Is Podmajersky inhibiting gentrification in Pilsen?

[linicx]

If these folks are a determined as you think, then they will sell and get a piece of the action ,too.

[NearWestSider]

The Podmajerskey Empire is in decline because the business model it is based upon - wealth via rental income - is obsolete, every bit as obsolete as Pilsen as a manufacturing and industrial center is.

Wealth via appreciation - the way money is made in residential real estate nowadays - has never been in their vocabulary. They do not understand the concept of fixing up property in order to sell it at a profit. They only understand the concept of fixing up property to get higher rent, so when confronted with stagnant or declining rental prospects, they simply stop fixing.

In the 70's and 80's, it was feasible to finance capital improvements and property acquisitions off of the prospect of increased rents. Those were the glory days of the Pods, but they ended with the condo boom, and they won't be back for a long, long time, if ever. Hopefully, the Pods will come to that realization, and adjust their business strategies accordingly.

[Lookout Kid]

Maybe they'll just turn into slumlords. That's what eventually happens when rents stagnate and buildings deteriorate.

[Pilsen Resident]

The Podmajersky's have been in business in Pilsen since 1914...that's nearly 100 years. Unlike many other property owners they are still in business. I guess that means they are doing something right!

From my observation they are doing a great job at moving the neighborhood slowly in the right direction. Each project they do seems well considered and appropriate for the neighborhood.

My guess is that JoeyPants is an out of work real estate agent or bankrupt developer who is sorry that they can't get into Pilsen and just ruin another neighborhood with get rich quick bad development.

I hope th Podmajersky's keep going they way they have...it is the best opportunity for a great result in the growth of Pilsen.

[It'sAutomatic]

My guess is that Pilsen Resident is an agent for Podmajersky.

Podmajersky is inhibiting life in Pilsen period. They are slumlords.

[tonythetuna]

Hipsters are inhibiting life for the Mexicans in Pilsen.

[Irishtom29]

Originally Posted by tonythetuna

Hipsters are inhibiting life for the Mexicans in Pilsen.

That's OK, the Mexicans can continue to follow the Bohemians; next stops Riverside and Western Springs.

[Savoir Faire]

Originally Posted by Irishtom29

That's OK, the Mexicans can continue to follow the Bohemians; next stops Riverside and Western Springs.

I thought hipsters were Bohemians.

[chitown85]

Think about how much money Pods makes as a slumlord. He has constant turnover with the large immigrant community. If someone is evicted or leaves, there is no problem getting someone to take their place. He is not liable for anything because the lessees may not be here legally or they may be violating building code themselves.

[Savoir Faire]

Pretty fun site I came across about the Pods.

The Principality of Podmajersky