Miami neighborhoods that were previously undesirable for real-estate developers are becoming popular due to lower climate risk, driving up prices.
Gentrification occurs when an area experiences a rapid rise in residents' average incomes and rents. The typical outcome: The white population increases, and people of color are priced out.
Located inland, far from prized beachfront real estate, Overtown was once shunned by developers and wealthy homeowners, said Crooks, a community engagement manager at Catalyst Miami, a nonprofit focused on equity and justice.for climate change, Overtown has also become a hot spot for developers fleeing rising seas and coastal flood risk, say climate experts and community advocates.
Gentrification is "inevitable" in a place such as Miami because so many people are moving there, including many wealthy people, Gershenson said.a "pronounced housing affordability crisis" in Miami, particularly for immigrants and low-income residents, according to a recent analysis by real estate experts at Moody's.
These shifts in migration patterns "accelerate the displacement of established residents and inflate property values and taxes, widening the socio-economic divide," it wrote. Robert Zangrillo, founder, chairman and CEO of Dragon Global, one of the Magic City investors, said the development will "empower" and "uplift" — rather than gentrify — the neighborhood.
Higher property taxes often go hand in hand with higher property values, as developers build nicer properties and homes sell for higher prices. Wealthier homeowners may also demand more city services, pushing up prices. "To see how the elders are being pushed out, single mothers having to resort to living in their cars with their children in order to live within their means ... is simply heartbreaking for me," Crooks said.Climate gentrification isn't just a Miami phenomenon: It's happening in "high-risk, high-amenity areas" across the U.S., said Princeton's Gershenson.
Development has contributed to financial woes for longtime residents, she added, pointing to rising property taxes as an example. "Presently, climate gentrification in Miami is more reflective of a rational economic investment motivation in response to expensive flood insurance rather than sea-level rise itself," the authors, Han Li and Richard J. Grant, wrote.
However, doing so can also destroy the "cultural mosaic" of majority South American and Caribbean neighborhoods as wealthier people move in and contribute to the areas' "homogenization," said Crowl, a science advisor for the mayor of Miami-Dade County.
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