Report: Nation's Gentrified Neighborhoods Threatened By Aristocratization
"When you have a bejeweled, buckle-shoed duke willing to pay 11 or 12 times the asking price for a block of renovated brownstones—and usually up front with satchels of solid gold guineas—hardworking white-collar people who only make a few hundred thousand dollars a year simply cannot compete," Kennedy said. "If this trend continues, these exclusive, vibrant communities with their sidewalk cafés and faux dive bars will soon be a thing of the past."