Banker & Tradesman: Aug. 17, 2020

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TO OUR READERS: As part of Banker & Tradesman’s mission to keep the real estate and banking industries informed, this week’s issue is focused on how personnel policies across both sectors are changing to boost equity and diversity. It’s part of an occasional series exploring the ways a national reckoning with America’s troubled racial history intersects with the businesses we cover. We encourage you to continue the conversation in our pages with letters to the editor and columns about how lenders, developers and real estate agents can respond to the moment. – Managing Editor James Sanna

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Hampshire Spotlight: South Hadley

IN PERSON

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Rob Corley’s childhood was defined by two distinct phases: the first in an Irish immigrant family “living the American dream,” and then a period of economic and housing insecurity on the South Shore after his father’s livelihood as a real estate developer was cut short by serious illness.

WEEK OF MONDAY, AUGUST 17, 2020

RESIDENTIAL REAL ESTATE BY THE NUMBERS

CLOSED LOOP

$110,000 Three real estate agents and a brokerage face $110,000 in fines for violating fair housing laws. See Week on the Web on page 2. Source: Attorney General Maura Healey’s office

A MISSED OPPORTUNITY FOR CRE INDUSTRY

88 percent 88 percent of municipal leaders are white. See Scott Van Voorhis’ column on page 3. Source: Metropolitan Area Planning Council

6,784 There are 6,784 housing units in South Hadley. See the Town Spotlight in By the Numbers on page 5. Source: U.S. Census Bureau

$23,000 The median yearly income for an African American Realtor in 2017 was $23,000. Se Heather Beasley Doyle’s story on page 10. Source: National Association of Realtors

8 percent Black real estate brokers make up only 8 percent of the industry. See Heather Beasley Doyle’s story on page 10. Source: Bureau of Labor Statistics

-0.27 percent The year-to-date median home sale price in Hampshire County is down 0.27 percent year-over-year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

$824,000 Amherst’s most expensive singlefamily home sold in recent months cost $824,000. See By the Numbers on page 6. Source: The Warren Group

3.7 percent The number of Black real estate agents in America has grown 3.7 percent since 2013. Source: Bureau of Labor Statistics

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Diversity Lagged During Decade-Long Expansion BY STEVE ADAMS BANKER & TRADESMAN STAFF

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t’s a familiar story line that’s taken on new urgency in the Black Lives Matter era: that of a lucrative industry characterized by insular hiring patterns and a lack of diversity, while remaining a mystery to many potential hires in its own backyard. In the Boston-area commercial real estate development, brokerage and architec-

ture sectors, equity and inclusion efforts have been slow to gain traction despite a decade-long economic expansion and steady job growth. “The unfortunate thing is, I still don’t need more than two hands to count brokers of color in Boston,” said Taidgh Mc-

What’s Your Idea?

Do you have suggestions to create more opportunity in your industry? Send your letters to the editor to editorial@thewarrengroup.com. Letters are limited to 300 words and must be signed.

Clory, a former partner at CBRE who founded a diversity consulting firm in September after 16 years in the local brokerage business. Local industry professionals cite several factors for the scarcity of people of color: a tradition of friends-and-family hiring patterns, lack of visibility to potential hires and the reluctance of people of color to relocate to Boston from other parts of the country.

Firms Falling Short

Increasingly, local executives acknowledge that the industry’s efforts to foster equity and inclusion are falling short. Continued on Page 7

COMMERCIAL INTERESTS

FOCUS ON EQUITY

More Housing in Suburbs Would Increase Opportunity

Many Lenders Don’t Report DEI Practices, Self-Assessments

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

Can More Diverse Boards Banks Examine Workplace Culture, Help Fix Segregation? Policies to Boost Racial Equity

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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