The Gentrification of Downtown Los Angeles
March 20th, 2013 by Tatyana Levin
Gentrification is the kind of practice that’s really good for some people. But if an area has the potential to be gentrified, chances are that it will be. In Los Angeles, the most gentrifiable area is downtown.
With the bare bones potential to be truly spectacular, rooted in history and rife with unique architecture, it’s a wonder that downtown wasn’t renovated earlier.
The center of a city is usually its downtown. But this is not the case in LA. Yes, it may be the midpoint between West LA and East LA, but until recently, it hadn’t been very visited part of the city.
Sure, by day, it is home to government agencies, the LA Times, and an alley where you can get knock-off purses, but at night there was nothing.
Now, however, there are cool bars and restaurants that cater to people of all ages and more importantly upwardly mobile socioeconomic statuses.
This can only mean one thing: higher rent prices.
More affluent residents are moving into the area because there are more attractions and the area is simply becoming more livable. There are now supermarkets and even a Target which is great for residents.
But the people who really stand to benefit are investors who own the buildings that these residents live in and these business people work in.
The greatest beneficiaries of gentrification are early investors who see a neighborhood’s potential and invest in it. It’s the beginning investments that move capitol and get projects started.
A new up and coming neighborhood can be found any moment.