Close Stay up-to-date with
Observer.com Newsletters
Sign up for Observer Newsletters!
RSS Feed
The New York Observer

Study Cites 'Aristocratization' of Hipper Neighborhoods

View Story On One Page View Story On One Page Print This Story Print This Story Share This Story Share This Story
March 31, 2008 | 6:20 p.m
Study Cites 'Aristocratization' of Hipper Neighborhoods

Washington-based thinktank the Brookings Institute released a report Tuesday about the damaging trend of "artistocratization" gaining steam in cities across the country. The study revealed that a recent influx of exceedingly affluent aristocrats into the nation's gentrified urban areas is pushing out young white professionals, some of whom have lived in these neighborhoods for as long as seven years.

Maureen Kennedy, a housing policy expert and lead author of the report, said that the encroachment of the aristocrats willing to pay 11 to 12 times the asking price for properties is making it nearly impossible for those living on modest trust funds to hold on to their co-ops and converted factory loft spaces.

"If this trend continues," Ms. Kennedy said, "these exclusive, vibrant communities with their sidewalk cafés and faux dive bars will soon be a thing of the past. A three-block section of [Chicago neighborhood] Wicker Park that once accommodated eight families, two vintage clothing stores, a French cleaners, and a gourmet bakery has been completely razed to make way for a private livery stable and carriage house."

American aristocrats dismiss critics who fault them for the displacement of large swathes of young upwardly mobile professionals. They contend that they too were forced out of their family estates by monarchs looking to consolidate their property in a process they have dubbed "regification."

Post a Comment The Discussion

Gerilo lfruticulo

Thank you for the information

www.observer.com is very informative. The article is very professionally written. I enjoy reading www.observer.com every day. I was looking for the for the following services bad credit loans canada payday loans canadian payday loans cash advance loans faxless payday loans loans online payday loan online payday loans online payday loans canada payday payday advance payday loan payday loans pay day loans payday loans canada payday loans in canada payday loans online
cash advance loans
and discovered that payday loans can help in times when your credit sucks, but you urgently need cash.

Post a Comment
Not a registered user? Register here.
Don't have an Observer.com account? You can use your Facebook account instead.