Crime ridden neighborhood gets gentrified into prosperous one, residents angry

[Razor Ramon]

Reading these comments was funny. Posters actually think that many of the people who live in poor neighborhoods have the means to buy property in order to cash out on the gentrification.

Instead what actually happens to most of them is they can no longer afford rent and they just have to move to another poor neighborhood.

The story in questions about someone with a mortgage who can't afford rising property taxes isn't it? I'm assuming the way mortgages work is pretty universal. When I bought a house I paid about 35 grand myself and borrowed 65. If my house suddenly became worth 300 grand, I still only owe the bank the 65 I borrowed, I can sell, easily have enough to pay the bank back and have a windfall to buy another place I can afford taxes on. The person in question could easily turn this to their advantage. As for renters, well, stop being losers who rent. When I bought and my brother rented, his rent was higher than my mortgage so he might well have not wasted the money and started putting it towards something he'd own, and I told him that, eventually he listened.

[BrometheusBob.]

The story in questions about someone with a mortgage who can't afford rising property taxes isn't it? I'm assuming the way mortgages work is pretty universal. When I bought a house I paid about 35 grand myself and borrowed 65. If my house suddenly became worth 300 grand, I still only owe the bank the 65 I borrowed, I can sell, easily have enough to pay the bank back and have a windfall to buy another place I can afford taxes on. The person in question could easily turn this to their advantage. As for renters, well, stop being losers who rent. When I bought and my brother rented, his rent was higher than my mortgage so he might well have not wasted the money and started putting it towards something he'd own, and I told him that, eventually he listened.

Well I don't know how much left she owes and what she can get now, but I wasn't referring to her specifically as a victim. In a prior post I mentioned that the winners of these situations are those who bought cheap property. That can include residents when they own the property. More often than not (especially in urban areas), residents who get displaced are renting and can't afford to keep doing so.

I don't even understand the purpose of this thread tbh. The title suggests it's silly for the residents to be upset since their neighborhood is becoming nicer. But if they're getting priced out of the neighborhood due to increasing taxes, they won't be around to experience the benefits of the changing neighborhood.

[ΣNΣMY]

Good to see these neighborhoods being taken back. It's funny reading some of the posts in here complaining about it. You weren't complaining when the "poor" moved in and destroyed the property value in these areas.

[TonyGe]

The rich use their money to benefit no matter what. The poor get screwed and no one looks out for their interests no matter what.

That has to change at some point.

It's not going to change. It's been like that since people became urbanized.