Uneven Development

In: Social Issues

Submitted By bkrayko
Words 975
Pages 4
Bryan Krayko Economic Geography
GEOG 22100 Annie Spencer Foreclosures and Gentrification in New York City

The uneven development of New York City’s outer boroughs has taken a dive into massive foreclosure in the recent years due to high unemployment, unyielding bankers, and gentrification. The issue is on an urban and regional scale and needs to be closely observed and studied to better prevent the spread of this plague. The recent victims in this failure are the middle class, with whom the troubles of foreclosure are starting to catch up. Gentrification is also starting to push the poor out of their homes to make way for the rich. This unevenness came from the inevitable shift of balance that comes with industrial capitalism.
A fresh wave of foreclosures is impacting middle-class homeowners in Queens. Queens neighborhoods have been sinking since 2008 when the crisis first started. Come 2011, the foreclosure rate spiked and began to trouble middle-class homeowners. Many homeowners rely on tenants to help them with paying their mortgage. With the recent departure of tenants from the area, Queens homeowners are left with less money and more problems. According to the New York Post, “Foreclosures jumped 19 percent in New York City and 164 percent in Queens in 2012 versus 2011, as The Post reported last week. Four of the hardest-hit sections of Queens — St. Albans, Rosedale, Cambria Heights and Queens Village — saw foreclosure rates more than double, according to RealtyTrac. More than 2 percent of housing units in those areas are in foreclosure, outstripping the national average of 1.39 percent.” (Curan) Staten Island is following a similar trend with a year-to-year increase in 19%. A fellow neighbor in Staten Island, Maria Rivera, 51, told me about her mother’s tragic story in Flushing, Queens. Her…...

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