Today, many development deals are initiated by foreign investors, and many neighborhoods are affordable only to the global elite. Buildings spring up that are meant less to house people and more to house the wealth of millionaires and billionaires. In a stretch of Midtown Manhattan, which has recently become filled with sky-high multimillion-dollar condo buildings, a New York Times investigation found that 50 percent of apartments are vacant for the majority of each year. In other words, the fifth and last phase of gentrification is when neighborhoods aren’t just more friendly to capital than
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