Monday, December 01, 2003

Gentrification & Me, issue 5

"Unfortunately, many poorer city residents still donít see the advantages of buying. As the interviews from the Shoreview case show, many residents still mistakenly believe living 20 years in a rented apartment bestows some property right equal or greater than that held by the actual owner. They do not realize the tax advantages of homeownership (through mortgage interest deductions) or the fact that owners realize the benefits of appreciated property while renters do not." From Gentrificationís flip side ó good for rich, bad for poor by Dwayne M. Green.

Homeownership. It is a good thing. It is also a pain in the rear.

But if you can stay ahead of the tax payments it can save a body from being outsted via gentrification.

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