Gentrification of Chicago Neighborhoods, New Businesses Replacing Title Loans Stores

The Chicagoland area has been under so much scrutiny the past year and still is. Some people avoid the city all together. Which is understandable with all the violence, protesting, and government corruption going on. Not many people want to dive into the action. People residing in Chicago have said enough is enough, it is time for people to see the real Chicago. Changes in the city have already taken place and are actually bringing new residents and businesses to the area. Property levels are rising due to the city’s gentrification changes.

Neighborhood’s that were considered to be poverty level are now being taken over by an increase in property values. Titles loan stores in Illinois ,specifically the Chicagoland area, are being taken over by businesses that ensure the neighborhood to have an increase in revenue. Even Chicago’s famous Double Door nightclub is currently at risk of eviction. Property values are increasing due to a rise of wealthy business owners investing in the cheap prices of properties in these neighborhoods and, turning them into successful businesses. Since they are bringing in more money to these neighborhoods it naturally will increase property values and are encouraging landlords to raise the rent.

The working class with less education in these areas are struggling to find work and cannot stay afloat. Forcing them out of the area where access to good schools is not so great. There is no way to really stop this processing once it has started.

Business owners are taking over and forcing factories to close. The people employed at those factories usually are not highly educated and, are now unemployed because finding work is a struggle. The lack of education and experience are forcing these people to take much lower paying jobs. For years industrial jobs were of abundance and work was never an issue. Industrial jobs have been declining for some time now and gentrification is speeding up the process.

Creating bigger issues for businesses like title loan stores and local night clubs. Double Door’s landlord has taken the owner’s of the business to court requesting eviction, since their lease was up years ago. The landlord knows that the value of the night club building and instead of making thousands of dollars could potentially make millions. So is gentrification a good or bad thing? It’s a change that happens everywhere, Los Angeles, California is seeing similar effects.

For years the wealthy have chosen to live in the Suburbs and shy away from the city. That is currently not the case. The trend is reversed, the wealthy are attracted to city living and forcing poverty levels into the suburbs and other areas in the city. It will be interesting to see what other changes will take place and what businesses will be taken over. Some businesses may even flourish due to changes but, that is not the case for title loan stores currently.

Tags: Business


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