Sunday, 11 October 2009

Gentrification in Photos






The white building on Okrzei Street is a new "investment" of luxury housing. Before this, there were some buildings in the courtyard and a struggle to get rid of the tenants. One day, there was a mysterious fire in the roof and the tenants were moved "for their own safety". The old houses were destroyed to make way for an expensive development project.

Like many luxury "investments", these flats can stay empty for a long time. Often, it's not that there are no buyers - it is just that buyers are often special investment vehicles set up by banks. The banks create investment funds for property speculators, buy up flats and wait to tell them at large profits. Some flats are also bought by individual speculators, often from countries like Spain or Ireland.
 
The first yuppy artist shop on Wilenska St. Overpriced and hideous designer creations. Cheapest things are the $50 T-shirts. 

  
Free copies of "Real City" with real estate offers are all over. 

No comments:

Post a Comment