Gentrifying Atlanta: Investor Purchases of Rental Housing, Evictions, and the Displacement of Black Residents. Issue 3 (3rd September 2021)

• Record Type: Journal Article
• Authors: Raymond, Elora Lee; Miller, Ben; McKinney, Michaela; Braun, Jonathan
• Is Part Of: Housing policy debate. Volume 31:Issue 3/5(2021)
• Page Start: 818
• Page End: 834
• Publication Date: 2021-09-03
• Subjects: gentrification -- financialization -- race -- eviction; Housing policy -- United States -- Periodicals; Housing -- United States -- Finance -- Periodicals; Housing policy; Public housing -- Finance; United States; Periodicals; Electronic journals; 363.58097305
• DOI: 10.1080/10511482.2021.1887318
• Languages: English
• ISSNs: 1051-1482

Abstract

ABSTRACT: Displacement of Black communities through gentrification is a major concern among policymakers, community groups, and advocates. This research investigates whether investor purchases of multifamily rental housing predict evictions and the displacement of Black residents from Atlanta, Georgia, between 2000 and 2016. In a series of quantitative analyses, we identify the financialization of rental housing and subsequent eviction-led displacement as key neighborhood-level processes in racial transition and the gentrification of Atlanta. We find that eviction judgments grew by 8% annually in the Atlanta region, and same-site apartment sale prices increased by an average of $5.5 million. Investor purchases of rental housing in a neighborhood predict a spike in eviction judgments in the same year, and presage racial transition. Neighborhoods with investor purchases of apartment buildings lose 166 Black residents and gain 109 White residents over a 6-year period compared with adjacent neighborhoods with no investor purchases.