Real estate bubble drives urban blight

In: Non classé

29 Mai 2015

The West Village’s unique identity made it one of the most valued real-estate spots in the world, which is why its bohemian tenants are being forced out by landlords who jack up the rent and leave the place empty until they can convince a multinational to sign a lease — it’s Mark Jacobs versus Jane Jacobs.

Not just there, of course! Toronto’s Queen Street West (and Parkdale, and Cabbagetown, and virtually every other livable, walkable neighbourhood); all of London, etc etc etc. The combination of massive returns on capital, growing power of multinationals, and asset bubbles of every description are transforming all the storied bohemias of the world’s great cities into generic outdoor malls with all the charm of an airport terminal.

Source: boingboing.net

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