Quote:
Originally Posted by 1487
For an East Coast city Philadelphia is large. The notion that there is so much gentrification that lower income people will soon be "forced" to look at Somerton or Pine Valley is insane for a host of reasons. Gentrification has pushed people into all kinds of areas- mostly areas that have good transit connections and low prices. The Far NE doesn't qualify on either count. When you look at the TYPE of housing that is prevalent in the far NE it doesn't fit the bill at all. There aren't a lot of rentals or rowhomes or multifamily homes up there. Mostly singles and twins and relatively poor transit access. Areas like Logan, West Oak Lane, Frankford, Mayfair, Oxford Circle, etc. are and will continue to be much more viable options for people who can't afford to live in parts of North Philly or Kesington any longer. There are so many houses and apt buildings in struggling areas that offer an option for people leaving due to price pressure. The far NE isn't close to being on the radar for these folks.
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First off, just because a neighborhood is SF
today doesn't mean it will be
tomorrow. Look at Diamond Street for an example. 2nd generation populations tend to subdivide ... Detroit's Brush Park's mansions were subdivided into boarding houses, for example. And the larger a dwelling is, the greater the financial pressure on the homeowner to subdivide: a second tenant offsets the high maintenance costs large homes incur.
Or are you just that financially illiterate?
Second, population movement through the city acts like a wave
regardless of political boundaries. Just like an earthquake off the coast of Japan can set off a tsunami that reaches Hawaii, so too does core investment set off a catalytic chain that reverberates throughout the region.
Third, you're assuming that housing near transit remains cheap. If you bothered to shed your myopic blinders and check what our neighbors are doing for once, you'd notice this need not necessarily be the case: some of the most valuable land and most expensive housing in both New York and DC are those with the best transit connections. The same seems to hold true in Boston. Another way of putting it is: there's clearly a point after which transit access throughout the region is strongly correlated with positive land values and its attendant knock-on effects. Once you pass that, the
less transit-rich a community is, the
less valuable it becomes. This is something that bodes better for the Near Northeast than the Far Northeast.