By Willow Lung-Amam
Earlier than the pandemic, small companies in gentrifying neighborhoods in U.S. cities like Oakland, Miami and Washington, D.C., confronted most of the identical pressures as residents. Black and Latinx companies had been at significantly excessive threat of displacement and closure, as their conventional clientele had been pushed out of the neighborhood, and residents with totally different tastes and preferences moved in, together with giant chain shops with which small companies needed to compete.
Then Covid-19 hit. And regardless of hypothesis on the contrary, the pandemic didn’t cease gentrification. Whereas the housing market stalled within the early months of the pandemic, by summer time 2020, it returned with a vengeance in many already-gentrifying neighborhoods. Actually, the pandemic might be priming some cities for a new and harsher wave than they noticed pre-Covid, as federal and native moratoriums on residential and industrial evictions finish. And whereas residential gentrification has been a frequent subject of dinner desk, neighborhood and coverage conversations, industrial gentrification — the power that results in the displacement of small companies — has not.
Learn the total article right here: Small Companies Are Victims of Gentrification, Too – Bloomberg