A Short Documentary on Gentrification
- Thread starter DOS_patos
- Start date
Old Man Cain
OG
Gentrification is a double edge sword in my honest opinion. It's like a good and bad thing at the end of the day.
The Mad Titan
Active Member
Witnessing this firsthand in my home town. I'll check the vid and add my personal thoughts later....
deadeye
Warrior
Sad.
Been noticing this in my old neighborhood too.......though not to the same extent.
White people walking their dogs and whatnot, when back in the day you wouldn't even see a white face in that neighborhood.
The street I used to live on is about 50/50 now.
Starting to think the real estate boom and bust from 10 years ago had a lot to do with this.
Home values got so high, that some people just decided to cash out.
The "smart" ones sold their homes and moved.
The "not-so-smart" ones probably refinanced and/or took out home equity loans, couldn't afford the payments once their rates adjusted, went "upside down" when home values plummeted and they owed more on their house than what it was worth..........and eventually went into foreclosure and lost their homes.
In either case, white people bought these homes when they became available.
Some of them paid full market value........and, in the case of the foreclosures........some of them only paid pennies on the dollar.
Everytime I check the mail at my old house there's always a mailing.......at least twice a week.......asking to buy it.
Spent the first 9 years of my life there and it was my parents' first home..........so it's never gonna happen.
Been noticing this in my old neighborhood too.......though not to the same extent.
White people walking their dogs and whatnot, when back in the day you wouldn't even see a white face in that neighborhood.
The street I used to live on is about 50/50 now.
Starting to think the real estate boom and bust from 10 years ago had a lot to do with this.
Home values got so high, that some people just decided to cash out.
The "smart" ones sold their homes and moved.
The "not-so-smart" ones probably refinanced and/or took out home equity loans, couldn't afford the payments once their rates adjusted, went "upside down" when home values plummeted and they owed more on their house than what it was worth..........and eventually went into foreclosure and lost their homes.
In either case, white people bought these homes when they became available.
Some of them paid full market value........and, in the case of the foreclosures........some of them only paid pennies on the dollar.
Everytime I check the mail at my old house there's always a mailing.......at least twice a week.......asking to buy it.
Spent the first 9 years of my life there and it was my parents' first home..........so it's never gonna happen.
deadeye
Warrior
In regards to the neighborhood in the video, I think the biggest problem was the fact that........even though the residents lived in that neighborhood for several years.........hardly any of them actually owned their homes.
They were just paying rent to landlords.
There was no option for them to buy those homes while they were living there, and........once the values reached ridiculous levels..........the landlords just decided to cash out and sell to the highest bidder.
Keep in mind too, that New York never really saw a huge decline in real estate values when the real estate market took a hit.
However, almost anyone who owned stocks saw a huge decline in their stock portfolio once the real estate bubble affected the stock market.
So, I'm thinking that a lot of those landlords had to liquidate their assets to stay afloat.
Since a large portion of their assets were probably in real estate, they sold their holdings at a huge profit.........and the firms that bought those properties immediately raised the rents on those properties.
Thus pushing out anyone who couldn't afford the higher rent payments.
They were just paying rent to landlords.
There was no option for them to buy those homes while they were living there, and........once the values reached ridiculous levels..........the landlords just decided to cash out and sell to the highest bidder.
Keep in mind too, that New York never really saw a huge decline in real estate values when the real estate market took a hit.
However, almost anyone who owned stocks saw a huge decline in their stock portfolio once the real estate bubble affected the stock market.
So, I'm thinking that a lot of those landlords had to liquidate their assets to stay afloat.
Since a large portion of their assets were probably in real estate, they sold their holdings at a huge profit.........and the firms that bought those properties immediately raised the rents on those properties.
Thus pushing out anyone who couldn't afford the higher rent payments.
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