What To Do When Your Neighborhood Is A Real Estate Hot Spot

According to StreetEasy, four of the neighborhoods IMPACCT Brooklyn’s work focuses on – Clinton Hill, East Flatbush, Prospect Lefferts Gardens, and Crown Heights – are among the Top Ten Neighborhoods to Watch in 2020! These neighborhoods are selected based on increases in sales prices, rents, and user searches, and the number of new buildings, the article cites, and being on this list generally indicates that a neighborhood’s popularity is on the rise. Great news, right? Not so fast: what about all the families & residents who already live, work, play, and grow in these neighborhoods? It’s been proven that increased interest in neighborhoods can lead to rapidly raised rents and, in turn, displacement of the original residents. Does that mean gentrification of these areas is inevitable?

As you know, IMPACCT Brooklyn has spent over two decades working to preserve the character of our neighborhoods and communities. As such, here’s our official guide of what to expect when all eyes are on your neighborhood.

What does this popularity mean for long-term residents? What can we expect in 2020 and beyond?

Increased interest in these neighborhoods could lead to a lot of new trends, including co-living with roommates instead of family, and changes to the way buildings are operated and monitored, such as facial recognition software, “smart” security systems & mailboxes.

While this change can be long-term, keep in mind this is a great opportunity to connect with your community and share history. Consider hosting a meet & greet or an introductory tenant meeting to talk about long-standing issues that will likely affect everyone in the neighborhood.

How will my neighborhood change? Can I prepare for these changes?

New interest in your neighborhood might lead to new trends in housing: for example, curated co-living, or a form of housing where residents share living space and a set of values or intention, might take off. Smaller landlords might try to sell rent-stabilized buildings, and some landlords have considered duplexing rent-regulated units as a way to bypass the new rent laws and garner larger rent increases.

The best way to prepare for these changes is know your rights as a tenant! By now, you should be aware of the new rent laws; if you’re not, please attend one of our Know the New Housing Laws workshops scheduled this spring. Afterwards, organize your building or neighborhood. Having a tenant association gives you strength in numbers and keeps you from having to fight issues alone. Contact your local community organizer to learn more.

Am I in danger of losing my home or lease?

The most important thing to remember in this situation is that what you don’t know can harm you. People are most often at risk when they don’t know the law; don’t know the terms of their leases; or wait too long for help. There are lots of resources available to help you know the laws and the terms of your leases, and to protect you from deed theft. Being organized and knowledgeable can help minimize any danger of losing your home or having your lease stolen from under you.

What about my favorite small business on the corner of my block? Will they be okay?

They will if you shop small, shop local and support your local small businesses!

Keeping a small business above water isn’t easy, but being organized and knowing what your rights are and what resources are available to you helps save you time and energy. IMPACCT Brooklyn has worked for over two decades to keep small businesses in their community. Our RUG Small Businesses series doesn’t only train new & potential entrepreneurs, it helps existing owners stay on top of industry changes & trends and provides a “Know Your Lease” foundation that makes commercial tenants aware of their rights and responsibilities. Our one-on-one counseling leverages longstanding relationships with local landlords, government agencies and legal services to brainstorm solutions that work for all parties involved.

If you or your neighbors are being harassed by your landlord, overcharged for rent, not getting the repairs you need, or facing unlawful eviction, learn your rights and fight back with IMPACCT Brooklyn’s help! Contact our Community Organizing department today for help forming a tenant union, or for one-on-one counseling and free legal assistance!

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