Saturday, February 13, 2010

Some Quick Thoughts on Gentrification

I recently spoke with a property owner on Chicago's West Side about the concept of gentrification. The area they live in is very rough but there's pockets that have seen upgrade and construction including new condominiums, a mini mall, and an upgraded train line. The property owner, an African American, surprised me when they said that they loved gentrification.

The only thing I really knew about gentrification was the famous speech from Boyz 'N The Hood about gentrification.



The owner responded.

Boyz 'N The Hood never owned property


In their view, gentrification builds up neighborhoods and that increases the value of all properties in the area. Once you own property, you are for anything that increases the value of your property.
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4 comments:

  1. AGFebruary 13, 2010 at 4:09 PM

    Gentrification isn't an issue for people who own property at all. Its an issue for the people who RENT said property, because when the property value goes up, the rent goes up too.

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  2. mike volpeFebruary 13, 2010 at 5:09 PM

    It's an issue for both, however, you're right the winners are the property owners and the losers are the renters.

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  3. GeronLFebruary 13, 2010 at 11:08 PM

    Renters are not losers. The rent may be higher but the neighborhood is safer and there are other benefits.

    Renters are also very mobile and can easily find something in their price range elsewhere.

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  4. mike volpeFebruary 14, 2010 at 4:24 AM

    Also a good point.

    ReplyDelete