I’ve never understood why people are against gentrification. If the property values go up, then the taxes paid by those properties go up, then the cities have more cash to help everyone in the city.
Of course, if the city council are a bunch of corrupt kleptocrats, then the taxes just line their own pockets, but that isn’t the fault of the people who are renovating the brownstones.
The facts are indisputable: Rent controls help rich people pay less rent and reduce the amount of lower-rent properties that are available.
Curbed.com often has very valuable information, but they often interpret it backwards.
Nowhere in this article, or anywhere else, does anyone ask what is really happening with the taxes that are being collected on these apartments for which the rent has doubled in the past year. The cities should be swimming in cash - what are they doing with it?
