"He explained it like this: Real-estate developers buy towers in low-income neighbourhoods for relatively-low prices. They lease ground-level space to upscale bars and restaurants for cheap. Wealthier people perceive the neighbourhood as beginning to change for the better, and follow the nice restaurants into the lower-income areas. A growing demand for residential real estate then begins to increase property values, driving up rents and the rates those ground-level boutiques were paying. And slowly but surely, the low-income earners who were occupying those towers before the real-estate developer came along find themselves squeezed out of the market, and forced out of the neighbourhood."
Posted on: Sun, 07 Jul 2013 15:35:18 +0000
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