How to Fix Gentrification

The revival of New York City started after its bankruptcy in 1977 when then-Mayor Ed Koch popularized the idea of using rezonings, subsidies, and tax abatements to incentivize investments in neglected areas of New York City, shifting the city from an declining industrial hub to a major center for business <a href="https://www.city-journal.org/html/last-sane-liberal-13449.html" rel="noopener ugc nofollow" target="_blank">(1)</a> <a href="https://www.nytimes.com/2013/02/03/nyregion/so-how-did-mayor-koch-do.html" rel="noopener ugc nofollow" target="_blank">(2)</a>. This reinstated an attractive economic environment, bringing people and their money back to the city. Vacant land, storefronts, and apartments began to be repaired and restored. From 1970–1980, New York City had lost over 10% of its population, but by 1990 the city saw a 3% increase and by the year 2000 it had gained nearly 9% <a href="https://www1.nyc.gov/assets/planning/download/pdf/planning-level/nyc-population/historical-population/nyc_total_pop_1900-2010.pdf" rel="noopener ugc nofollow" target="_blank">(3)</a>. Through the adoption of rezonings, subsidies, tax abatements, conversions, and restorations, New York City successfully transitioned from the country’s murder capital into one of the most livable places in the country. Economists, urban planners, and politicians had seemingly found the formula for revitalization; the urban crisis in New York was effectively over. Yet to their surprise, a brand-new problem filled its place: gentrification. <a href="https://medium.com/@thomascarpenito3/how-to-fix-gentrification-cb74ccd35447">Website</a>