Thursday, July 24, 2014

A Perspective on Genrtification in Brooklyn

In my meanderings on the web regarding gentrification I stumbled on an article by Daniel Hertz at his Blog. Aside from his take on income disparities I found the above map on his site rather interesting. Showing changes in real estate prices in Brooklyn over a two year span from 2012 to 2014. As you can see prices in the Sunset Park area have shown a rise of between 21% and 16% respectively. While northern Bay Ridge showed a rise of 10% Southern Bay Ridge shows a decline of 19%. There is of course a positive in the numbers for long time residents seeing their houses rise in value. On the downside is the fact that since valuations are the peg the city uses for Real Estate Taxes maintaining a property has become more expensive in that regard. The article also points out that average income throughout the borough has declined slightly. Obviously there is a correlation between the pink areas and the process of gentrification where people are moving to. Of interest are also the comments left at the blog, in particular the ones regarding Sunset Park. Basically it confirms what many residents have deduced from casual observation about what is going on in our neighborhood.

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