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Because it will increase the visibility of their neighborhood to a population of people who have been known to move in and take over when they covet a particular city.
According to the link, the area is the most rapidly gentrifying zip code in the nation.
All of inner Portland has gentrified over the last decade, I don't know how one would decide that the specific zipcode was the most quickly gentrifying in the country. Property values have gone up there after a dip, but they've gone up everywhere in close-in neighborhoods.
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The link also reported that this vacant lot had appraised for " up to " $2.9 MM. If that were an accurate assessment of the lot's value, one would think it would not be necessary to sell it for almost 60% less than its value.
That's basically in part why this whole development was controversial from the date of announcement. The PDC was subsidizing the development.
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Did they get bids on the lot from multiple buyers?
The link said an African-American business intended to buy the lot. How much did they offer? What was their short and long term plan and timeframe to develop the lot? Did this group have the financial backing to pull off their plan?
Does it actually say an African-American business was going to buy the lot? Majestic Realty and Trader Joe's were going to use an African-American owned construction firm for the construction.
Because it will increase the visibility of their neighborhood to a population of people who have been known to move in and take over when they covet a particular city.
How do they "take over"? Starting businesses, being involved in their children's education, taking pride in home ownership, crime going down, that kind of thing?
I think the county has a plan to freeze his taxes while he lives out his days. ?
Many areas freeze the assessed value for qualifying seniors living in owner-occupied housing. A household income under $55,000 qualifies in my neck of the woods. The senior has to requalify on an annual basis.
The very same happened in Austin.
Property taxes rose 500% for these people and they had no choice but to move because they couldn't afford to live in their own communities anymore.
I also saw it happen in Miami Beach, specifically south beach where older retired folks lived on fixed income and were driven out by the skyrocketing prices.
You'd never know today that south beach was full of old retired folks on fixed income.
It was a low priced area with shops like Woolworth's and such.
I worked down there for 2 years and fondly remember it for what it used to be.
The properties weren't meticulous but they weren't falling down shacks either.
So in your scenario, we're talking about people so poor they can't afford the property taxes. Wouldn't that be a great opportunity for a person to sell their home for a huge profit & then buy back in another run down neighborhood, while pocketing 3-4 years wages in addition to the new house? A person could renovate, start their own business, buy a new car & still have money left over.
What you don't get is that many black people have emotional ties to their communities. They aren't so willing to sell and move somewhere else. Many of us live close to our families and have a history that can't be bought by the highest seller.
Ties to an area have nothing to do with race.
Appalachia is a fine example where people tend to resist relocation, despite the acute lack of employment and horrible living conditions.
How do they "take over"? Starting businesses, being involved in their children's education, taking pride in home ownership, crime going down, that kind of thing?
Individual white people aren't starting businesses. And what makes you think black/poor people don't value education and/or their homes? And I can tell you from experience that many poor black folks don't like the crime that happens in inner cities. BUT, what you don't realize is that gentrification does not solve these problems. They simply shift them somewhere else.
So in your scenario, we're talking about people so poor they can't afford the property taxes. Wouldn't that be a great opportunity for a person to sell their home for a huge profit & then buy back in another run down neighborhood, while pocketing 3-4 years wages in addition to the new house? A person could renovate, start their own business, buy a new car & still have money left over.
If you read the article these people were living there and paying taxes.
But their taxes went up 500%. Do you think their paychecks also went up 500% ?
Heck I live outside of Austin but in Travis county (same county as Austin).
My property taxes tripled in 10 years and kept going up. Sprawl from Austin is what did me in.
I sold because I was retiring and that increasing property tax bill would hurt me more in the long run.
People who have lived in a community for decades just don't up and move like younger generations today.
There's more to life than money. Many were quite content with what they had.
Keeping up with the Jones's or aspiring to BE the Jones's is not everyone's priority.
i too tire of these stores for suburban white hipsters who wear skinny jeans. they destroyed uptown in minneapolis and moved the rents up 1,000 a month once they got a hold of it.
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Originally Posted by 4thand1
No, it's realistic. Gentrification is 21st century colonialism.
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Originally Posted by FKD19124
that happened in fishtown neighborhood of philly.
The hipsters and lawyers fixed up the houses to the point only the rich or very upper middle class can now live there. that is the downside of neighborhoods going through gentrification.
Sometimes it's private money investors risking their capital. The greater the risk, the higher the reward if it pans out. Nothing wrong with that.
More often than not, one is going to find a local government goosing things along.
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