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Cumol  ·  368 days ago  ·  link  ·    ·  parent  ·  post: Why Manhattan’s Skyscrapers Are Empty

This is happening now in the up-and-coming neighborhoods in Tel Aviv. Namely Jaffa (the arabic part of town), Florentin (ex-junkie land), and Shapira (another ex-junkie/prostitution land).

The prices are going up so quickly that people find themselves unable to pay rent within a year or two, getting the same income.

Additionally, gentrification seems to be happening much quicker than usual in places like Shapira. This is mainly due to projects like Venn (https://www.venn.city/about/) which also operates in Brooklyn and Friedrichshain (Berlin). What they do is buy up massive amounts of properties, renovate them, gate them, double or triple the price on them, add "public spaces" (which are only accessible by the people living in one of the Venn apartments) and disguise it as a social project that is "helping" the neighborhood...