Capitalizing on Gentrification in Bed-Stuy

Until a few years ago, “Bedford-Stuyvesant” conjured images of the vibrant brownstones depicted in Do the Right Thing or the gritty “do-or-die” streets that hatched the careers of The Notorious B.I.G. and Jay-Z. Dizzying gentrification has rapidly modified the neighborhood’s image in just the past two or three years. Wealthier (and whiter) people have flocked in, longtime property owners have taken advantage of skyrocketing prices by selling, and low-income renters have found themselves priced out. The median sales price for a house jumped from $455,000 in the second quarter of 2013to $621,000 in 2014 — 36 percent in just one year. The average monthly apartment rent is up 46 percent over the past five years.

Read Full Article »
Comment
Show commentsHide Comments

Related Articles