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Topic subjectThe Real Gentrification Issue Black Folk Won't Deal With
Topic URLhttp://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=12684132&mesg_id=12684132
12684132, The Real Gentrification Issue Black Folk Won't Deal With
Posted by DJ Wade-O, Wed Dec-24-14 03:23 PM
I've been living in Newark, NJ for about 11 years now. And I've watched Jersey City, DC, Brooklyn and now Newark go thru the gentrification process. Newark is not where the other two are, but its on its way. Downtown is rolling right now and its only a matter of time before that development expands into the wards.

Was having a conversation with a friend who lives in Newark's Central Ward where much of the development is taking place. And he was frustrated. He was like man its only a matter of time before they move us out. History would say this is probably true.

So I then asked him "why?" "They'll improve the neighborhood and raise the rents," was his answer. Another good point. Couldn't argue that.

But here's the thing....why are we renting? Bad credit? Sure? Don't have enough income to qualify for a loan? Sure. But if I'm honest, the real deal is that we need to do a better job of teaching one another how to manage the money we do have.

There are a lot of us who do have good credit. Who are dope at managing money. Who can qualify for loans even though they aren't making 6 figures. We need to invest that knowledge back into our people man. In most cases, sneakers, clothes, cars and the like are depreciating assets. Sure you have to buy them, but we got to be wise in how much we invest in those things.

And let's also, be 100, In a lot of cases, if you have the money to rent, you have the money to own, since you are more than likely covering the mortgage of the place you are renting. Your credit may be screwed though because of student loans or credit card debt. Its why we need to be talking to our kids about this stuff before the get to high school. Those types of bad decisions can take years to climb out of.

If you own your home, the only way they can move you out thru gentrification is raising the taxes. At that point...you should be able to sell your crib for a profit since the area has improved (That is unless you bought at the height of the housing bubble).

I'm probably over simplifying a bit. But we need to own where we live. We didn't create this system, but we can for sure work it to our advantage.


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