White flight? Suburbs lose young whites to cities

[knight_shadow]

Originally Posted by RU OX Alum

So basiaclly, the negative is that it rocks the boat and upsets the status quo and the actual cities become where the rich/er people and poor people will move to the subdivsions? But I don't get how that last part happens, much less is forced. It's not like they evict people in Building A as soon as the rennovate Building B. Is it??

If the rent for a specific building goes from, say, $500/month to $2,500/month, the residents that were there before are not going to be able to afford it.

[RU OX Alum]

Originally Posted by knight_shadow

If the rent for a specific building goes from, say, $500/month to $2,500/month, the residents that were there before are not going to be able to afford it.

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?

[knight_shadow]

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?

If an area goes from being "nothing" to being "the next big thing," perceptions of what's acceptable will change.

I'll use Uptown Dallas as an example. It started out as "Little Mexico," but as attractions moved closer to the area, it became more desirable. Now, it's home to some of the most expensive real estate in the area.

http://en.wikipedia.org/wiki/Uptown,_Dallas,_Texas

[agzg]

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?

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.

[DrPhil]

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?

The people who live in some of the renovated downtown apartments in places like Richmond, VA and Atlanta, GA that have focusd heavily on gentrification in the past 10 years.

Originally Posted by RU OX Alum

How would the landlord even get away with that, that is a 400% increase, were 400% worth of improvements done to the property?

There are shitty downtown areas that now have $3,000/month loft apartments that attempt to mirror NYC. Gorgeous apartments surrounded by awesome restaurants--in a relatively crappy downtown area. Apartment and other non-owner living has high resident turnover and almost zero sense of neighborhood and community. That's a breeding ground for greedy landlords/rental agents and crime.

[AGDee]

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?

Or someone buys the whole building and converts it to condos to SELL them for a huge amount of money. Often, people who were renting are not in a position to purchase them.