Gentrification is the process of repairing and rebuilding homes and businesses in a deteriorating area (such as an urban neighborhood) accompanied by an influx of middle-class or affluent people that often resulting in the displacement of earlier, usually poorer residents. In laymen’s terms its rich people kicking poor people out of their neighborhood when they decide they want it. I understand the anger many people have with gentrification. I do get it. You live your entire life in a slum and start to see the neighborhood make a turn for the better and you begin to be priced out. It doesn’t seem fair and is not morally fair but is in the sense of capitalism. Instead of a reaction focus many people take with this, I’m going to focus on and explain the prevention method.
Let’s take the scenario of Brooklyn, NY. About 18 years ago, big money started being poured into the downtown Brooklyn area. Whispers of the New Jersey Nets coming to Brooklyn were going around. People begin to be bought out of their homes just outside of the rumored area the soon to be Barclays Center was to be built. The transit system begins making new train connections in that same area. That next year high rises go up and demolition starts on the land that was to become the new arena. This all happened seemingly in 2 years time. After growing up and grasping understanding of business and real estate, I know this had to be planned for years to move this fast. Regardless of Brooklyn’s downtown area seemingly being blind-sided, the rest of the borough had ample time to prepare for the next attempted coup. The problem is we didn’t. We just looked to the sky in awe. We thought that most of us would be part of the change. We’d be there for the joy of the rebuild and rebranding of Brooklyn but no. Most of us were priced out, squeezed dry until we tapped out and moved or found ourselves surrounded by some of the nicest buildings and businesses we’ve ever seen while going home to the only eye sore in the neighborhood. This is what happened in Brooklyn, NY and what continues to happen all over inner cities in the US. The following is what should have occurred.
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We hear an NBA team is coming to Brooklyn and see transit starts to make moves to appease the arrival of a major sports team. In that moment, owners of homes in that area should meet and compare offers they are receiving. All should then agree to request double. No, this will probably not stop the selling of the downtown area because of the name-your-price stadium situation but will equip those owners to rebuy in neighborhoods right next door to the gentrification scope at the time. Those owners proceed to take that money they have from being over paid for their properties and buy a property to live in and a property to rent in their new neighborhood. Although the big wigs move fast with gentrification, they can’t move as fast as individual buyers. They operate as a company or companies and with that comes lag. Owners a neighborhood or two away from the turf war should get together and attempt to purchase all the run-down homes and vacant lots in their neighborhood. That pooling of funds and credit should allow renovation and clean up efforts to proceed after acquisition.
Renters should do the same but instead focusing on multifamily homes. You’ve lived next door to them your whole life what’s the big deal of being under or over them in a home? Yes, this is a team effort and is the only way to stop gentrification and keep your neighborhood. This process continues until the area is majority owned by the people who live there and want to stay. This will still result in prices going up but not in a predatory way. The area will look better. The new owners will be people who love and care about the area and the people. The better-looking area and caring/watchful residents will attract and/or create new businesses and control crime. This would put a town or city in position to control who/what comes in and who/what can stay. This process takes lots of communication and planning. A pact of sorts to stick to the plan and do what is best for the area. Even a small number of people breaking their word could spoil the entire effort and the city/town will be lost.
In closing, gentrification is a real thing. It’s not some myth. It happened in the past when middle-upper class to affluent people wanted out of the city, bought up the suburbs, forcing poorer people to move to the city to be closer to where the jobs and affordable housing were. Now, it seems the upper crust have decided they want the inner cities back and have zero concern about the displacement of the current residents. If it has already occurred in your area, sadly what is done is done. The cities and towns where the coups are still in the planning phase can be saved. The current residents have an opportunity to see a rebuilding and rebranding they are part of instead of being spectators waiting to be displaced. You’ve always heard that working together is an extremely potent tool. This one example of doing so can stop gentrification in its tracks while building community, increasing ownership, increasing home values, and empowering the once powerless. Yes, this seems simple on paper. What are the chances of a city/town doing it? Is it easier to just watch, complain, and be a victim?
Food for thought…. You do the dishes.
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