The Gentrification Issue

[John Thomas Robinette III]

I did a quick search in the forums and couldn't find a discussion about gentrification. I live in New York and this is a HUGE issue because basically the only "affordable" real estate is in primarily minority areas. This of course causes developers and wealthier residents to displace families and even entire cultural neighborhoods. I recognize that NY is extreme, but what are your thoughts on getting the good deals versus playing a role in potentially pushing out many generations of residents? I also recognize that this is a complex, 3rd rail of a topic that I have reduced to a sentence or two but I just want to discuss the ethics.

[Natalie Schanne]

John Thomas Robinette III - what do you mean? It's supply and demand. As demand rises for housing, prices rise. The owners can choose to keep or sell their housing. If they sell it and move somewhere else, that's their freedom.

I don't see how it's an ethical issue. It's ethical for me to offer you $X for your house. If you say yes and accept it, I can do whatever I want including tearing it down and building something else.

If you are choosing to rent in a neighborhood, you understand that this doesn't give you unlimited rights to live there forever at a low/guaranteed price. If the owners can get more value by selling instead of renting, why shouldn't they?

Everything should be allocated to its highest and best (economic) use.