On the overpass leading into Yonkers is a large sign which states "GENERATION Y" short for generation Yonkers. After some research I found out that this was a plan to revitalize Yonkers. Mayor Mike Spano has approved for one billion dollars to be used fix up downtown Yonkers, focusing on the riverfront, in order to attract young business men and women. The idea in itself is wonderful. Not only are they fixing up dilapidated buildings, they are also bringing in new businesses that will stimulate the economy. The problem, however, is the effect the revitalization has on the homeless community. The project is already underway; new “trendy” stores have been built alongside the luxury high rises located near the waterfront. While this improvement should be happily received by residents, one must question what will happen to the current residents and, more importantly, the homeless population that rely on establishments that have been around for decades. This change …show more content…
The average price of the condos on the waterfront went from $219,000 to $200, 000 in the past few months (Seward pg.2, 2015). This decrease in housing prices is not common, though. It is found that when gentrification occurs, the average rents in a neighborhood rises. This is due to new renters who come to these neighborhoods who can afford to pay higher rents which raises the rent (ICPH pg.2, 2009). Resultantly, this causes people to move due to the increased rent. However, what is happening now in Yonkers is the reverse effect. This decrease in value can be attributed to the current state of Getty Square and the homeless. Yet, this statistic will not last forever. In fact, the fervor the Mayor has for this project will ultimately force him to make a critical decision: continue to rebuild Yonkers while still maintaining a place for the homeless, or get rid of them in order to increase rent