Discuss The Pros And Cons Of Gentrification In Brooklyn

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IV. Opinion The changes in Brooklyn brought pros and cons in the community. Some people disagree with this accelerated transformation because it seems destructive. The reality shows that there are a lot of empty buildings without occupants, because the buyer just bought the building for investment purposes and many of those who do not live there. This rapid and large transformation has forced previous occupants and small business out of the area. It seems that the area is reserved only for the rich, high-end companies and there is no place for the middle and poor and small businesses to live there. Conversely, some people argue that the change is natural and beneficial because it makes New York more attractive. What is happening is an economic phenomenon. When gentrification occurs, it will change the existing situation. Gentrification refers to shifts in an urban community lifestyle, increasing share of wealthier residents and/or businesses and increasing property values7. It also could displace the small businesses and the middle low-income families. The effects of gentrification carry a heavy impact to small businesses. N. Gregory Mankiw mentioned in a topic “How People Make Decisions” that people face trade-offs, comparing the costs and benefits, think at the margin and respond to incentive.8 Thus, it is understood that the small …show more content…

When the price of rent rises, which is a fixed costs of production, it will reduce profits. Furthermore, the business owner will consider whether it is still in the desired profit level. He will calculate the total revenue and total cost of his business. If the total revenue it would get less than its total costs, he would decide to exit the market. The same calculation is done by the company that will enter into the market. Given that the new community is formed lucrative target market for them, thus they decided to enter into the

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