Presentation is loading. Please wait.

Presentation is loading. Please wait.

Gentrification and Land Speculation in Vieques. What Is Gentrification? Defined as the restoration and upgrading of deteriorated urban property by middle-class.

Similar presentations


Presentation on theme: "Gentrification and Land Speculation in Vieques. What Is Gentrification? Defined as the restoration and upgrading of deteriorated urban property by middle-class."— Presentation transcript:

1 Gentrification and Land Speculation in Vieques

2 What Is Gentrification? Defined as the restoration and upgrading of deteriorated urban property by middle-class or affluent people, often resulting in displacement of lower income people Land speculation, defined as the act of selecting investments with higher risk in order to profit from an anticipated price increase, is a major cause of gentrification. As stated in the “Emergency Declaration on Speculation in Vieques,” “the speculative process of buying and selling properties…contributes to the displacement of [the] population.” Not only do speculation and the resulting gentrification cause a loss of local culture, but also a loss of power for the indigenous peoples

3 Gentrification in Vieques No navy→more tourism→higher demand for real estate→higher prices

4 Potential Harmful Effects Locals forced out/ loss of power Loss of culture Ghost communities Fewer business opportunities Money is made by outside investors rather than the local people

5 Motives for… Selling Healthcare Not primary residence Improve economic situation Family ties elsewhere Buying Inexpensive Investment Vacation/2 nd home Rental property

6

7 What are the effects of gentrification on Vieques? Real estate price boom Fewer locals can afford to buy property Outsiders control the market Limited housing for locals in need -Section 8 waitlist -Supply & demand

8

9

10 Property Titles Untitled land common - Especially in Bravos de Boston, Villa Borinquen, and Monte Carmelo Problems: – Mortgages are impossible to obtain – Claims to land are easily questioned – No college loans – Inefficient distribution of titles – The property is not taxable

11 Property Taxes Revenue from titled property titles→taxes→$→government funding for: -Infrastructure -Schools -Vocational training, etc. Primary residence exemption -1957 tax regulations Resale can be limited when titled

12 So how should we react? Community suggestions - Community forums, work together - Moratorium restricting sale of property for first five years Pros: limits speculation Cons: feasibility - Rent control - Work towards maintaining Viequenses’ sense of community

13 How to Preserve the Community Healthcare availability Access to affordable housing Improve education system Community awareness and collaboration More jobs and business opportunities/stronger economy Small scale sustainable tourism

14 Options Community Land Trusts 1. A group of community members purchases property 2. They hold the land, but sell residential and commercial buildings, thus allowing buyers to pay only the price of the structure 3. Limited equity policies restrict resale prices to maintain long-term affordability

15 Options Community Land Trust Benefits -Democratic land ownership by locals -Land removed from market to maintain long- term affordability -Enables low-income residents to gain economic interest in the success of the community -Collaborative effort towards planning and development -Promotes resident involvement, local democracy, and active citizenship

16 Options Develop sustainable tourism - Maintain environment - Improve economy - Improvements in infrastructure - Connections to land, culture, and history

17

18 Conclusions Goals Methods Obstacles “An economy besieged by foreign interests, a government incapable of alleviating the social- economic crisis we live, families vulnerable to the forces of a market, controlled by power financial groups, and individuals with much greater buying power, partly describes the environment in which the ‘real estate’ business operates in Vieques.” -Committee for the Rescue and Development of Vieques


Download ppt "Gentrification and Land Speculation in Vieques. What Is Gentrification? Defined as the restoration and upgrading of deteriorated urban property by middle-class."

Similar presentations


Ads by Google