City Pages: “If You Lived Here, You’d be Broke by Now”
A new client sent me a link to this February 2006 article on condo conversions and some of the problems they create. The part of the trend–which is thankfully waning–that is more worrisome to me is this:
“[Y]ou’ve got people who were displaced who otherwise would be committed urbanists. They’ve moved on because they had to. The displacement cost is something that everybody pays. The renters leave, the buyers fail, and the buildings sit empty.”
So the real estate developers are driving their future tenants out of the market, harming their own interests as well as the city itself. Not illegal, just unfortunate.
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