Urban Planning Made Simple: AI-Powered Solutions for Smarter Cities and Sustainable Development (Get started for free)

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - New Orleans Lower Ninth Ward Still Shows HOLC D Rating Effects 90 Years Later

The Lower Ninth Ward in New Orleans, historically a predominantly Black community, continues to grapple with the consequences of its 1930s Home Owners' Loan Corporation (HOLC) designation as a "hazardous" or Grade D neighborhood. This classification, a product of discriminatory practices, has had a profound and lasting impact on the area's economic and social trajectory.

The Lower Ninth Ward has struggled with poverty and abandonment for decades, a situation exacerbated by the devastation of Hurricane Katrina. Recovery efforts in this community have lagged behind those in wealthier areas, leaving large sections underdeveloped and largely vacant even now. This disparity highlights how discriminatory housing policies of the past continue to influence urban development and the distribution of resources in the present.

The experiences of the Lower Ninth Ward serve as a stark illustration of how redlining and other discriminatory practices contribute to persistent inequities. These neighborhoods face environmental injustices and a continued struggle for resources, underscoring the broad societal issues confronting communities of color across the nation. The lasting impact of the HOLC ratings on the Lower Ninth Ward offers a poignant reminder of the need to confront the systemic inequalities that continue to shape urban environments and perpetuate disadvantage.

In the 1930s, the Home Owners' Loan Corporation (HOLC) assessed New Orleans' neighborhoods, unfortunately slapping a 'D' grade—the lowest possible—on a significant portion, including 47 out of 62 areas. This grading system used a color-coded approach, with red, the color for 'D' representing 'hazardous', highlighting areas deemed undesirable for investment. The Lower Ninth Ward, predominantly a Black community, received this 'D' designation largely due to its racial makeup and perceived economic instability. This assessment had severe implications, shaping the area's future trajectory and impacting its access to resources.

The consequences of this 'D' rating have been profound. Decades of limited mortgage opportunities and declining property values continue to manifest, despite efforts to rebuild the neighborhood following the devastating impact of Hurricane Katrina in 2005. The Lower Ninth Ward, heavily affected by flooding during the disaster, faced challenges in recovery, with abandonment and a lack of economic vitality remaining prominent, with over 90% of residents being Black.

It's notable that while areas like the French Quarter thrived with investment, the Lower Ninth Ward has faced ongoing struggles with recovering from infrastructure neglect and a general lack of public services, including transportation and healthcare. Many homes are aged, some built before the HOLC maps, and a lack of funds for renovations has led to a noticeable decay over the years, exacerbating the neighborhood's challenges. The overall average age of homes is over 70 years, hinting at historical disinvestment impacting the present.

This legacy of redlining is not merely physical but social as well. Long-term residents have found it difficult to break free from cycles of poverty, facing difficulties accessing mainstream opportunities for advancement. Studies demonstrate a clear link between historic 'D' ratings and higher insurance premiums, compounded by ongoing difficulties in securing home financing, all contributing to economic disparities.

Unfortunately, the racial dynamics at the heart of the HOLC ratings have yet to be fully addressed, given that the Lower Ninth Ward remains predominantly African American. This dynamic continues to influence the flow of resources and community revitalization efforts. For the Lower Ninth Ward to truly progress, urban planners face the formidable challenge of countering the negative perception ingrained by the HOLC maps, necessitating building trust with residents before effective revitalization can occur.

Ultimately, the Lower Ninth Ward stands as a stark reminder of how historical policies, particularly those motivated by racial bias, can have far-reaching consequences. Research suggests neighborhoods with 'D' ratings have significantly lower rates of economic mobility compared to higher-rated ones, demonstrating that past decisions continue to affect current outcomes. This complex situation serves as a microcosm for systemic injustices faced by marginalized communities across the US.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Chicago South Side Red Grade Areas Match 2024 Infrastructure Gap Patterns

The South Side of Chicago provides a clear example of how the 1930s Home Owners' Loan Corporation (HOLC) maps continue to influence urban infrastructure and economic disparities today. Areas designated as "red" or "hazardous" on these maps, primarily encompassing predominantly Black neighborhoods, still experience significant gaps in infrastructure and access to resources in 2024. This persistent disparity underscores the enduring impact of discriminatory housing policies.

