Displacement Gentrification

Topics: Economics, Real estate, United States, Economic growth, Subprime mortgage crisis, Investment / Pages: 5 (1103 words) / Published: Jul 20th, 2016
Progression is a necessary constant throughout all of human history. As we look back we can see the leaps and bounds we have made in technology, industry, and government; but while development is necessary it isn’t always the best route. Gentrification has been seen as one of those forms of necessary advancement, but when looking at it under a microscope you begin to see the truth behind the “progress”. Gentrification causes the rapid increase in property value, as well as the eviction of life long tenants, and the alterations of whole neighborhoods. On paper, it seems like it’s a great idea to take a neighborhood and give it a face lift, but there is a human element to the equation we are leaving out. Sternbergh (2009) notes that “Displacement …show more content…
One of those key changes is the explosive property value increase, Haake (2009) states “Associated with the gentrification process are rising property values”. This escalation is instrumental to make the process profitable. As property value increases the rental fees do the same, which is raising the rent for tenants who have already lived in that area prior to the redevelopment. The skyrocketing property value is due to intricate and strategic renovations made throughout a bleak neighborhood. Urban developers sink millions of investment dollars in survey plots, renovating already existing buildings, and even creating new structures. It starts with small changes, like a newly modernized apartment that is gated with luxurious amenities, and this opens the door. Before you know it there are condos, cafes, record stores, dog parks, and a farmer’s market. That’s not to say that these are all bad changes, but with these changes comes the inevitable property value surge because a new crowd of wealthier individuals are interested in the area. As these new tenants begin to move in they have no qualms with higher rent prices, which causes the price to be raised throughout the entire area. In order for landlords to remain profitable they must raise their rent to pay the new difference in increased property taxes that come with the increase in property value. As prices raise for everyone it leaves an overlaying …show more content…
As modifications are made and longtime residents removed the region irreversibly changes into something new, and all of the personality along with its rich antiquity is replaced by frilly boutiques and cookie cutter housing complexes. The area begins to take on a new life, and as this transition takes place the things that made a neighborhood a loving memory quickly becomes a fleeting idea. This isn’t to say that change is necessarily unwarranted, but if something is going to change it should because the people have allowed it, and they will be around to enjoy those changes. The modifications brought forth by gentrification are solely enjoyed by those moving in. The residents being forced out are gone before the area has fully reached its new chic status. With them goes the memory of their neighborhood all the child banter from playing baseball in the lot, along with the gossip filled bodega at the corner of the street. All of this replaced by upscale dessert shops and high rise, lofts for newfound professionals. The security that a home used to provide is stripped for the benefit of those that want to live in the new “it” area. Nation (2016) writes “Developers targeting young professionals and global investors have sent a surge of capital into places where public and private dollars once fled. Families in these areas that never escaped the recession are now feeling the shove.” This

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