The New York Times has
yet another article today about the wave
of urban mass displacements that are sweeping American
cities as gas prices go up.

Seeing gold in low and moderate income urban neighborhoods,
investment companies are buying up literally millions of
apartment complexes, including many with rent stabilized
apartments, and making it known to investors that they
intend to increase turnover to increase rents, which are
sometimes very low considering their geographical locations
near urban employers.

As many residents of these urban neighborhoods are tenants
who do not own, and many are working class or fixed income
and have nowhere they can afford to go, they need to be
displaced somehow first to free up the valuable real estate.

This is called 'churning' in the real estate business, but its really a form of economic
cleansing. It destroys families and communities as surely as
a hurricane like Hurricane Katrina can, leaving urban wastelands
of unaffordable 'half million dollar' and up condo housing.

Long-term tenants in stabilized apartments or longtime renters who pay below market rate are being expressly targeted as city governments are overwhelmed and overloaded with complaints.

Washington has given this the green light as it has let it be known that it opposes rent stabilization
ordinances and the whole concept of public housing
'on principle'.

This is going to be a HUGE issue in the coming decades as gas prices continue to rise. Urban land will become more and more valuable, especially if it can be sold unencumbered, i.e. cleared of renters.