The Red Line Extension project, while a substantial public investment aimed at boosting transit access and job growth, highlights the complex challenges of addressing historical inequities. This expansion project, which extends the CTA Red Line further south, offers a chance to revitalize parts of the South Side and create new opportunities, sparking conversations about land use and urban development around the new stations.

It's important to consider that while these infrastructural projects can foster economic development and improve connectivity, they cannot erase the past. There's a growing understanding within the community, particularly among residents of neighborhoods like Douglas, Oakland, and Grand Boulevard, that the effects of decades of disinvestment and redlining cannot be solely addressed by infrastructure alone. Community-driven efforts advocating for reparations are gaining momentum, pushing for a deeper examination of the social and economic injustices that continue to plague these areas. These conversations demonstrate the need for a holistic approach, recognizing the interwoven relationship between infrastructure development and addressing the legacy of discriminatory housing policies. It's a reminder that current urban challenges are often rooted in the discriminatory practices of the past, and solutions must grapple with this historical context.

The South Side of Chicago, particularly areas designated as "red" or "D" by the Home Owners' Loan Corporation (HOLC) in the 1930s, continues to face a significant infrastructure gap in 2024. These historical ratings, which were based on discriminatory practices, seem to have shaped the current landscape of the area. We see a clear connection between the HOLC grades and the ongoing challenges in infrastructure, such as road conditions and access to reliable public transportation.

Neighborhoods marked with lower HOLC grades tend to experience a lack of investment, resulting in fewer modern amenities and services that would otherwise support community growth and prosperity. It's notable that these "D" rated areas often show a disproportionate number of infrastructure issues, including potholes and a higher need for deferred maintenance compared to the better-rated neighborhoods. Looking at data from the last ten years, it becomes clear that South Side communities with the historical "D" ratings have received substantially less funding for infrastructure projects, creating a cycle of neglect.

However, researchers have found that strategically directed community-based initiatives could play a powerful role in reducing the infrastructure gap by a significant margin. The impact of this neglect extends beyond simple infrastructure deficiencies. Research indicates that a lack of investment in infrastructure within these historical "D" rated areas is linked to negative health outcomes, as access to timely medical care is hindered. It's also apparent that these communities often experience a decline in community engagement due to limited investment in public spaces, further impacting the sense of social connection.

The pattern of infrastructure funding in the city highlights the concept of "investment deserts," revealing how historically marginalized areas, like the South Side of Chicago, continue to be underserved despite significant needs. What's hopeful is the surge in grassroots movements on the South Side, where residents are taking an active role in advocating for equitable infrastructure solutions. This reflects a community's resilience against a legacy of neglect.

The legacy of redlining in the South Side continues to be observed in other areas too. There's a connection between the historical "D" ratings and lower rates of educational achievement. These communities, particularly those historically facing redlining, are experiencing graduation rates that are substantially lower than those in the higher-rated neighborhoods, reinforcing the complex consequences of past practices.

The Red Line Extension project, though a significant investment in the Far South Side, has also ignited discussions about land-use and the potential for future development around the new stations. Discussions on reparations for communities impacted by historical discrimination have also gained momentum. These factors, along with the HUD settlement addressing discriminatory land-use practices, highlight the multifaceted effort to address the lasting consequences of redlining in the South Side. The South Side Community Reparations Coalition emphasizes a community-led approach towards reparations that centers around restoration and upliftment of Black communities in the area, representing ongoing efforts to undo the injustices of the past.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Detroit Woodward Avenue Corridor Mirrors 1937 HOLC Investment Boundaries

The Woodward Avenue Corridor in Detroit serves as a stark example of how the 1937 HOLC maps continue to shape the city's economic landscape. The HOLC's assessment of neighborhoods, which heavily considered racial and economic factors when determining investment risk, created a lasting division along Woodward Avenue. Areas designated as "desirable" for investment experienced growth and stability, while those deemed "hazardous" – often linked to minority communities – faced a history of neglect and underfunding.

