The Washington Informer, October 13, 2021, Building Generational Wealth in the Midst of Gentrification
The nation’s capital is one of the most highly gentrified cities in the country according to a 2019 study by the National Community Reinvestment Coalition based on U.S. Census Bureau and economic data. This is particularly evident in Wards 7 and 8, where homeownership among Black residents has been declining at an alarming rate. Â
This is owing largely to the proliferation of development projects targeting a younger, wealthier ‘Creative Class’ of millennials, ages 18-34. Certainly such initiatives have the effect of driving up housing values to a point where many would-be homebuyers are priced out of the market, but what about homes that have been Black-owned for decades?Â