The Biden administration is developing a rule to tackle racial bias in home valuations, VP Harris says. The move is part of an effort to ensure fair algorithms and increased transparency for home valuations, according to the White House.
“Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said on a call with reporters Thursday. “We are also releasing the guidance to make it easier for consumers to appeal what they suspect to be unbiased valuation.
“Millions rely on the equity in their homes to put their children through college, to fund a startup, to retire with dignity, to create intergenerational prosperity and wealth,” Harris said. “We also know for generations, many people of color have been prevented from taking full advantage of the benefits of homeownership.”
The vice president said the goal is “to make sure that people who conduct home appraisals better reflect the communities they serve.” The administration will also make home valuation data for more than 600,000 properties public, growing a pool of data that includes 48 million homes, Harris said.
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