by Megan Wilson : stretcher – excerpt
Preface: When I began researching and writing The Gentrification of our Livelihoods in early March 2014 one of my primary interests was the impact that the collaboration between Intersection for the Arts and developer Forest City’s creative placemaking 5M Project is having on the existing communities that have invested in and called the South of Market home prior to the tech booms. Having worked with many community-based organizations within the SoMa community for the past 18 years, I’ve had deep concerns about the development’s impact for the neighborhood and its impact on the future of Intersection.
However, I would not have predicted the announcement that Intersection made on May 22nd to cut its arts, education, and community engagement programs and lay off its program staff would come as soon as it did. What began as a reflection on the shortcomings of creative placemaking as a tool for economic development and its implications on gentrification and community displacement has become a cautionary tale for arts and community organizations to question and better understand the potential outcomes of working with partners whose interests are rooted in financial profit… (more)
If we have gentrification without inflation, during a deflationary period, what will happen with the return of inflation when the Fed raises interest rates and things get really expensive?