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Today, I wanted to talk about a worrying trend in Charleston. People are getting kicked out of their homes to make way for multi-million dollar mansions. This is what happens when profit is being chosen over people—the reality of gentrification.
Gentrification happens when wealthy newcomers pay exorbitant prices—tens of thousands, hundreds of thousands, sometimes even over a million dollars—to tear down generations-old family homes and replace them with mansions worth $5 million to $7 million. Gentrification displaces families from their roots and the community they’ve always known and loved.
In case you’re wondering if gentrification can benefit our city, the short answer is no. When the primary focus of the city is profit, it exacerbates the housing crisis. Long-time residents are being pushed out of their communities, leaving them with nowhere to live and making it difficult for them to commute to work. This displacement disrupts and uproots lives and disturbs the peace of our neighborhoods.
I believe the solution to gentrification is to allow more density to be built. By building more apartment complexes and taller buildings, we can help maintain the community’s integrity and enable residents to stay in their homes. As a result, we can foster a peaceful and cohesive community. We don’t need $7 million mansions replacing homes that have housed generations; we need sensible development that puts people first.
If you want to know more about this topic, or if you have questions about real estate in Charleston, reach out to us at www.mattoneillrealestate.com. We would love to give you the best real estate experience. I look forward to hearing from you!
