Gentrification isn’t just an issue in San Francisco. It’s also unfolding in Brooklyn’s Bushwick as a handful of large private equity and real estate investment firms buy homes to rent rather than flip, reports the New York Times.
Read more here.
Gentrification in Brooklyn Unfolds
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The fact that large investment groups are competing with first time homebuyers is a disturbing trend. It’s happening in Oakland too.
As a seller, I’d be more disturbed if the city tried to interfere with my right to sell to the highest bidder in some misguided attempt to prevent “gentrification”.
But in any event, if the property is bought for rental rather than owner-occupation, then that is not gentrification, which usually happens when homes that were formerly rented become owner-occupied. What’s happening here appears to be the exact opposite of that.
As for Oakland, at least until recently, nothing was selling there and you could buy a (rundown) house for less than 100K. A large investor buying up large numbers of those unsaleable property is actually helping Oakland.