Real Estate: The Gift and the Curse of Gentrification

Summary Notes:

The conversation discusses the gift and the curse of revitalization in older neighborhoods. When abandoned structures are torn down and replaced by higher-value homes, the tax base increases but the people living in the area can suffer. The people may struggle to keep up with their increased tax bills and they may not be able to afford to stay in their homes. The people may get offers from buyers that are over market value, but the buyers may not have anywhere else to go with their fixed incomes. Solutions include providing education to those affected as a way to help, as well as programs through the city that can help fix up their homes. Ultimately, there is no one-size-fits-all solution for those affected by gentrification.

Timestamps

0:00:58 Revitalization of Established Neighborhoods: The Gift and Curse

0:03:25 Discussion on the Impact of Revitalization on Low-Income Homeowners

0:08:43 Conversation on Home Ownership and Income Challenges

 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.