Is gentrification being halted by this recession? (New York, Inwood: car insurance, condos)

[OyCrumbler]

Don't people usually flock to big cities when recessions and depressions hit?

[bluedog2]

It's not gentrification,it's revitalization and it's not going to stop .
More and more Americans are realizing that the suburbs are a nowhere waste of energy and resources.Sort of a reversal of what happened in the 60's. The economic downturn will make more people realize that suburban existence doesn't make sense.

[SobroGuy]

I agree wholeheardtedly bluedog...it really is a revitalization of our cities, and a change in mindset about how we live in this country. And NYC stands to benefit greatly, as does our society I believe.

[Mekitor]

Other cities that are into suburban sprawl, like Phoenix and sprawling Vegas are set to loose the most.

[nativebrooklynite]

Originally Posted by Mekitor

Other cities that are into suburban sprawl, like Phoenix and sprawling Vegas are set to loose the most.

That is the honest truth. Especially when you take into account that the economy out there was totally based on the grossly inflated housing market. Jobs are evaporating like crazy out there and foreclosures are obscene. Vegas at least has tourism to fall back on. Everything in Phoenix is real estate and construction. The only other "industry" there is call centers but those are all being shut down due to outsourcing.

The explosive growth that took place in Phoenix has all but ground to a halt and will continue to do so. It's just not sustainable, and we've only seen the beginning. A whole lot of other third tier metro areas will go the same way.

[SobroGuy]

Unfortunately I believe you are right nativebrooklyn....some say these exurban communities will be ghost towns at best, or the future ghettos with 4 and 5 generations of families living in 3,000 sf McMansions that have essentially been abandoned. Not sure how things will ultimately play out, but our society and economy is changing fundamentally and dramatically right now (for better or worse knows), so how/where we live will likely be changing significantly also.

[DAS]

Vegas and Phoenix are not located in mega regions which have more wealth. They are cities that stand alone in their areas, this is what contributes to the economic problems in these areas.

Living in a suburban or exurban area in a mega region like the Boston - Washington DC corridor you are much less likely to encounter ghost towns or the future ghettos. This region will have NYC as the center.

[DjRey]

Originally Posted by DAS

Vegas and Phoenix are not located in mega regions which have more wealth. They are cities that stand alone in their areas, this is what contributes to the economic problems in these areas.

Living in a suburban or exurban area in a mega region like the Boston - Washington DC corridor you are much less likely to encounter ghost towns or the future ghettos. This region will have NYC as the center.

Phoenix always maintained a good job market as well as Las Vegas until the housing BUST. Do you think these cities will rebound in say 4 or 5 years? It still seems like their is quite a bit of residents with alot of money there. Any insight?

[DAS]

Originally Posted by DjRey

Phoenix always maintained a good job market as well as Las Vegas until the housing BUST. Do you think these cities will rebound in say 4 or 5 years? It still seems like their is quite a bit of residents with alot of money there. Any insight?

Yes I think they will rebound when the country rebounds. In the mean time those that are not wealthy enough to live on their reserves, or poor enough to get assistance will probably have to relocate. Vegas is a little more unique in that they have the gaming, and entertainment industry there and this will continue to create jobs in and related to those industries.

However in NYC we have an entertainment industry in this city. We also have a gaming and entertaining industry in Atlantic City, in Ct and Upstate NY.

You mentioned New Haven Ct in your other post as a possible destination for yourself. New Haven has many things that NYC has and would probably be a little easier to get your foot in the door. Another example for someone interested in the insurance industry, Hartford Ct has many industry headquarters for insurance located there. This may make it easier for someone starting out without connections that they may need in a place like Manhattan.

These options are open because of the northeast Boston - Washington DC corridor. Vegas and Phoenix don't have this wide of a span and opportunity to create wealth, make connections, and learn a business. The opportunities are there in Vegas and Phoenix, but not to the extent it is here.

[otters21]

NYC is always going to be in high demand. Location, location, location! A small apartment in a " tenement" type building in East Village or in the Lower East Side rents for over $2000 a month. There are those same type buildings in upscale Greenwich and West Villages and I can't imagine the rents there. IMO I believe gentrification has slowed down a little due to the recession but it has not come anywhere near to a halt. In fact as soon as the economy picks up gentrification will really get going.