Quote:
Originally Posted by hawaiian by heart
So the only way to get improvements is basically have gentrafication happen?
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I think the overwhelming majority of improvements in the urban core are a result of gentrification. There is no incentive to renovate or rebuild if the surrounding neighborhood is unsafe and unattractive. It just takes one or two pioneers to kick start the beautiful process of gentrification in their immediate area.
Gentrification is a wonderful thing for the urban core... some see that it has a negative social impact but I believe the pros outweigh the cons. The overwhelming bulk of property owners in the urban core are very much local, some 3-4 generations deep. These are not wealthy out of towners you see at country clubs smoking cigars and sipping on wine. These mostly local family owned property owners are holding on to dilapidated (mostly small) multifamily projects and will reap the rewards of gentrification. Their children will use the equity in these often mortgage-free properties to rehabilitate them and further accelerate gentrification. Look at McCully/Moilili for example (which has a VERY high local ownership) - it's literally the most prime location on the island and look at the current state of it - it's depressing. It's the only place in town where you can be in the heart of town and not have to face constant traffic gridlock surrounding your home. These currently aesthetically unattractive areas will become much safer and more desirable; local owners will benefit financially from increased property values. Yes, the renters are generally those that will suffer but since the urban core has such a high local ownership rate (generations old) the negative impact on locals is not anything like what is realized in many other city centers across the nation where big (often overseas or out-of-state) corporations own large swaths of land. While Waikiki is a partial exception since a lot of particularly commercial buildings (leasehold) there are not locally owned, most other areas of the urban core will see a healthy revitalization and the locals will benefit dramatically.
Remember, the children and grandchildren of the owners of these urban core properties are often middle class working folks. They will be the direct beneficiary of gentrification and their new wealth will trickle directly into our economy - and local culture can proliferate, just with a little more money in their pockets.