Steve Ballmer to invest 100 million dollars into Inglewood as part of arena deal (affordable housing etc)

[clyde21]

Enough sample size to know that poor people are in part poor due to their own habits, lifestyle choices and decisions. These same types of studies show that people who WERE wealthy and became poor or lost it all are FAR more likely to become wealthy again than those who never were. The reasons for this are obvious. They know how to manage money, how to grind to make money etc.

It was just an example. Sure you are born into poverty and statistically have a cap on wealth. I'll never be a billionaire right? But I've gone from homeless and poor life to making 85k+ a year. It's an uphill road but there is also a series of built in excuses from people for why they failed to improve their situation. Whether that be skin color or poverty.

wtf are you even talking about? are you sure you're in the right thread? what does any of this have to do with gentrification of black and poor communities?

looks like you were just waiting to throw that trash out here and used any opportunity to do so.

No. This is in direct reference. Quite frankly stupidity and bad habits ARE a factor here, you said they weren't. My post was addressing that.

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how is 'stupidity' a factor in gentrification? explain that one to us boss.

[karkinos]

that has nothing to do with stupidity or being poor and everything to do with the fact that these people are not used to having insane amounts of money thrown at them out of the blow.

rich people are kind of used to being rich, you know?

and back to my original statement, this is why there is a limit to philanthropy and why poverty can't be solved by simply throwing money at it.

lower and middle class america need to wake up to the fact that they aren't the best thing since sliced bread when people in other countries with actual modern skills are making your cell phones and hoverboards at lower-middle class wages.

i don't know why people are so sensitive to the idea that we americans aren't as smart as we think we are. for all the universities we have and the prestige, we underperform significantly when it comes to developing skilled workers to manufacture modern technological goods that end up being outsourced all the time.

[shi-woo]

Enough sample size to know that poor people are in part poor due to their own habits, lifestyle choices and decisions.

It was just an example. Sure you are born into poverty and statistically have a cap on wealth. I'll never be a billionaire right? But I've gone from homeless and poor life to making 85k+ a year. It's an uphill road but there is also a series of built in excuses from people for why they failed to improve their situation. Whether that be skin color or poverty.

wtf are you even talking about? are you sure you're in the right thread? what does any of this have to do with gentrification of black and poor communities?

looks like you were just waiting to throw that trash out here and used any opportunity to do so.

No. This is in direct reference. Quite frankly stupidity and bad habits ARE a factor here, you said they weren't. My post was addressing that.

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The first part of your post is showing you to be extremely ignorant, and your later post is showing why that is. You are self made, and feel like you had it worse than most, but now you're doing great and anyone who can't replicate what you did is just a lazy good for nothing. I get it, but you still need to realize that not everyone grew up in environments that promoted building good habits, lifestyle choices, and good decision making. Using technology as an excuse for why people should be doing more is in turn a cop out of your own, because you're assuming these people even know how to use it. You should have more compassion for people who aren't as fortunate as yourself, because it's not as easy as just logging onto KhanAcademy for 30 minutes a night.

And for the record, people do try to improve their life. Personal Growth, personal finance, and self-help books/audiobooks are the most bought genre's in the United States. The problem? Is that people know this, so they charge ridiculous amounts of money for things like college, tutors, books, seminars ect. ect. And let's not even get into the snakeoil salesmen who make millions per year selling those people fake generic garbage because they don't know any better.

Come on man, I know you know better than that, no one is that clueless to how the world works.

[karkinos]

I get it, but you still need to realize that not everyone grew up in environments that promoted building good habits, lifestyle choices, and good decision making.

....all of what you stated is all part of intelligence. money won't fix stupidity and no amount of philanthropy will cure it. end of story.

the world will move on as people who are unable to consistently learn to keep up as technology continues to improve. literally, most skills acquired at a job at age 20 will be obsolete by the time they are 40. people have the misconception that school is there to teach you something that you'll have to use later. school is there to teach you how to learn regardless of the subject. being a life long learner is what guarantees employment and security. all the people saying "everything i learned in school is pointless, i never need to know calculus again," is missing the entire reason school exists. it's a platform for you to learn how to learn so that you can grow up to be independent learners.

