The idea that new buildings cause gentrification has long been a misconception, one that is only now starting to clear up, according to Howard Slatkin, executive director at the Citizens Housing and Planning Council. If developers start constructing new projects in a neighborhood, it is because rising rents have already started to take root, he said.
“Umbrellas don’t cause rain. Just because you see them everywhere it’s raining doesn’t mean that they’re the cause,” said Slatkin. “Development is the umbrella that comes out when the rents are rising to the point where somebody can make some money building something.”
This change in perception means that progressives are now much more likely to see new housing as part of the solution to the city’s affordability crisis than part of its cause – as shown by their support of the City of Yes housing reform package.
Read more at Crain’s New York Business.
