FOR IMMEDIATE RELEASE
September 9,2024
Contact: Jag Davies, jagdavies@fairsharehousing.org
Bill Prohibiting Home Appraisal Discrimination Signed Into Law
TRENTON — Today, Acting Governor Tahesha Way signed legislation (A2280/S1311) that prohibits discrimination in real estate appraisals and requires appraisers to complete anti-bias training. The legislation was approved by the Senate in May and the Assembly in June by strong majorities.
A growing body of research has documented how frequently racial bias can skew home appraisals, with Black homeowners most likely to be deprived of their earned equity. More than 97% of home appraisers are white, according to the Bureau of Labor Statistics.
“Holding appraisers accountable for discrimination is one of the ways we must address New Jersey’s racial wealth gap,” said Adam Gordon, executive director at the Fair Share Housing Center. “For most homeowners, their house is their most valuable asset. Appraisal bias has been robbing Black and Latino families of hard-won equity for decades. We’re grateful to the bill’s sponsors and Acting Governor Way for their leadership in taking this step toward repairing the multi-generational harms wreaked by appraisal bias.»
The legislation’s primary sponsors are Senator Nellie Pou, Senate Majority Leader Teresa M. Ruiz, Deputy Assembly Speaker Yvonne Lopez, Assemblywoman Verlina Reynolds-Jackson, and Assemblywoman Tennille R. McCoy.