14 year old laborers in china that are secretly working at foxconn factories making our iphones are worth more than unemployed people here because they have a relevant modern skill.

[Ryoga Hibiki]

Just to say that the arguments against gentrification are not as clear cut as some people think.

https://www.economist.com/united-states/2018/06/21/in-praise-of-gentrification
https://www.citylab.com/equity/2015/09/the-complicated-link-between-gentrification-and-displacement/404161/
https://www.citymetric.com/have-big-cities-hijacked-gentrification-debate-3395

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[BigRedDog]

Inglewood:

Black or African American: 41.81%
White: 26.67%
Other race: 25.34%
Two or more races: 3.73%
Asian: 1.52%
Native American: 0.79%
Native Hawaiian or Pacific Islander: 0.15%

Would love to see the numbers 20 years from now after this "investment".

Exactly. People are too naive. First of all, you should be skeptical anytime someone makes a "public-private" investment. 99 times out of 100 the private investor has designed a partnership where they can profit on the upside in the short-run but in the long-run taxpayers are the ones left holding the bag when the deal eventually sours. These guys didn't get rich out of nowhere and people don't become politicians out of the goodness of their hearts. Trust that plenty of people's palms were greased to make this "dream" a reality.

Beyond that, arena financing is ALWAYS a terrible deal for taxpayers and the fact that this is a low-income part of the country (relative to cost of living) just means the high end of the taxpayer base is about to get smoked. And ultimately to support this debt financing you can believe this neighborhood is about to become seriously gentrified. As I'm sure connected people have been gobbling up land ahead of this development as speculative investment.

All of that said, I believe Ballmer is a pretty good guy for a rich person (huge caveat). I don't have any real reason to back that up. He was an absolutely terrible CEO by all accounts and Microsoft has been a travesty for two decades running, but that doesn't make him a bad person.

But let's be careful deifying a person for stuff like this.

Remember what happened to the poor people of Charlotte? They financed the Hornets arena based on long-term Revenue Bonds. Then the team escaped the lease and there was no revenue to pay the bondholders back with. Faced with the decision between handing the bondholders huge losses on their investment the city elected to continue paying the bonds even though there was no revenue to support the re-payments. Why you may ask? Well who owns municipal bonds? Rich people who were looking to avoid taxation. And you don't get re-elected by stiffing rich people. Ultimately, taxpayers got nailed to the wall for over a decade to continue making lease payments on an empty arena so that rich bond holders didn't lose money on their "can't miss" investment that missed. In turn, those who helped facilitate the re-payments (illegally IMO, but at the very least unethically) had their political coffers filled, were given sweetheart property/business deals, and became privately wealthy for being willing to "play the game".

Just wait and look at those demographics twenty years from now. $100m doesn't buy a lot of "affordable housing" in California. Just a few condos at rent-control prices for people who know people. It'll be great for the Nieces, nephews, etc who get a baller condo for 30% of what it should rent for though.

Mom was right when she told you the world wasn't fair. Be skeptical. Think for yourself. Question authority.

[DimesandKnicks]

For who? Need Context. It’s subjective.

Complex systems can’t be summed up by “it’s good” or “it’s bad”

this isn't complex at all. 'it's good' for rich white people and it's bad for the poor (black or white) that already live in those neighborhoods. new housing developments do nothing to strengthen those families except make it even harder for them to live there.

like, this isn't a theory. we already know the consequences of gentrification. this stuff is well documented.

This "white" vs black thing with wealthy is total nonsense. It's have vs have not. Blacks with money/power do the same things, as do Asians etc.

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It's not white versus black. It isn't a competition. Rich white people are the ones gentrifying poor black communities, then middle class whites are the ones moving in. What is nonsense about asserting things that are facts.

To act as if there are groups of black or Asians people gentrifying, say poor rural communities in mass is nonsense.

