Tuesday, August 30, 2011
News In Bed-Stuy, Foreclosures Facilitate Gentrification
Posted by Henry Stewart on Tue, Aug 30, 2011 at 11:34 AM
In recent weeks, Bed-Stuy has rallied around 82-year-old Mary Ward, a victim of predatory lending who is now facing eviction from her home. She has become the face of a crisis: the neighborhood has one of the highest foreclosure rates in America, the Bed Stuy Patch reports—which is bad for Bed-Stuy homeowners, but a potential boon to newcomers looking to swoop in. Patch reports:
This involuntary exchange of property into the hands of those looking to benefit off of another's misfortune weeds out many long-term residents, inevitably accelerating class gentrification.
The site recommends people in financial trouble seek help from community organizations before they go to lenders.
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