American Dream: Increase Your Assets
By Norma Jaeger Hopcraft
The Bedford-Stuyvesant neighborhood of Brooklyn is gentrifying. People with means are buying the brownstones, renovating them, and renting them out for much more than before -- $3,000 a month for a 3-bedroom, at least.
This means that the poor who are hanging on there now will face raised taxes (if they own the townhouse) or raised rents themselves. If they can't meet it, they'll be forced to move. It's sad for them. It also will give some people, who can invest now, a much higher number in their "assets" column.
Is it right? But can anyone influence a better outcome?
Here's why it's gentrifying: The townhouses are lovely. Another reason: there's good subway service to the area.
An orange brownstone. Notice the details over the door and under the bay window.
It's in an attractive row of buildings.
Another street, another row of great houses. How about you? If you had $1 million, would you buy a brownstone? I wanted to until I found out the price. Then I felt relieved--I wouldn't be a part of ruining the neighborhood for the current residents. How do you feel about gentrification?