Originally posted by BrometheusBob.
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Crime ridden neighborhood gets gentrified into prosperous one, residents angry
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Originally posted by Razor Ramon View PostThe 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.
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.
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