Even in 2024, the legacy of these historical classifications is undeniable. The effects of redlining are visible in the continued economic disparity between these neighborhoods. Poverty rates, access to vital resources like quality education and healthcare, and overall community prosperity have been impacted by these historical choices. This reinforces the idea that decisions made decades ago continue to affect the present-day fabric of Detroit.

This portion of Woodward Avenue underscores how the HOLC maps have contributed to a deeply ingrained pattern of inequality. The situation highlights the critical need to acknowledge and address the historical roots of contemporary challenges in urban planning, especially as Detroit continues to navigate its path towards revitalization and equitable growth.

The Detroit Woodward Avenue corridor provides a stark illustration of how the 1937 HOLC investment boundaries have shaped, and continue to shape, the urban landscape. It's almost uncanny how precisely the historical maps align with current patterns of development and investment. This suggests that neighborhoods deemed undesirable nearly a century ago still grapple with underinvestment and economic challenges.

We see a direct correlation between the historical HOLC grades and contemporary property values. Areas along Woodward that were labeled "red" or "hazardous" generally have lower property values today, despite recent efforts to promote revitalization. This pattern suggests an enduring bias among investors towards historically "safe" neighborhoods, reinforcing existing economic disparities.

Research on homeownership in these neighborhoods reveals a significant impact on Black residents, with lower rates in those areas that received low HOLC grades. This underscores the long-lasting effects of redlining on wealth accumulation within these communities.

The distribution of public resources in the Woodward corridor today reflects the historical HOLC boundaries. Areas designated as "D" or "hazardous" often lack the same level of investment in essential amenities like schools and parks compared to neighborhoods with higher ratings. This inequitable distribution undoubtedly impacts the quality of life for residents.

The demographic makeup of the Woodward Avenue corridor remains remarkably similar to what it was in the 1930s, revealing a stubborn persistence of segregation. This lack of significant demographic change directly links back to the discriminatory policies embedded within the HOLC assessments.

Examining current healthcare access and outcomes along Woodward exposes a direct relationship with historical HOLC ratings. Areas with lower ratings demonstrate poorer health outcomes, a consequence of the long-term disinvestment resulting from those original assessments.

While urban revitalization projects along the Woodward corridor are underway, a notable critique is their failure to fully acknowledge and address the historical context shaped by the HOLC maps. This oversight leads to a disconnect between the efforts and the needs of the disadvantaged communities who continue to carry the legacy of these policies.

Community-driven revitalization initiatives are increasingly drawing upon a narrative of historical injustice. Activists and residents are advocating for a reparative approach to counteract the lingering consequences of the HOLC system, highlighting the need for a more equitable future.

Educational disparities along Woodward correlate with the historical HOLC classifications. Students in historically "red" areas continue to face lower educational attainment and reduced resources, which, unfortunately, perpetuates cycles of economic disadvantage across generations.

The enduring disparities in investment raise serious questions about the fairness of current urban policies, particularly those that are subtly influenced by the legacy of the HOLC assessments. The continued imbalance suggests that unless there is a conscious and informed effort to counteract the structural inequities embedded in redlining, they could persist and even worsen in future urban development initiatives.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Los Angeles Boyle Heights Demonstrates Lasting Impact of 1939 Yellow Grade

Boyle Heights in Los Angeles provides a clear illustration of how the 1939 Home Owners' Loan Corporation (HOLC) ratings continue to impact a community. Given a less-than-desirable "yellow" grade, Boyle Heights faced significant hurdles to investment, hindering homeownership prospects for its diverse, working-class population. This historical grading not only limited economic growth but also reinforced discriminatory practices that led to long-term decline in the neighborhood. The lasting effects of redlining are still felt today, impacting Boyle Heights' economic stability and contributing to ongoing issues within the community. The neighborhood's experiences serve as a stark reminder that discriminatory housing policies can create cycles of disadvantage that are difficult to break, especially as we see patterns of gentrification echo past decisions and further disrupt the social fabric of the area. The legacy of the 1939 assessment reveals the powerful and often negative influence of historical biases on urban development and its ongoing impact on the social and economic conditions of certain neighborhoods.

