISHED, THEY
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DECIDED TO REFINANCE AND TAKE
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SOME CASH OUT OF THE PROPERTY.
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THEY GOT AN APPRAISAL.
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>> IT WAS RIGHT BEFORE COVID
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HIT.
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SO THE RATES WERE EXTREMELY LOW.
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SO WE WERE TRYING TO REFINANCE
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TO TAKE ADVANTAGE OF THE LOW
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RATES.
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>> Reporter: TO THEIR SURPRISE,
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THE APPRAISER WROTE THAT THE
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HOUSE WAS ONLY WORTH 995,000
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DOLLARS.
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>> WE WERE SICK, SICK TO OUR
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STOMACHS.
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WE WERE UPSET, ANGERED.
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>> I WAS DISAPPOINTED BECAUSE,
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ONE, I KNEW THE HOUSE WAS WORTH
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MORE THAN THAT.
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SECONDLY, WE NEEDED THE HOUSE TO
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APPRAISE FOR A CERTAIN AMOUNT IN
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ORDER FOR US TO BE ABLE TO PULL
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OUT THE CAPITAL IN IT.
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AND WHEN IT DIDN'T COME IN AT
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THAT, IT WAS DEVASTATING.
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>> Reporter: THEY SUSPECTED THAT
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THE SEEMING LOW-BALL EVALUATION
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FROM AN APPRAISER WHO HAPPENED
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TO BE A WHITE WOMAN, MAY HAVE
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HAD SOMETHING TO DO WITH THEIR
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RACE OR THEIR LOCATION, OR BOTH.
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MARIN CITY HAS A SIZABLE AFRICAN
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AMERICAN POPULATION, UNLIKE
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MARIN COUNTY, WHICH IS MOSTLY
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WHITE.
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>> SHE CONSIDERED US MORE IN THE
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CITY AND DEVALUED OUR HOME.
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.
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>> AND SAW A BLACKFACE.
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>> Reporter: SO THEY DECIDED TO
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PUT THEIR SUSPICIONS TO A TEST.
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THEY REQUESTED YET ANOTHER
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APPRAISAL AND GOT A FEMALE
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FRIEND, WHO WAS WHITE, TO COME
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TO THE HOUSE TO MEET THE
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APPRAISER TO MAKE IT LOOK LIKE
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THIS WAS HER HOUSE.
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>> I CONTACTED HER AND I SAID WE
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HAVE ANOTHER -- OUR APPRAISAL
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CAME IN LOW.
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WE HAVE A NEW APPRAISER COMING.
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CAN YOU COME AND BE ME.
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>> Reporter: BUT THAT'S NOT ALL
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THEY DID.
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THEY REMOVED ANY EVIDENCE THAT
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BLACK PEOPLE EVEN LIVED THERE, A
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PROCESS CALLED WHITEWASHING.
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>> WE TOOK DOWN EVERYTHING THAT
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THIS HOME BELONGED TO US.
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>> OR TO AN AFRICAN AMERICAN
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FAMILY.
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>> ART, PICTURES.
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>> EVEN MY HAIR PRODUCTS, I PUT
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THEM AWAY SO THAT SOMEONE
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WOULDN'T BE TIPPED OFF BY THEM.
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>> Reporter: A DIFFERENT
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APPRAISER, ALSO A WHITE WOMAN
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WHO VISITED THE HOUSE IN
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FEBRUARY OF 2020, CAME BACK WITH
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A VALUATION OF MORE THAN $1.4
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MILLION, AN APPRAISAL 49% HIGHER
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THAN THE PREVIOUS ONE.
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IN DOLLARS, THAT'S A $487,500
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DIFFERENCE BETWEEN TWO
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APPRAISALS THAT CAME ABOUT THREE
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WEEKS APART.
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IN FEDERAL COURT, THE AUSTINS
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HAVE SUED THE A FRASER, GENNETT
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MILLER, WHO GAVE THEM THE LOWER
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ESTIMATE, ALLEGING HOUSING
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DISCRIMINATION.
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MILLER DID NOT RESPOND TO
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SEVERAL REQUESTS TO GRANT US AN
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INTERVIEW OR PUT US IN CONTACT
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WITH HER LAWYER.
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DEVALUING HOME PRICE IS STARTING
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TO ATTRACT MORE ATTENTION IN
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WASHINGTON.
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IT'S NOT ALWAYS ABOUT MILLION
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DOLLAR HOMES.
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ANDRE PERRY WRITES ABOUT IT.
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>> WE FOUND HOMES IN BLACK
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NEIGHBORHOODS ARE UNDERPRICED BY
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23%, ABOUT 48,000 CUMULATIVELY.
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THERE'S $156 BILLION IN LOSS
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EQUITY IN BLACK NEIGHBORHOODS.
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$156 BILLION.
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>> Reporter: AT THE END OF THE
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DAY, THE ISSUE RAISED BY STORIES
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LIKE THIS IS ABOUT LOSS OF
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WEALTH IN BLACK AND BROWN
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COMMUNITIES.
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IF YOU OWN PROPERTY AND YOU WANT
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TO TAKE CASH OUT TO REMODEL,
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SEND A KID TO COLLEGE, PAY BILLS
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OR INVEST IN THE STOCK MARKET, A
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LOW APPRAISAL OF YOUR PROPERTY
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CAN BE A LIFE-CHANGING EVENT.
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BUT THIS MAY BE AN ISSUE WHOSE
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TIME HAS ALMOST COME.
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THE PAST JUNE, BIDEN
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ADMINISTRATION ANNOUNCED A TASK
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FORCE TO START LOOKING INTO THE
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PROBLEM.
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JOHN AND BRIANNA.
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.
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>> JOE JOHNS, THANK YOU SO MUCH.
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THIS IS HAPPENING ACROSS THE
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COUNTRY.
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>> THAT IS SUCH A VIVID EXAMPLE.
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HALF A MILLION DOLLARS.
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AND JOE'S RIGHT.
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IT'S A LIFE-CHANGING EXPERIENCE.
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FIRST OF ALL, YOU'RE TALKING
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ABOUT MORALLY LIFE CHANGING
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BECAUSE YOU THINK THE SYSTEM IS
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STACKED AGAINST YOU.
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FINANCIALLY.
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IT'S YOUR LIFE SAVINGS.
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IT MAKES A DIFFERENCE THAT LASTS
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FOREVER.
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>> THERE IS MORE OF A FOCUS ON
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