Gentrification

What did King of the Hill teach us?

Role of real estate agents

The desirability of 'ethnic' neighborhoods

Effects on renters and homeowners

Challenges of relocation

First things first

What is gentrification?

Formal definition: upgrading of housing stock over time

A change in the character of a neighborhood

But, how do we define "character"

How do neighborhoods change?

Investments in housing increases the value of homes

This increases the value of surrounding homes

Homes in the neighborhood are now investment opportunities

Increase in taxes and rents

Why do neighborhoods change?

Poor, but elite, people look for cheep houses in a specific kind of environment

They will work to create the kind of environment they want to live in

Bohemians, hipsters, ect.

Typical gentrification processAn old neighborhood has lots of old housing stock

'Hipsters' and 'bohemians' like the style of the housing and the low prices, so they buy houses and

move in

Firms that cater to these groups move to the new neighborhood: cafes, restaurants, ect.

The neighborhood becomes 'nicer' and prices increase. First the original residents are forced

out, and then the original gentrifiers

What was Peggy's Role?

Real estate agents as gatekeepers

Redlining

Reverse redlining?

Why did the hipsters move?

A reaction against suburbanization

The search of authenticity

A unique culture

Why did Enrique have to move?

Improvements in neighborhood quality lead to increased taxes and rents

Even if he was a homeowner, increased property taxes and increased code enforcement might have forced him to leave

Why is relocation so hard?

Disruption of support and social networks

Language and cultural barriers

Usually leads to more expensive housing elsewhere

Why do cities like gentrification?

Increased tax revenues

Perceived decline in crime

A vital part of urban redevelopment plans

Attracts the "Creative Class"

But what are the costs?

Former residents have to build new lives elsewhere

"Starbucksification" of once unique neighborhoods

Reenforced segregation - both by class and race

The ethical issue of gentrification

Who is really right here?

Shouldn't people be able to choose to live where ever they want?

But what about the effects?

Gentrification in Columbus

The South Campus Gateway

Developer lead gentrification

Goal is to gentrify the area between campus and the Short North

But who is it for?

Other gentrification in Columbus?

Short North

German Village

Where else?