This is how it SHOULD be done. Instead of throwing people out, authorities in Tel Aviv have crafted legislation to allow people to stay in areas that are being gentrified. I think I can safely say we will, unfortunately, never see this happen in the U.S. Unlike San Francisco, Tel Aviv has taken steps to mitigate the effects of the new arrivals on existing residents, chiefly through a program known as Pinui Binui—Vacate and Build. What it means, in practice, is that private real-estate developers are invited to raze old and decrepit housing in places like Neve Sharett—where the average apartment size in the three-story housing blocks is just 540 cramped square feet—and erect luxury high-rises. The original owners are given new apartments, and the rest of the units are sold off at market price.
Posted on: Sun, 09 Mar 2014 23:34:11 +0000