Goldman Sachs is now driving hipster gentrification

Goldman Sachs and Gentrification

From here:

Goldman has said it’s looking to make “catalytic” investments in up and coming neighborhoods. In a May 2015 document, it identified 1000 Dean as a project that can target small businesses and creative professionals, and “act as an anchor for future development and investment in Crown Heights.” It invested more than $26 million in equity and debt in the project, according to figures Goldman provided to Quartz. And it has gone on to invest in other Crown Heights property: A building that houses a church community space and housing for formerly homeless veterans on Utica Avenue in Crown Heights.

People often seem to misunderstand gentrification, and here’s apparently a new one: in Crown Heights, Brooklyn, the process is being led by one of the banks probably most associated with the ideals of rampant capitalism. Doesn’t seem very hipster coffee house-y, but I mean, everyone’s looking to make a buck, right?

Ted Bauer

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