As a local resident of Bedford-Stuyvesant I pass the Sumner Armory homeless shelter everyday. As an active participant in the pressures of gentrification driving local real estate values and rents upward, I often wonder how residents without the economic means will keep pace with newer residents who can simply afford to pay more. While current longtime owners are happy to receive fat checks for their property, those who do not own are left in the lurch and find little benefit in this urban process. My assumption is that many homeless and economically challenged residents will be displaced by these pressures moving further and further out from the city center in search of cheaper rent and ultimately into the suburbs affecting those real estate values. Unless there is a drastic shift towards mixed income housing by offering developers increased incentives to provide affordable housing, I see little resolution to this trend.
The city of New York and all of its neighborhoods have undergone multiple waves of gentrification throughout the years from the West Village to the Lower East Side, Harlem to Williamsburg, Bronx to Long Island City. While many may protest and question this urban process, without the injection of money that gentrification brings to these neighborhoods that we have come to know and love with all their restaurants and cafes they would have crumbled into decay. Investment in what was once considered a fringe neighborhood creates value, rehabilitates buildings in desperate need of renovation and helps to stabilize community.
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