A Silicon Valley apartment complex wants to attract high-income tenants who work at top tech firms – but critics ask, what is the human cost?
News Story (California)
September 21, 2016
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Tags: Housing: Affordability, Housing: Eviction
Organizations mentioned/involved: Community Legal Services in East Palo Alto (CLSEPA)
Housing advocates say that throughout Silicon Valley, where income inequality is on the rise, real estate investors are increasingly purchasing centrally located apartments, remodeling them, removing low-income tenants en masse, and replacing them with wealthy tech workers. In many cases, the “house flipping” is entirely legal and occurs with little objection from local officials.
While stories of indirect displacement in the tech economy have become commonplace in California, Trion’s marketing materials are exceptionally transparent in the way they state the objectives of rapid gentrification to turn a profit.