When Nathan Connolly and his wife Shani Mott invested approximately $58,000 in home improvements to their residence located in an affluent, mostly white neighborhood in Baltimore, they certainly expected an equivalent return in its appraised value. Like many Americans, the couple sought to take advantage of the wealth boom in 2021 by refinancing their loan amid soaring housing prices. They had every reason to expect increased equity to the $450,000 they purchased the home for in 2017.
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