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> There, the neighborhood was completely gentrified, but the locals benefited greatly, because many of their home prices increased in value But they lose mobil
by erichurkman 7y ago
> There, the neighborhood was completely gentrified, but the locals benefited greatly, because many of their home prices increased in value
But they lose mobility as their family needs change. New kids and need a larger home? You can sell yours, but the differential between a 2br and 4br is now outside your price range due to gentrified prices.
Also, it depends heavily on tax laws. Long time California home owners are protected from tax increases under Proposition 13, but many localities lack these protections, so ultimately higher taxes price you out.
- loftyai 7y agoYou have a very valid point here. Our hope is that we can help them find new homes as well. Most of the homes selected by our algorithm tend to be very affordable, so a larger segment of the market can take advantage of appreciating home price. The goal is to make sure that not only existing wealthy people can benefit from rising home values.