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There Goes the Neighborhood

They Want My House

There Goes the Neighborhood

WNYC Studios and KCRW

History, City, Nyc, The, Nation, Documentary, News, Brooklyn, Gentrification, York, Boroughs, Real, Race, New, Estate, Society & Culture, Business News, Wnyc

4.8543 Ratings

🗓️ 10 October 2017

⏱️ 29 minutes

🧾️ Download transcript

Summary

Once you know what to look for, they're everywhere. In mostly Latino and black neighborhoods, rows of aging houses with wrought-iron fences, their yards overgrown and concrete crumbling, are punctuated by homes with distinctive 2017 aesthetics. The fresh earth-toned paint job, burnished silver house numbers, horizontal fencing, drought-tolerant native grasses in the yard: it's a flipped house and it's probably selling for hundreds of thousands more than the others on the block. In some of L.A.'s poorest neighborhoods more than 20 percent of all home sales are flips -- houses bought by investors within the past year and then sold for a profit.

Transcript

Click on a timestamp to play from that location

0:00.0

I'm just confused as to like, who are these people?

0:06.0

Like how, and then houses get snapped up in a day?

0:09.1

It's like, what am I doing wrong?

0:10.7

Where is this cash coming from?

0:13.5

Like, it boggles my mind.

0:15.4

As a homeowner, my equity is skyrocketing.

0:19.2

My home has doubled in value in five years.

0:22.5

But that also is insane.

0:25.3

Today we had, I guess, 18 people or so here just for this one bedroom here clamoring to sign a lease.

0:31.8

People will go out and once they get a hang of it, they'll start buying property.

0:35.3

And then they just get into buying property.

0:36.9

And then it's almost like a drug.

0:38.6

Every single day, I get some real estate advertisement or a request to sell in my mailbox.

0:47.7

And they're going to lose the home one way or the other. It's much better if a local investor

0:52.9

can buy the property and convert it into a home that

0:56.1

another family can use. All the time we hear, you know what, gee, I've held on to this property

1:01.6

for 30 years and now it's time to sell it and I don't know what to do. And so that's where we come in.

1:06.6

There goes to Grenshaw Boulevard. There goes the neighborhood. There goes the neighborhood. There goes the neighborhood.

1:11.8

There goes the neighborhood.

1:16.7

Sometimes when change comes to a neighborhood, it's quiet and subtle.

1:21.9

Other times?

1:24.5

It's loud and blunt, like a pickaxe punching through drywall.

...

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