Monday, October 03, 2005

There has been a lot of talk about some of the negative aspects of gentrification lately. The most troublesome being buildings that are being converted to condos and displacing the current residents especially where it is thought that the building is a desirable rental property. It seems to me that a good landlord will probably be less likely to sell their property so long as they are making money. If the property is well maintained and the landlords don't rent to transients and drug dealers then they can collect fair rent and be profitable. There are a few buildings on my street that are in poor shape which is a real shame because you can see that they were once beautiful. They are at 1456 W Fargo and 7450 N Greenview. The yards are filled with trash and there is no grass. Plants are growing wild and unmaintained and drug dealers operate out of the buildings. They are owned by the same person and they have recently been put up for sale. I couldn't be happier. Whether they are turned into condos or simply turned into better maintained apartments, I'll be elated so long as the place is cleaned up.

My question is this: How can we encourage people to come in and buy these types of properties? Is there an incentive we can give to buy the properties we want developed as opposed to properties we would like to remain intact?

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