Gentrification May Actually Be Boon To Longtime Residents
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Re: Gentrification May Actually Be Boon To Longtime Residents
#2This is only talking about people who own their homes. A lot of gentrification is happening in areas where historically the residents were suppressed from owning real estate. My own knowledge is mostly around the Portland, Oregon area, but there is a documented history of minorities being unable to purchase property, get loans, and lots of other institutional things that stop people from actually owning the land.
For them, gentrification is definitely a bad thing.
Edit: Reference here on page 25: http://aaablogs.uoregon.edu/visualculturesymposium/files/201...
Re: Gentrification May Actually Be Boon To Longtime Residents
#3This is only talking about people who own their homes. A lot of gentrification is happening in areas where historically the residents were suppressed from owning real estate. My own knowledge is mostly around the Portland, Oregon area, but there is a documented history of minorities being unable to purchase property, get loans, and lots of other institutional things that stop people from actually owning the land. For…
he also found that a lot of renters actually stay — especially if new parks, safer streets and better schools are paired with a job opportunity right down the block.
That squares with the recent study[1] by the Federal Reserve Bank of Cleveland.
"We're finding that the financial health of original residents in gentrifying neighborhoods seems to be increasing, as compared to original residents in nongentrifying, low-priced neighborhoods," says Daniel Hartley, a research economist with the bank.
He looked at the credit scores of original residents and found that they went up — regardless of whether they rented or owned — compared with residents who stayed in nongentrifying neighborhoods.
From the OP.
[1] http://www.clevelandfed.org/research/trends/2013/1113/01rege...
Re: Gentrification May Actually Be Boon To Longtime Residents
#4This is only talking about people who own their homes. A lot of gentrification is happening in areas where historically the residents were suppressed from owning real estate. My own knowledge is mostly around the Portland, Oregon area, but there is a documented history of minorities being unable to purchase property, get loans, and lots of other institutional things that stop people from actually owning the land. For…
he also found that a lot of renters actually stay — especially if new parks, safer streets and better schools are paired with a job opportunity right down the block. That squares with the recent study[1] by the Federal Reserve Bank of Cleveland. "We're finding that the financial health of original residents in gentrifying neighborhoods seems to be increasing, as compared to original residents in nongentrifying, low-p…
That seems like pretty clear-cut survivor bias.
Re: Gentrification May Actually Be Boon To Longtime Residents
#5Earlier quoted context omitted.
he also found that a lot of renters actually stay — especially if new parks, safer streets and better schools are paired with a job opportunity right down the block. That squares with the recent study[1] by the Federal Reserve Bank of Cleveland. "We're finding that the financial health of original residents in gentrifying neighborhoods seems to be increasing, as compared to original residents in nongentrifying, low-p…
That seems like pretty clear-cut survivor bias.
If you read the above link [1], it's not survivor bias:
"Another way to cut the data is to compare movers and nonmovers across gentrifying and nongentrifying neighborhoods. Interestingly, there is a slightly larger increase in credit score (1.5 points more) associated with residents of the gentrifying neighborhoods who moved to a different neighborhood relative to those who lived in a gentrifying neighborhood but did not move. So it appears that, on average, movers are even slightly more positively affected by gentrification than nonmovers."
Re: Gentrification May Actually Be Boon To Longtime Residents
#6Gentrification is happenning in Toronto outside of the downtown core, albeit very slowly.
The main effect is you have families cashing out and moving further and further away from the city to put the real estate price differentials to good use (bigger house, or cash in bank). In the current environment, it actually makes zero sense to buy residential property for the sake of renting it out, so the only ones who are long time owners. Over time, they too will cash out and it will be harder to find rentals until the neighbourhood either increases in status to command higher rates (like what happened in Kensington Market or in the Bellwood neighbourhood), or the property prices start falling to a low enough level that it makes sense to buy rental property again.
Re: Gentrification May Actually Be Boon To Longtime Residents
#7Earlier quoted context omitted.
That seems like pretty clear-cut survivor bias.
If you read the above link [1], it's not survivor bias: "Another way to cut the data is to compare movers and nonmovers across gentrifying and nongentrifying neighborhoods. Interestingly, there is a slightly larger increase in credit score (1.5 points more) associated with residents of the gentrifying neighborhoods who moved to a different neighborhood relative to those who lived in a gentrifying neighborhood but did…
Fair enough. I just Ctrl-F'd 'bias' and had nothing, guess I could have been more thorough.
That paragraph still fails to specify whether this applies only to homeowners and renters, or whether that still holds when looking just at rentership. We have "original resident renters living in gentrifying neighborhood benefit", and we have "movers overall benefit", but that doesn't necessarily imply "original resident renters who (were forced to) move benefit."
Re: Gentrification May Actually Be Boon To Longtime Residents
#8Earlier quoted context omitted.
If you read the above link [1], it's not survivor bias: "Another way to cut the data is to compare movers and nonmovers across gentrifying and nongentrifying neighborhoods. Interestingly, there is a slightly larger increase in credit score (1.5 points more) associated with residents of the gentrifying neighborhoods who moved to a different neighborhood relative to those who lived in a gentrifying neighborhood but did…
Fair enough. I just Ctrl-F'd 'bias' and had nothing, guess I could have been more thorough. That paragraph still fails to specify whether this applies only to homeowners and renters, or whether that still holds when looking just at rentership. We have "original resident renters living in gentrifying neighborhood benefit", and we have "movers overall benefit", but that doesn't necessarily imply "original resident rent…
"I just Ctrl-F'd 'bias' and had nothing, guess I could have been more thorough."
Did you consider maybe reading it?
Re: Gentrification May Actually Be Boon To Longtime Residents
#9It's always hilarious to see arguments that people fixing up a run down neighborhood is terrible. That improvement is unfair to the people who ran it down or didn't own anything there to begin with.
Let's just have things stay crappy and life will be fair to all.
Re: Gentrification May Actually Be Boon To Longtime Residents
#10This is only talking about people who own their homes. A lot of gentrification is happening in areas where historically the residents were suppressed from owning real estate. My own knowledge is mostly around the Portland, Oregon area, but there is a documented history of minorities being unable to purchase property, get loans, and lots of other institutional things that stop people from actually owning the land. For…
he also found that a lot of renters actually stay — especially if new parks, safer streets and better schools are paired with a job opportunity right down the block. That squares with the recent study[1] by the Federal Reserve Bank of Cleveland. "We're finding that the financial health of original residents in gentrifying neighborhoods seems to be increasing, as compared to original residents in nongentrifying, low-p…
How is this not just a reflection of the fact that Risk scores include zip code as part of the calculus?
The conclusion could equally well be 'As a distinct factor, neighborhood influences risk score by 1.5 points'