Gentrification

Gentrification In Chicago Gentrification: process of displacing poor and working class residents with middle and upper middle class residents via rising cost of living. PROPERTY! PROPERTY VALUE! People?

How is the value of property determined? Gentrification In Chicago How is the value of property determined? Two ways: 1) Physical improvements: the physical improvements made to a building and the physical improvements your neighbor makes to their building *added value 2) Access to Amenities: public transportation, grocery stores, shops, restaurants, entertainment, the lake, etc (location, location, location!) *proximal value These improvements determine property value and accordingly, affect rents and property taxes.

How is gentrification more than simple community development? Gentrification In Chicago How is gentrification more than simple community development? Simple answer… DISPLACEMENT. 1) Poor people must move when rents become too expensive. 2) Elderly must move/sell when property taxes can not be paid with a fixed income. This is a direct and unavoidable consequence of property being used as an income investment.

So, why is gentrification bad, racist, and always classist? Gentrification In Chicago So, why is gentrification bad, racist, and always classist? Creates conflict between the idea of “community” and “investment” Negatively affects poor & minority communities most because poor communities is where the greatest “profit” can be realized. Discourages “community development” for fear of loosing home Divides people: “new” residents vs “old” / white vs non-white / stifles solidarity Unhappy accidents: diversity may attract some “new” residents, but gentrification ultimately creates homogenous group Either by Culture, RACE or INCOME

Gentrification In Chicago Wicker Park