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Art produces huge positive externalities. This is the reason artists are the pioneers of gentrified neighbourhoods. They arrive when rent is low (all they can a
by chongli 5y ago
Art produces huge positive externalities. This is the reason artists are the pioneers of gentrified neighbourhoods. They arrive when rent is low (all they can afford) and their product increases the desirability of the area. The artists themselves capture none of this value and often have to leave when rents go up.
- goodpoint 5y agoIs that sarcasm? This is a positive externality for landlords and a negative one for tenant. It's a zero-sum game between the two groups. And rent-seeking is a net negative for society.
- NoboruWataya 5y agoIt's also a positive externality for businesses (and by extension workers) in the area and for people who own their own homes (home ownership has historically been the predominant long-term living arrangement in Ireland). Even for tenants, it's not as simple as you suggest; most renters would rather live in a gentrified area than a run-down, crime-ridden one (which is exactly why rents are higher). Arguably the only category of people who definitely lose out are long-term, low-income renters with no protections, but they are relatively rare in Ireland. Gentrification has its problems for sure but I know several people who grew up in formerly run-down areas that are now gentrified, and they would never want to go back to the way things were.