Community Gentrification

I would like to introduce a trend happening in Los Angeles right now. First a definition, gentrification: the restoration of run-down urban areas by the middle class (resulting in the displacement of low-income residents). Right now in a few parts of Los Angeles City, particularly low income Hispanic neighborhoods, the housing prices are growing faster than other places. The portions of Echo Park and Silver Lake in the 90026 Zip Code lead the Eastside in September with the highest percentage price increase. The median price of the single-family homes sold in the 90026 Zip Code last month increased nearly28% from last year’s level to $550,000, according to sales information from DataQuick & the L.A. Times. This is happening because many young professionals (referred to hipsters in the vernacular) are moving in for cheap housing. Without children these people do not have to worry about the roughness of the neighborhoods in Echo park, allowing them to take advantage of the cheaper housing. This trend has two effects on the community. One, is that a new economy is created for these young, unattached well-to-do people including a thriving nightlife, live music and art and more general local commerce. On the other hand, these young adults are increasing the demand for housing in echo park, which means higher prices. Now, landlords are trying to get rid of families that have lived in their homes for many years (often over 10 years) and rent to higher paying hipsters. There is good and bad effects of gentrifying neighborhoods. It helps the economy, but at what cost?



For more Echo Park housing information: http://www.theeastsiderla.com/2011/10/eastside-property-echo-park-silver-lake-home-prices-leap-ahead-in-september/