Megan McArdle writes about the gentrification of her beloved Upper West Side:
By the time I left, in my thirties, the Upper West Side south of 96th street was wall-to-wall investment bankers, and the ubergentrification was creeping towards me; I lived across the street from the last grocery store south of 125th street that didn’t carry artisanal cheese. I have no objection to artisanal cheese, of course, but the monoculture was oppressive. None of the finance people or their associated service personnel seemed to live in my neighborhood; they came there to sleep. On weekends, they left for their country houses as quickly as their expensively garaged cars could carry them.
She should be pleased to know that the masters of the universe are getting their comeuppance:
Report: Nation’s Gentrified Neighborhoods Threatened By AristocratizationWASHINGTON—According to a report released Tuesday by the Brookings Institution, a Washington-based think tank, the recent influx of exceedingly affluent powder-wigged aristocrats into the nation’s gentrified urban areas is pushing out young white professionals, some of whom have lived in these neighborhoods for as many as seven years.
Maureen Kennedy, a housing policy expert and lead author of the report, said that the enormous treasure-based wealth of the aristocracy makes it impossible for those living on modest trust funds to hold onto their co-ops and converted factory loft spaces.
“When you have a bejeweled, buckle-shoed duke willing to pay 11 or 12 times the asking price for a block of renovated brownstones—and usually up front with satchels of solid gold guineas—hardworking white-collar people who only make a few hundred thousand dollars a year simply cannot compete,” Kennedy said. “If this trend continues, these exclusive, vibrant communities with their sidewalk cafés and faux dive bars will soon be a thing of the past.”
