There is a town near here (Conshocken, PA) that was poor & run down, but is in the process of being Gentrified. Currently, it is in the process of becoming a Philadelphia Region High Tech Center.

Why?

Well not because the Banks/Businesses invested in the current residents. It became that way because large companies from outside the area, saw the value of building office buildings and moving their headquarters there (read: cheap land) and other companies decided to move in, in order to do Business with those companies. So the banks are more then willing to give loans to their already profitable (profitable for them) customers, who are going to move in, buy up land and displace those current residents.

They are also willing to lend money to people who are willing to buy up houses, tear them down and build new ones.

The point is that when a Bank doesn't want to take a chance on lending money to residents of a poor area to buy homes or start Businesses, or to just do Business with those people, it can be very valid.

Because when they do it, (gentrification) they aren't investing in those they previously rejected. No, they invest with major corporations and affluent individuals from outside the area. Which proves that they want to invest with people who have economic strength, not those that don't.

I've seen Gentrification several times in areas that I had a connection to (where I went to school) had family members involved (community development corporations) or in this area because of connections through friends, employers, clients, etc. It's always a collaborative effort between wealthy individuals, Banks, Government, Large Corporations and sometimes CDCs can get in on the action.

These groups invest in each other, not the current residents...their usually trying to force the current residents out. That's why they don't lose their shirts, because they aren't investing with those they didn't think were profitable to invest with in the first place.

Just ask all the poor people who get pushed out.

So this speaks to an economic issue, if Blacks want to see our poor communities rejuvenated, we're going to have Gentrify them ourselves in a manner that won't push out most of the people. Because when the corporate machine does it, the poor people get the shaft.


Peace,




M2