[DimesandKnicks]

Love people ignoring what I posted while continuing to assume things without actually asking the people of Inglewood their thoughts.

The overall problem with low income housing increasing is not the fact housing prices go up. It's that salaries don't.

Which would like...make low income housing increasing like...a bad thing.

For who? Need Context. It’s subjective.

Complex systems can’t be summed up by “it’s good” or “it’s bad”

I think your smart enough to know who its bad for and who its good for.

[Jabroni Lames]

Inglewood:

Black or African American: 41.81%
White: 26.67%
Other race: 25.34%
Two or more races: 3.73%
Asian: 1.52%
Native American: 0.79%
Native Hawaiian or Pacific Islander: 0.15%

Would love to see the numbers 20 years from now after this "investment".

Exactly. People are too naive. First of all, you should be skeptical anytime someone makes a "public-private" investment. 99 times out of 100 the private investor has designed a partnership where they can profit on the upside in the short-run but in the long-run taxpayers are the ones left holding the bag when the deal eventually sours. These guys didn't get rich out of nowhere and people don't become politicians out of the goodness of their hearts. Trust that plenty of people's palms were greased to make this "dream" a reality.

Beyond that, arena financing is ALWAYS a terrible deal for taxpayers and the fact that this is a low-income part of the country (relative to cost of living) just means the high end of the taxpayer base is about to get smoked. And ultimately to support this debt financing you can believe this neighborhood is about to become seriously gentrified. As I'm sure connected people have been gobbling up land ahead of this development as speculative investment.

All of that said, I believe Ballmer is a pretty good guy for a rich person (huge caveat). I don't have any real reason to back that up. He was an absolutely terrible CEO by all accounts and Microsoft has been a travesty for two decades running, but that doesn't make him a bad person.

But let's be careful deifying a person for stuff like this.

Remember what happened to the poor people of Charlotte? They financed the Hornets arena based on long-term Revenue Bonds. Then the team escaped the lease and there was no revenue to pay the bondholders back with. Faced with the decision between handing the bondholders huge losses on their investment the city elected to continue paying the bonds even though there was no revenue to support the re-payments. Why you may ask? Well who owns municipal bonds? Rich people who were looking to avoid taxation. And you don't get re-elected by stiffing rich people. Ultimately, taxpayers got nailed to the wall for over a decade to continue making lease payments on an empty arena so that rich bond holders didn't lose money on their "can't miss" investment that missed. In turn, those who helped facilitate the re-payments (illegally IMO, but at the very least unethically) had their political coffers filled, were given sweetheart property/business deals, and became privately wealthy for being willing to "play the game".

Just wait and look at those demographics twenty years from now. $100m doesn't buy a lot of "affordable housing" in California. Just a few condos at rent-control prices for people who know people. It'll be great for the Nieces, nephews, etc who get a baller condo for 30% of what it should rent for though.

Mom was right when she told you the world wasn't fair. Be skeptical. Think for yourself. Question authority.

Yep. That's how the corrupt public-private real estate game actually works. Just follow the money.... closely ..... over a long period of time.

[fianchetto]

Which would like...make low income housing increasing like...a bad thing.

For who? Need Context. It’s subjective.

Complex systems can’t be summed up by “it’s good” or “it’s bad”

I think your smart enough to know who its bad for and who its good for.

It always amazes me how people sum up such complex issues so easily, so matter-of-fact, with categorical, often binary statements.

Good and bad. So simple.

I hope you’re smart enough to go read some academic research on the matter before making blanket statements and lecturing others

[clyde21]

For who? Need Context. It’s subjective.

Complex systems can’t be summed up by “it’s good” or “it’s bad”

I think your smart enough to know who its bad for and who its good for.

It always amazes me how people sum up such complex issues so easily, so matter-of-fact, with categorical, often binary statements.

Good and bad. So simple.

I hope you’re smart enough to go read some academic research on the matter before making blanket statements and lecturing others

the academic research has already spoken: gentrification does NOT help poor/black communities.

how are you still not understanding this? this is well documented stuff.