In 1939, the Home Owners' Loan Corporation (HOLC) assigned a "yellow" grade to Boyle Heights in Los Angeles, marking it as a "declining" or "in-decline" neighborhood. This designation acted as a significant barrier to investment and support, shaping the area's development trajectory for many decades. It's noteworthy that this assessment occurred in a neighborhood with deep Mexican-American roots and rich cultural heritage, yet the HOLC's evaluation failed to acknowledge these aspects, seemingly overlooking potential. The consequence is a persistent economic struggle, influencing the current conditions we observe.

Research reveals a correlation between the "yellow" grade and a higher susceptibility to foreclosures and exploitative lending tactics. This has had a cumulative impact, making it more difficult for Boyle Heights residents to achieve homeownership. Despite a high population density, the neighborhood suffers from a shortage of green spaces and recreational areas, a legacy of historical underinvestment that has consequences for the overall health and well-being of the community. Unexpectedly, this legacy has extended to education. Studies indicate that schools located in historically "yellow" rated areas like Boyle Heights are often less resourced, which has led to discrepancies in academic outcomes compared to other neighborhoods with higher HOLC ratings.

The historical "yellow" label is also connected with higher crime rates, despite the possibility that the community's actual safety and security may not be accurately reflected in this historical perception. Microeconomic data shows that local businesses catering to community needs often face difficulty securing loans, a consequence of the redlining practices established by the HOLC. This barrier hinders the growth of entrepreneurial opportunities within Boyle Heights.

There's a growing awareness of this historical context within the Boyle Heights community. Architect-led community initiatives have begun to engage residents in local planning efforts, challenging historical marginalization and advocating for improved public infrastructure. However, the gentrification Boyle Heights currently faces is complex and intertwined with its historical context. New residents often lack an understanding of the neighborhood's past, and this can lead to tensions between preserving the area's heritage and fostering economic development.

In a hopeful note, Boyle Heights offers a model of community resilience. Its residents are actively organizing against the ongoing effects of historical redlining through grassroots movements. This shows the strength of the community's identity and its resolve to improve its future while simultaneously grappling with the injustices of its past.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Baltimore Pennsylvania Avenue District Reflects Original HOLC Green Line Division

The Baltimore Pennsylvania Avenue District stands as a clear illustration of how the early 1930s Home Owners' Loan Corporation (HOLC) maps continue to affect cities today. These maps, which categorized neighborhoods based on perceived mortgage risks, often reflected and exacerbated racial biases. The HOLC system assigned grades, and the Pennsylvania Avenue District's initial "green" rating signified a favorable area for investment. This designation shaped the neighborhood's development, fostering growth and encouraging resources that other, less favored areas lacked. However, this has unfortunately led to a stark contrast in the neighborhood's development trajectory compared to areas marked with less desirable colors. The resulting disparity highlights how the HOLC system, based on discriminatory practices, has created a lasting imbalance, influencing economic opportunities, investment patterns, and ultimately, the overall well-being of the community today. In 2024, the district still experiences effects related to this original division, with ongoing challenges in areas once considered less desirable under the HOLC system. This underscores the continued relevance of the HOLC's impact on urban environments and the ongoing need to address the legacies of discriminatory practices in our planning efforts.

The Pennsylvania Avenue District in Baltimore originally fell within the Home Owners' Loan Corporation's (HOLC) "Green Line," a designation that implied it was a desirable location for investment. This initial classification significantly impacted the trajectory of residential development and resource allocation within the city over the decades that followed.

While marked as "desirable," the neighborhoods along the Green Line still confront challenges in 2024, including noticeable economic disparities and the pressures of gentrification. This illustrates that a favorable HOLC rating didn't automatically guarantee long-term community stability or equitable resource distribution. It's also notable that the area holds a strong historical significance to the African American community and its cultural identity. Despite its initially positive HOLC rating, it has experienced periods of disinvestment over time, leading to present-day economic struggles that reflect broader societal issues surrounding racial fairness.

Recent studies show that the Pennsylvania Avenue District's socioeconomic makeup mirrors its original HOLC grading, indicating that even neighborhoods deemed initially attractive for investment still face modern obstacles, like higher unemployment and lower educational attainment levels. The original Green Line also explains how some neighborhoods were prioritized for infrastructure development while others were largely overlooked, resulting in an uneven pattern of development that continues today. This uneven investment can create long-term concerns for community stability.

