Analysing the standardisation of appraisal alongside the development of modern real estate markets in the early 20th century, this article demonstrates that the construction of a racialised proper(tied) economic subjectivity was pivotal for realtors’ ability to secure legitimacy and profit as a burgeoning profession. Appraisal embedded racial logics within real estate markets such that their routine functioning could generate the submarket differentiation necessary for the realisation of class‐monopoly rent. This study’s focus on appraisal before federal redlining addresses key lacunae in the historiography of segregation by foregrounding markets’ historical function as infrastructures that produce and spatialise the social difference crucial for profit in real estate. This article also seeks to inform engagements with contemporary processes of land speculation, commodification, and financialisation shaping US cities by advocating attention to the specific mechanisms that constitute race as a modality for the appropriation of surplus by real estate capital.
As vacancy in Rust Belt cities becomes a focal point of planning and policy efforts, Chicago planners and private institutions attribute it to “disinvestment” and seek to remove barriers to real estate investment in order to unlock the market’s purported ability to bring land to “productive use.” Drawing on findings from an analysis of nearly 10,000 postwar property records in the South Side Chicago neighborhood of Englewood, this article demonstrates that vacancy stems not from disinvestment but from predatory and hyperextractive investments in housing that derive economic feasibility and legal sanction from property’s historical articulation with race. I argue that racial regimes of ownership are endemic to the operation of real estate markets and function as central modalities for the appropriation of ground rent. As an analytical lens into the political economy of land, racial regimes of ownership expand urban geographers’ capacity to address the mechanisms that mobilize difference to accommodate capital’s circulation and, more broadly, to account for the racial logics that configure the terrain of contemporary land struggles.
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