This comment posted at a blog post at Target Liberty did a good job at explaining how property taxes cause gentrification.
The left is very big about taxing property, taxing wealth. They could greatly diminish the effects of gentrification and minimize gentrification simply by reducing property taxes.
People get forced out of the neighborhoods where they own property because the values increase and they cannot afford to pay the taxes. Even if landlords would not increase rents due to demand the increased taxes passed on to renters has the same effect. Areas that are run down attract new people willing to fix up buildings and replace them because the area is cheap and the taxes are relatively low (in dollars if not %).
But there's no love on the left for reducing the taxation that drives a fair amount of gentrification. Taxation of property drives property into ever wealthier hands along with forcing economic use that can pay those taxes.
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