repost: In Many Cities, Rent Is Rising Out of Reach of Middle Class

repost: In Many Cities, Rent Is Rising Out of Reach of Middle Class

As cities lose affordable rental units to owner-occupied condos, the middle class gets pushed to the edge. The capital investment required to develop condos in urban areas means these units are very rarely affordable to the former rental tenants of the immediate area.

This is my great fear for Seattle. As condos take over Capitol Hill, the quirky shops such as Travelers Tea and B&O Espresso are either pushed out, closed indefinitely, or revamped in a form that loses the original location, the longstanding communities, and usually incurs a hike in prices.

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