All throughout “Black cities” such as South Los Angeles, Washington D.C., Oakland, Brooklyn etc, we’ve become involved in a passionate discussion about gentrification.
Yet what we don’t yet realize is that all along, our own “affluence” in those cities was a façade.
The truth is that you can not “own” houses in a neighborhood and act as if you are affluent without owning the businesses in that same neighborhood. And you can’t own a location dependent business without owning everything in regard to that business. If you are leasing your storefront for 30 years, you do not own your business. Period.
The economics otherwise simply don’t add up.
Think about this- if black middle class residents have to travel far and wide for their day jobs, because there arent enough viable businesses in their own community (no, a cashier or cook job at the local fish fry will not pay your mortgage), how can you really call it “their own community”?
Yes, it may be “their own houses” after 30-40 years, but owning a house or houses does not make a community. The economic self-sustained viability of a PEOPLE make up a community. You can not have economic self-sustained viability when others own your office buildings, commercial infrastructure, malls and land leases.
So we mistake what we see around us for some sort of Black version if “affluence” then cry “gentrification” when the true owners of the community return.
Its like providing a 40 year CD to someone – they gave you the land for 40 years, you paid interest on it and now at the end of your self imposed term, you have to give it all back.
It (the community) was never yooooouuurrsss.
Moral of the story: If over the last 30-40 years, view park, Liemert park, south L.A., the Crenshaw district etc, had one of the highest black homeownership rates in the country, how in the sam hell can it ever be gentrified?
Oh thats right – someone has to “voluntarily” sell their houses before someone else can move in and gentrify it.
And why do all of these black and hispanic seniors who tied their entire nest eggs to what are now $500k-$600k houses decide to sell to whites and asians every month?
BECAUSE THEY NEED THE MONEY. The local economy (the real economy) never was able to sustain the needs of these people. The jobs never paid enough. The businesses were never innovative and world reaching enough. The government jobs many were complacently dependent on dried up whenever that local government funding or project funding dried up.
DEBT does not equal WEALTH.
IT WAS ALL A FACADE.
Most of the families I work with in South L.A. went into debt 4 times over on the “equity” in “their” houses to supplement an imaginary facade of affluence. It didnt exist.
Because of this, now you have the following:
- Seniors in over their heads with 1st mortgages
- Seniors in over their heads with 2nd mortgages
- Seniors with Helocs
- Seniors drowning in credit card bills for living expenses
- Seniors drowning in credit card bills from medical expenses
- Chrysler 300 and Ford explorer car loans
- Parent plus student loans to supplement their children’s student loans so their children can start off even more on the wrong foot.
Its all just one big shuffling of other people’s money around until it blows up in our faces.
Understand how it works: first the businesses, THEN the houses.
You havent figured out the first thing they do when they return is redevelop the businesses before the community is even close to being what we deem “gentrified”?
You’ve got your beans above your franks, black people.
I hope you figure this out in Lancaster, Rialto, Palmdale, Moreno Valley and everywhere else near the edge of Mars that you’re being “displaced” to.
Not everyone has the inner workings to become an entrepreneur, however, far more actually do than we realize. There are far too many entrepreneurs masquerading as employees because they lack the information, encouragement and resources to do what they were put here to do.
White people own 70% of businesses in America.
Blacks own 7% of the businesses in America and make up 14% of the country’s population.
Asians own 7% of the businesses in America and there are less than half as many Asians in America as Blacks.
We won’t survive another generation of this.
www.BKFBusinessSchool.com | Excuse Level : Zero