Gentrification In Chicago

Gentrification: to renovate or improve to conform to middle class standards & tastes. PROPERTY! PROPERTY VALUE! People?

Gentrification In Chicago How is the value of property determined? Two ways: 1) Physical improvements: the physical improvements made to a building and the physical improvements your neighbor makes to their building 2) Access to Amenities: public transportation, grocery stores, shops, restaurants, entertainment, the lake, etc (location, location, location!) These improvements determine property value and accordingly, affect rents and property taxes.

Gentrification In Chicago How is gentrification more than simple community development? Simple answer… DISPLACEMENT. 1) Poor people must move when rents become too expensive. 2) Elderly must move/sell when property taxes can not be paid with a fixed income. This is a direct and unavoidable consequence of property being used as an income investment.

Gentrification In Chicago So, why is gentrification bad, racist, and always classist? Reduces the idea of community to that of an “investment” Negatively affects poor & minority communities most, while benefiting some individuals Discourages real “community development” for fear of loosing home Divides people: “new” residents vs “old” Unhappy accidents: diversity may attract some “new” residents, but gentrification creates homogenous group Either by RACE or by INCOME

Gentrification In Chicago Wicker Park