Islandview Housing: Gentrification and Displacement A Real Threat
Real estate sales are increasing and so are prices in Islandview! Detroit Public TV's One Detroit Islandview Housing clip is an example of the many real estate development projects under way. These investments are stimulating increased home values and rental fees of >50%, while the Detroit Economic Growth Corporation's focus is on improving retail corridors in the Mayor's neighborhoods. Sounds good? Well... Yes and no, but "reverse gentrification," I don't think so!
People currently living in Islandview have a median income of $19.6k to $38k and can only afford $500-$950 for housing. This range has historically been the rent prices in the neighborhood, but now rents are escalating to $1,000 - $1900. The asking price for homes, like the one featured in OneDetroit Islandview Housing, are $300k and more. That's an average increase of 30% in house values and rising! Long- term homeowners on fixed incomes and all current renters will bear the brunt of the renewed interest and investments in the neighborhood. Rising values, increased taxes, escalating rents, and poverty is the perfect storm. Displacement is inevitable for current residents without interventions to preserve affordability in Islandview!
