A few days ago, a buddy of mine informed me of an investment property in an African-American neighborhood undergoing a change. The change was, of course, gentrification.
In researching the property and the neighborhood, I found out about neighborhood groups fighting the main developer. On one site, the stables for the locally known Black Cowboys was demolished. The Black Cowboys offered horseback rides to local children in the nearby park. Many in the neighborhood were also upset about the advertising for the new townhomes going up. The advertisement stated that the neighborhood was being “re-established” in 2005. The residents were upset because the advertisement made it seem as if there was nothing there.
I felt for the neighborhood residents and could see the downside of gentrification. Newer, more expensive homes go up and, due to increased property taxes, the existing residents are forced out. We’ve seen it many times before. In fact, my current neighborhood has been gentrified. When I first moved into my condo the rest of the block was rental property. Within a year, it was all townhomes or condos. The property values have doubled in the past few years. So even though I may have personally benefited from the transition, how much should I mourn the passing of the neighborhood that was?
With the neighborhood I saw this weekend, I know that many African-Americans will be forced to move out and relocate to make way for more expensive homes. Even the rental units they plan to build would be out of the range for most of the residents currently living there. So, just as I was about to mourn the loss of another African-American neighborhood some thoughts occurred to me: 1) This neighborhood has gone through transitions before. It was once largely German American in the last century. So, in a sense, it is natural what is happening. 2) This gentrification doesn’t mean that the neighborhood turns “white.” I already know of friends who plan to settle there or buy investment property in the neighborhood.
So gentrification doesn’t necessarily equate to the exodus of African-Americans. It presents an opportunity to many African-Americans to re-invest in old neighborhoods long in decline. For some, living in the suburbs is the fulfillment of the “American Dream.” Because of this, many older African-American neighborhoods lack the presence of young African-American professionals. One thing all cities need is the presence of young professionals of any stripe. Gentrification need not look like the picture above. Why not more African-Americans?
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