At a time when the economy is booming, real estate markets across the country are seemingly going into overdrive as wealthy investors and developers snap up properties in fashionable cities across America. It may be a golden age for wealthy US residents, but the current boom cycle in American real estate circles has left many minority families out in the cold. Here are just a few cities where gentrification has become a serious issue, and why mass movements out of big cities have become a very real problem for many minority families.
Los Angeles, California
For a city that was once home to one of the biggest minority populations in the United States, an ascendant cultural scene and surging real estate market have combined to leave many of LA’s most diverse neighborhoods feeling the effects of gentrification. Housing prices here are truly astronomical, and an influx of wealthy, white urban professionals has left many historic areas totally unrecognizable.
Brooklyn, New York City, New York
Once an inexpensive alternative to Manhattan, Brooklyn’s incredibly hot housing market has created serious issues for long-term minority residents. As neighborhoods like Bushwick and Williamsburg draw in more and more wealthy young professionals, many families are finding themselves priced out of their old stomping grounds.
San Francisco, California
San Francisco became one of the hottest places to live in the US during the mid-to-late part of the last decade. Like its northern neighbor Portland, San Francisco’s real estate market has become extraordinarily expensive in recent years; a one-bedroom house here is likely to sell for millions of dollars.
As developers seize on the profitability of old properties and newly-fashionable neighborhoods, many long-term San Francisco residents are finding the cost of living here to be utterly unsustainable. Indeed, a mass exodus out of the city has hit black residents particularly hard.
DC has always been in a state of growth and rebirth when it comes to real estate. Recently neighborhoods like Columbia Heights, NoMa, Navy Yard, Southwest, and Petworth have started to see a shift towards more gentrified areas. It’s started to become increasingly harder for lower and moderate-income households to stay in these neighborhoods due to the changes in the neighborhoods.