Why it’s bad:
And allow me to cite some references:
*7 Reasons Why Gentrification Hurts Communities of Color - Everyday Feminism
Why is “pricing out long time residents” bad?
Ask yourself why gentrification happens. It isn’t some dastardly plot by the evil rich. When a neighborhood gets run down and the property values stagnate or fall relative to nearby neighborhoods, the properties get more attractive. People who can barely afford a home elsewhere can afford both to buy and fix up these properties, and end up with a better house. Over time, due to these kinds of influences, the property values rise to be more even with the surrounding areas.
Now ask yourself how you can prevent gentrification, and what you would do to improve the neighborhood that doesn’t involve strangers coming in with more money. When you have a practical answer to those questions, you might deserve some attention.
They’ve lived there for so long and their homes are being stolen by rich assholes
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Stolen? These rich assholes somehow obtain the deed to the homes illegally?
The opposition to “gentrification” can lead to some nutty results:
I find it a little odd that I have always heard gentrification referred to in a negative sense, but that the arguments against it aren’t obviously strong.
About the best argument I can think of is that gentrification changes the culture of an area, possibly to the degree of eliminating the community spirit of an area or driving away a type of resident (artists, stoners, non-whites) due to pressures from either rising rents/property taxes or simply the newer residents not wanting them around and being rude about it. And this is the sort of complaint that outsiders (particularly uncreatives, puritans, and racists) respond to with a resounding ‘meh’.
Here’s what happens by pricing out. Say someone lives in a low rent apartment, their rent could skyrocket and they no longer can afford it. One of the worst things about gentrification, is that low rent housing is torn down and replaced with condos. The long time residents in the end have difficulty relocating.
Their are viable alternatives to gentrification. We could consider revitalization, which could restore a run down neighborhood to more desirable condition, but the neighborhood would remain affordable and the long time residents would stay.
That would be absurd obviously even if a high priced chain like say Whole Foods were the target. But Trader Joe’s is typically as cheap or cheaper than mainline supermarkets, particularly the types of chains which favor low income urban neighborhoods (‘C Town’ is one here in the East). The product mix at Trader Joe’s caters more to ‘yuppies’, that’s true. But a lot of the highly processed, frozen, etc. foods which appeal to low income shoppers aren’t actually cheap, besides the whole ‘food desert’ issue and huge impact it has on personal and public medical care costs. So yeah, that’s more nutty than the usual ‘anti gentrification’ spiel, which is a flight from reality in general.
I fail to see how “Rent goes up for people as the value of the underlying property increases” is the same as “Rich assholes stealing their homes”
What if they aren’t assholes? Is it OK then?
How do you revitalize a neighborhood without the property values going up?
How do you keep something desirable but affordable? If more people want to live there, prices will go up.
As has recently been highlighted to me by a dispute a friend is having with the friend he’s renting his house from, anyone who raises my rent is, always, an asshole.
Not necessarily. There will be market pressures for rents to raise, but either overly-kind landlords or straight-up rent control could counter those pressures.
I’m no expert on this subject, but it sure seems to me like gentrification is a more pressing issue in cities that HAVE stronger rent control laws.
You think that’s a coincidence?
“Gentrification” is merely another word for Redevelopment.
As the I Ching says “The finest clothes turn to rags” So too, the finest houses decay and need to be replaced.
One thing that can be done is not invest into expensive condos but instead newer and cleaner Section 8 housing.
“Invest” implies some sort of return. How do you calculate the return an investor would receive by building newer and cleaner Section 8 housing?
And how do you ensure that newer and cleaner Section 8 housing remains new and clean looking?