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What Happens To Apartment Buildings When Neighborhoods Become “Trendy”?

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I don’t mean for this to be a controversial post but I’m seriously curious. When a neighborhood has fancy condos and retail emerging what happens to the old school apartment buildings? We’ve seen property values sky rocket for various reasons and they have still remained rather high. So in this environment do these “non luxury” apartment building raise their rent? Do you begin to see new folks with higher incomes moving in? Is there resentment? Has anyone thought about this?

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