You always hear people complain about gentrification and how the neighborhood is unaffordable. Who are the people who push for gentrification and what do they benefit from it?
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Property owners. Land owners. Developers. A run down area in a large city is ripe for gentrification. Big money comes in and buys all the runs down apartments, buildings, and land. They fix it up or buy and hold as poor people are pushed out by the slowly increasing rents and cost of living. I bought a condo in a crappy area about 7 years ago. Drug deals went down, high crime etc, purchased it for 1/2 of what a comparable condo goes for just a mile or two away. Well now gentrification is setting in and the property values have skyrocketed. Developers came in bought everything in that area and now the costs have increased.
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