Reply to Educate me - why is gentrification bad?

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[quote=Anonymous]Here’s an example. A few decades ago, Black families purchased houses in neighborhoods that reflected longstanding patterns of legal segregation. . Most had 30 year mortgages and stable jobs. Many communities were close-knit, with neighbors who functioned in many ways like extended families. For many, the plan was to pay off the mortgage by retirement and to leave their property — often their only valuable asset — to their children and grandchildren.  Note that prior generations, not very far removed from slavery, were not able to do this in large numbers.

So, gentrification: Richer, whiter families and investors move in. Property values go up — and taxes go up too.  Families on fixed incomes, and Black families — whose  wages continue to to be far lower than the average salaries of whites, even adjusting for education and experience— can no longer afford the taxes. They may be forced to sell their homes and most valuable assets, losing community connections in the process.

Some will point to the prices that many families receive for their property. And that’s true — if they wanted to sell.  But they will often be losing neighbors, neighborhoods, and stability — forced out by rising taxes and expenses.  This is actually a best case scenario.

tldr: Gentrification is bad because it often destroys longstanding stable communities when long-term residents and their families can no longer afford to live there.  Note that this is the opposite of the stable communities and investments that home ownership is supposed to promote.

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