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Essay / The Effects of Gentrification - 1119
Investors and new homeowners are making more money than they actually created poverty for. The way they make their money is by flipping houses, which means they renovate the houses and then sell them for a higher price. In the York and Fig series, they mention Steve Jones, a man known for having a pinball house in Highland Park. One section of the series, The Gentrification Machine, said: “He bought it for $280,000, he told me, put about $140,000 more into the rehab and sold it for – now he laughs – “$530,000!” Oh my God ! ". These prices on homes allow old residents to leave and new residents to come in because the price is good enough for them. Steve Jones is asking people to invest in his home improvement projects. The idea of house flipping is not a bad thing because it makes houses look nicer and fancier than before, but driving out old residents because they can't afford the house house is not a good thing. This idea is causing big changes and is another reason why former residents are