Quote:
Originally Posted by RU OX Alum
Oh. Okay, yeah that's messed up, people shouldn't be forced out like that. But who would pay $2,500.00 for the exact same apt. that was only $500.00? How would the landlord even get away with that, that is a 400% increase, were 400% worth of improvements done to the property?
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Landlords often rehab a building or an apartment to make it acceptable to raise the rent by 5x. They often don't spend enough on a place to warrant that but when you combine it with gentification that's what you get.
I live in a gentrified neighborhood. It's nice, but I'm aware of some of the problems. It makes me really glad that some people are unwilling to sell their smaller homes and I'll be sad if/when they do.