Furthermore, housing prices along the corridor remain influenced by historical bias, with lower property values in areas bordering historically underfunded neighborhoods, despite their initial placement on the desirable side of the HOLC map. Analyzing public health statistics along the District continues to reveal disparities tied to historical HOLC ratings, highlighting that areas once seen as stable now frequently face a higher incidence of health problems related to socioeconomic conditions.

Research suggests that the Pennsylvania Avenue District's cultural landmarks and community assets are at risk due to gentrification and rising living costs, sparking debates over heritage preservation versus economic development in the context of a changing population. Discussions about urban development increasingly recognize the need to address historical injustices perpetuated by the HOLC assessments, underscoring a call for community involvement in developing equitable policies that attempt to reconcile the wrongs of the past. While revitalization projects are underway in the area, some are concerned that if the legacy of the HOLC maps and its effect on community cohesion isn't addressed, these projects may inadvertently repeat past patterns of neglect seen in other previously "desirable" areas. It's a complex issue with layers of history needing to be considered in planning for the future.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Cleveland Hough Neighborhood Layout Traces Back to 1936 Security Map Zones

Cleveland's Hough neighborhood provides a compelling example of how the 1936 HOLC security maps continue to impact urban development. Initially a neighborhood of wealthier residents, Hough underwent significant social and economic change in the decades leading up to the 1930s. The HOLC, a federal agency created during the Depression, assessed neighborhoods based on perceived investment risk, frequently reflecting biased views against certain communities. These assessments ultimately influenced how neighborhoods like Hough were viewed and treated.

The legacy of this historical classification is evident today in the ongoing social and economic challenges faced by Hough, even amidst current efforts towards neighborhood revitalization. Issues like racial tensions, highlighted by the 1966 Hough Uprisings, and uneven access to resources still exist. Though there have been recent investments, including new housing projects, the area continues to navigate the lasting effects of its historical designation. This situation is a stark reminder of how past discriminatory housing practices can cast a long shadow, impacting community perceptions, investment choices, and overall quality of life.

Hough's journey toward revitalization presents the difficult task of balancing its complex past with its present-day ambitions for equity and inclusion. Recognizing and addressing this historical context are essential if the community hopes to achieve genuine and lasting progress.

The spatial arrangement of Cleveland's Hough neighborhood is strikingly tied to the 1936 Security Map Zones, a system that categorized areas based on perceived risk and desirability. These zones, essentially a precursor to modern zoning, shaped how the area was planned and how residents perceived their community. Hough's designation as a Grade D neighborhood in the 1936 HOLC assessments had a profound impact on its future, dramatically influencing investment trends and hindering local residents' access to mortgage financing. This legacy continues to echo in 2024, with observable economic disparities that can be traced back to those initial evaluations.

Historically, areas like Hough saw their property values stagnate or even decrease after the HOLC classifications were made. This suggests that those first assessments triggered a cycle of disinvestment that's difficult to overcome, with long-term implications for community development. The HOLC's restrictive practices not only impacted the physical landscape of Hough but also shaped its social fabric. This has hindered many improvement efforts, exacerbating issues with poverty and residents' access to vital resources. A look into Hough's education system reveals lower funding for schools—a direct result of historical redlining practices. This reinforces the concept that gaps in the quality of education can be rooted in the neighborhood's past classifications.

The 1936 assessments heavily considered race and economic factors. This fostered a mindset where predominantly Black neighborhoods were labeled undesirable, and this perception unfortunately influences investment decisions even today. The link between the HOLC classifications and health outcomes in Hough is also significant. Neighborhoods with lower investment ratings often lack essential services and infrastructure, creating a persistent challenge for community health and well-being. Urban renewal projects in Hough are currently in development, but they are facing a notable obstacle: they often fail to acknowledge the historical injustices tied to the 1936 HOLC ratings. This suggests that genuine community recovery needs a historical perspective woven into any effective revitalization strategy.

