August 15, 2002 at 12:00 am #34016
George G.
Member
The premise is backward. Actually, it goes this way:
1) Neighborhoods are built.
2) They get run-down with age, or tastes change (many people now want three baths and three bedrooms, for example).
3) The owners move away and rent out the houses. As absentee landlords, they don’t take care of them (neither do the tenants).
4) Property values drop.
5) Poor people (blacks or Hispanics in my city) move in because they can afford the rents.
Check out the high property values in places like Sugar Hill (New York) and Ladera Heights (Los Angeles), where black people live. No deterioration there. Also, Brentwood did not suffer a slump in property values when O.J. Simpson made his home there.
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