Quote:
Originally Posted by Nouvellecosse
So the benefits of actual gentrification mostly go to people who are new to the area and have little to no connection to it but get housing and businesses that cater to them simply because they have more money, while the people who are attached to the area and need the lower costs it provided are pushed out rather than benefited.
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This is one theory, but I wonder how true this is in practice in Halifax. It's not obvious that it's how things normally go or the only way they can go.
In Halifax, some percent of people own their home, and they got a big financial boost from the run-up in property values. There's also significant public housing (e.g., Uniacke Square) and that hasn't gone anywhere. I'd guess that locals, if not displaced, tend to do better economically with more local employment options and businesses.
It's true that some private renters have gotten a raw deal lately, but helping them requires bringing apartment prices down which means more supply. Today's expensive apartment building will be tomorrow's affordable housing.
I'm skeptical of the idea that swathes of Halifax are so high-end that they have nothing to offer anyone but the wealthy. Likewise I'm skeptical of "poor" as an identity; people can become poor or become better off, and economic growth provides opportunity that can lift people out of poverty. I think Halifax is better opportunity-wise now than it was 30 years ago, although housing affordability is worse.