The 'Demon Of SoHo-ization'

A New York study finds that when artists move into a neighborhood, rents rise displacing long-time residents.

1 minute read

November 12, 2002, 6:00 AM PST

By Abhijeet Chavan @http://twitter.com/legalaidtech

"The study by the New York-based Center for an Urban Future, a neighborhood-by-neighborhood assessment that looked at the potential of arts and culture to stimulate economic growth, concluded that much of the neighborhood concern was justified because artists' moving into a neighborhood can drive up rents and force out long-term residential and commercial tenants. The paradox is that arts groups drive up the rents and then cannot afford to remain in the neighborhoods whose rejuvenation they spurred in the first place."

Thanks to Abhijeet Chavan

FULL STORY: CTReport Says Artists' Arrival Can Push Out Neighbors

Monday, November 11, 2002 in The New York Times

Community / Economic Development United States

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