It seems that nobody can do anything about gentrification, which is a great shame. Housing and land are too expensive for the poor and the rich don't want them there anyway.
But-here's the funny thing. Megan McArdle is accustomed to thinking of herself as la crème de la crème but the wealthy have become so very wealthy that she is now middle class in comparison. One day she, too, will be pushed out of her neighborhood by her bête noir, the trust fund class. They will buy up her row of little Victorian brownstones and tear them all down and build a mansion with park-like gardens for themselves and their little darlings Pierpont, Hunt and Caroline Eugenie.
No doubt McArdle will be very very happy to be pushed out to the suburbs like every other schlub since the land and mansions will be far, far too expensive for poorer people like her. And what can one do when the Free Market Fairy decides that market forces are immovable? Absolutely nothing.
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Actually, she doesn't seem to notice that zoning, that dereaded govt activity will keep dislocation from happening. Zoning also protects her from the usual libertarian whine that we need to build more housing (which hasn't made Manhattan more affordable) and taller buildings (DC has a height limit). Unfortunately, zoning means no one will build a drab looking, glass and steel condo building next door to her that looks like every other condo going up in DC.
McArdle does discuss zoning; she says it doesn't stop gentrification because NIMBY.
Who will take care of the little millionaires??
(Chuck Schumer will, but that's O.T.)
~
Helga and Inga from Monday to Friday and Consuela and Maria on the weekend.
Shorter McMegan:
I want poor people in my neighborhood so my grocery prices will be low but hidden from sight so my property values will appreciate. I love me.
You can strike out that first sentence and it works just as well.
McArdle wants to be able to make as much money off her property as possible; she is eyeing the neighbors who added another (sometimes unsightly) level on their brownstones.
Discussing the aesthetics and social aspects of gentrification are window dressing to disguise her lack of empathy.
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