Gentrification
What you need to know ©2016
Gentrification is what happens when long-term urban residents are displaced by incoming suburban residents. The urban residents are often displaced their rents have jumped, and they can no longer afford to live where they’ve lived for years. Or, they begin to feel displaced when they see effects of gentrification all around them, the city’s changing demographics and the increase in businesses where they don’t feel welcome.
Often, the areas that are being gentrified are distressed and have fallen on hard times. Investors see opportunities in those areas. They see properties that are seriously undervalued, and they swoop in hoping to make a financial killing.
Sometimes these investors will purchase a property and immediately raise the rents. Or,they will buy a property, renovate it, then they raise the rent. Or, they buy vacant property, renovate it, and set rates so high long-term residents can’t afford to live there. It’s all gentrification.
For many cities like Brooklyn and Detroit, gentrification is both a blessing and a curse.
It’s a blessing to the extent those cities could use the tax revenue`new residents are bringing in. On the other hand, it’s a curse if long-term residents are being displaced from their apartments, etc. because of increased rents.
What can be done?
Detroit, a mostly African American city, has many wealthy African Americans. Those wealthy people could do what local businessman Dan Gilbert did albeit on a smaller scale. Gilbert didn’t simply see a distressed area or a distressed property. He had a vision of how those distressed properties could be transformed. Wealthy Blacks could and should have a similar vision for their city.
Though financing can always be difficult for Blacks, wealthy Blacks could form partnerships with other Blacks, or whomever. Trather than taking on these projects alone. We’re only limited by our vision.
What if these wealthy Blacks did form a partnership. What if they also hired carpenters, electricians and other skilled people on retainer. They could buy properties, renovate them and rent them out. All of this is possible if the will is there.
Another thing that can be done.
Detroiters have the vote, and they have to use it. They can elect a mayor and council who will look out for their interests and who will take steps to lessen the effects of gentrification.
Detroiters could use their voting clout to demand more affordable housing in a city that certainly needs more affordable housing. The shortage of affordable housing is what makes it possible for greedy investors to exploit all parties involved. It’s supply and demand.
Whether it’s gentrification or some other issue, we must learn to work together to achieve the results we want. Protesting alone won’t cut it. If we must protest, let’s protest with our votes and let us protest by working together economically. We have to vote to get the government we want.
What you need to know ©2016
Gentrification is what happens when long-term urban residents are displaced by incoming suburban residents. The urban residents are often displaced their rents have jumped, and they can no longer afford to live where they’ve lived for years. Or, they begin to feel displaced when they see effects of gentrification all around them, the city’s changing demographics and the increase in businesses where they don’t feel welcome.
Often, the areas that are being gentrified are distressed and have fallen on hard times. Investors see opportunities in those areas. They see properties that are seriously undervalued, and they swoop in hoping to make a financial killing.
Sometimes these investors will purchase a property and immediately raise the rents. Or,they will buy a property, renovate it, then they raise the rent. Or, they buy vacant property, renovate it, and set rates so high long-term residents can’t afford to live there. It’s all gentrification.
For many cities like Brooklyn and Detroit, gentrification is both a blessing and a curse.
It’s a blessing to the extent those cities could use the tax revenue`new residents are bringing in. On the other hand, it’s a curse if long-term residents are being displaced from their apartments, etc. because of increased rents.
What can be done?
Detroit, a mostly African American city, has many wealthy African Americans. Those wealthy people could do what local businessman Dan Gilbert did albeit on a smaller scale. Gilbert didn’t simply see a distressed area or a distressed property. He had a vision of how those distressed properties could be transformed. Wealthy Blacks could and should have a similar vision for their city.
Though financing can always be difficult for Blacks, wealthy Blacks could form partnerships with other Blacks, or whomever. Trather than taking on these projects alone. We’re only limited by our vision.
What if these wealthy Blacks did form a partnership. What if they also hired carpenters, electricians and other skilled people on retainer. They could buy properties, renovate them and rent them out. All of this is possible if the will is there.
Another thing that can be done.
Detroiters have the vote, and they have to use it. They can elect a mayor and council who will look out for their interests and who will take steps to lessen the effects of gentrification.
Detroiters could use their voting clout to demand more affordable housing in a city that certainly needs more affordable housing. The shortage of affordable housing is what makes it possible for greedy investors to exploit all parties involved. It’s supply and demand.
Whether it’s gentrification or some other issue, we must learn to work together to achieve the results we want. Protesting alone won’t cut it. If we must protest, let’s protest with our votes and let us protest by working together economically. We have to vote to get the government we want.