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In order for "the government" to issue a "loan" that will never actually be paid off. That is, welfare, you need the revenue from gentrification. No gentrification, no affordable housing.
Areas with many large, rent stabilized apartment buildings don't gentrify because the apartment turnover is low. People don't move out of apartments they have secured at a low rent. For example, Flatbush, south of Prospect Park hasn't gentrified much because it's all big apartment buildings. On the other hand, areas with brownstones and smaller units are quick to gentrify because landlords can arbitrarily raise rent and in effect kick poor people out. Williamsburg, Greenpoint, etc.
Areas with many large, rent stabilized apartment buildings don't gentrify because the apartment turnover is low. People don't move out of apartments they have secured at a low rent. For example, Flatbush, south of Prospect Park hasn't gentrified much because it's all big apartment buildings. On the other hand, areas with brownstones and smaller units are quick to gentrify because landlords can arbitrarily raise rent and in effect kick poor people out. Williamsburg, Greenpoint, etc.
You obviously don't know Prospect Park South well to make a comment like that. My aunt has lived there for over 30 years. When I used to visit her as a kid, my pops would have to curse kids out every time we came downstairs for sitting on his car. It was a bad part of Flatbush. Now there's internet cafes on Lincoln Road. The gentry has started moving in there about 5-6 years ago.
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