Hough is a potent symbol of a larger trend where neighborhoods classified as less desirable encounter systemic roadblocks, resulting in reduced civic engagement and heightened economic struggles. This mirrors patterns found in other cities that faced similar redlining practices. The influence of the 1936 HOLC maps on Hough is apparent in contemporary demographics. Persistent segregation and economic disparities echo the initial context established by the assessments, underscoring the urgent need for urban planners to consider reparative actions when creating future development strategies.

The Legacy of HOLC Maps How 1930s Residential Security Grades Still Shape 7 Major US Cities in 2024 - Atlanta Sweet Auburn District Development Patterns Follow 1938 HOLC Lines

Atlanta's Sweet Auburn District, once a prominent center of Black-owned businesses and culture, has seen its development path closely follow the discriminatory lines drawn by the 1938 Home Owners' Loan Corporation (HOLC) maps. The HOLC, in its assessment, labeled predominantly Black neighborhoods, including Sweet Auburn, as risky or "hazardous" for investment. This categorization played a part in the area's decline in the later 20th century, leading to ongoing disparities in income and access to resources that persist in 2024. While efforts to revitalize the area, drawing on its historical significance in the civil rights movement, have been made, the long-lasting impact of the HOLC's detrimental classifications are still apparent. The challenge now is to overcome these historical injustices, as they continue to shape real estate trends, resource distribution, and overall community growth. The district's story highlights how discriminatory housing policies of the past can profoundly influence urban development patterns and the lived experiences of residents decades later, making it crucial to understand this legacy when addressing modern urban planning challenges.

The Sweet Auburn District in Atlanta provides a compelling illustration of how the 1938 HOLC maps shaped investment patterns and, consequently, the area's development. Neighborhoods deemed "desirable" by the HOLC, based on racial and socioeconomic factors, have generally seen stable growth and investment, while those categorized as "hazardous" – often associated with predominantly Black populations – have faced persistent challenges with underfunding and economic stagnation.

Interestingly, in Atlanta, we see a strong correlation between the historical HOLC ratings and current property values. Neighborhoods originally given lower grades are still experiencing slower growth and less investment, implying that the perception of risk established nearly a century ago continues to affect the real estate market and the flow of resources.

Sweet Auburn, once a vibrant hub of African American businesses, now stands as a poignant example of how the HOLC's racial bias hindered its economic revival. While efforts have been made to revitalize the area, many have struggled to attract the necessary investment due to a lingering perception of risk rooted in the HOLC's classifications.

The HOLC's legacy also appears in the educational landscape of Sweet Auburn. Schools within areas historically rated as "D" or "hazardous" continue to face challenges, including insufficient funding and lower academic performance compared to schools in higher-rated neighborhoods. This underscores the lingering impact of redlining on educational opportunities and outcomes within historically marginalized communities.

Although urban revitalization efforts are underway in Sweet Auburn, many have been met with community resistance and concerns about gentrification due to a perceived lack of meaningful community engagement and a failure to address the historical context of the HOLC maps. It appears that some projects don't fully consider the deeply rooted impact of the HOLC's policies, potentially leading to a repetition of past patterns of neglect.

Furthermore, the physical infrastructure and access to public services in Sweet Auburn still reflect the restrictive zoning regulations stemming from the HOLC's assessments. This reinforces the notion that redlining has created and sustained infrastructural disparities in the city's historically marginalized areas.

The link between the HOLC classifications and health outcomes in Sweet Auburn is also worth considering. Areas with lower HOLC ratings generally show poorer health indicators, likely stemming from reduced access to essential healthcare services and resources. This is a consistent finding in studies of redlined areas across the US.

Community organizations in Sweet Auburn are increasingly leveraging the historical context established by the HOLC maps in their advocacy efforts. They are calling for reparative policies that directly acknowledge and seek to rectify the injustices stemming from the HOLC's discriminatory practices.

The demographic stability of Sweet Auburn, largely unchanged since the 1930s, unfortunately, highlights how redlining has contributed to enduring segregation within the city. This makes it particularly difficult for residents of these neighborhoods to break free from cycles of poverty.

Research suggests that neighborhoods like Sweet Auburn, originally marked with lower HOLC grades, face distinct obstacles in securing federal grants and funding for community projects. This suggests that the perception of risk established by the HOLC continues to create a cycle of underfunding and neglect in areas historically deemed undesirable for investment.