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An outpouring of critical sub/urban scholarship in recent years has explored the historical and ongoing linkages between race, real estate, and space in the United States. Much of this literature has positioned residential segregation as crucial for structuring the geographies of capital accumulation, highlighting how segregation delimits places for extraction and dispossession. In this essay, I build from the foundations this literature lays by bringing together Charles Abrams' concept of "the racist theory of value" (RTV) and David Harvey's notion of "anti-value" to illuminate the centrality of racialized devaluation in the accumulation process in the US. Specifically, I contend that the RTV, in its role in entrenching residential segregation and collapsing race and value together in space, has helped to demarcate and contain the devaluation that capitalism requires in Black residential spaces. As a key innovation for real estate capital to manage the geographies of (anti-)value, the RTV ensures that the economic losses generated in the accumulation process are felt most acutely in Black communities. In this way, the RTV constitutes a form of planned spatial obsolescence wherein the restricted movement of Black people is converted into the controlled movement of devaluation. [ABSTRACT FROM AUTHOR]

A rapidly expanding body of research has sought to connect the Home Owners' Loan Corporation's (HOLC) so-called redlining maps to a wide array of present-day social injustices. The assertion is that these maps helped entrench emerging cogeographies of racial segregation and devaluation that have continued to reproduce racial-spatial inequities through time. We argue that such arguments likely underestimate the ongoing power of racism by narrowly focusing on the map grades rather than on racial segregation itself. To investigate this possibility, we conduct a set of statistical analyses that decouple race from redlining. These analyses produce two main findings. First, postwar Black population growth did not occur in all HOLC redlined neighborhoods evenly but was most concentrated in those areas that either had an initial Black population or that were adjacent to them. Second, whereas HOLC grade was a stronger predictor of neighborhood home values than Black population share until about 1970, the latter has become the more salient factor since. Thus, rather than obliquely highlighting the persistent geographies of racialized devaluation by way of the HOLC grades, researchers should instead focus on the racially uneven geographies of value directly. [ABSTRACT FROM AUTHOR]

In the wake of the 2007–08 housing crash, the Black–white wealth gap reached a staggering 20 to 1. Since then, a growing chorus of influential voices has proposed measures to increase the Black homeownership rate as a means to narrow the gap. Others, however, have argued that the uneven racial geography of home price appreciation necessarily restricts the degree to which Black households, in the aggregate, can build wealth via homeownership. We aim to contribute to these debates by theorizing a racial appreciation gap as a central feature of urban housing markets under racial capitalism, and analyzing how neighborhood racial and income characteristics have structured home price appreciation from before the height of the housing boom (2000–03) to its post‐crisis recovery (2014–16). Focusing on the two counties that encompass Atlanta, Georgia, USA—an area famous for Black prosperity—we find that a neighborhood's racial composition has a more salient impact on home price change than its income. Results indicate that when a place is marked as Black, this may itself inhibit home price appreciation, suggesting that an enduring racial appreciation gap may limit the potential for Black homeownership to substantively narrow the racial wealth gap. [ABSTRACT FROM AUTHOR]