On Jentrification and Fractional Real Estate

I have a friend in the Lower Ave's named Gentri.

"Gentri" is not her surname; it is her first name.

Hers is a name as lovely-sounding as musician/yoga teacher Gentri herself is in spirit, deed, talent, and in movement.

To me, the word "gentrification," like musical-yogini Gentri, has always encompassed the "upside" of the word--beauty and vitality. Or, specific to gentrification itself, to the renovating, re-vitalizing, and revving of cities. In my mind that does not necessarily mandate a negative; In fact, policy should be enacted to not mandate a negative.

City Weekly asked me, JJJ, Jennifer J. Johnson for Salt Lake City Council District 3, what the definition of "gentrification" was. I blah-blah-blahed, earnestly energetic, about the "cool" factor of revving cities. Still believe that. Strongly.

In the article, The generic "Webster´s" is listed by author Jesse Fruhwirth as the source for the definition he listed. In actuality, Jesse, the definition you plucked is only one of two def's listed, and the source is not just "Webster's," but, rather, Webster's New World College Dictionary. Let's look at the full entry:

1. To convert (a deteriorated or aging area in a city) into a more affluent middle-class neighborhood, as by remodeling dwellings, resulting in increased property values and in displacement of the poor

2.   To raise to a higher status or condition; improve, uplift, etc.

As the late sage Paul Harvey might say (and often did!), "And, now, for the rest of the story..."

In last week's City Weekly article, "Salt Lake City Council Candidates: Q&A offers insight into the six candidates for District 3" (http://www.cityweekly.net/utah/article-9039-salt-lake-city-council-candidates.html), Jesse listed the definition for gentrification as only def #1, leaving out def #2--which was my spot-on take.

The reason this is important?

Not to illustrate that candidate JJJ knows her way around a dictionary.

In fact, things really should not be so very inaccessible to the average person... the average citizen... to "the rest of us!"

Example: Nearly two weeks ago? During a "Meet the Candidates" night debate, when I heard the phrase "Compatibility Ordinance," I thought it was something to do with healthy interaction in the bedroom, NOT the rules preserving community structures, ensuring historical "synch," and limiting the creep of McMansions or monster houses. Luckily for me, I was not the lead-out pontificator on that topic, getting to learn the lingo by the time I had to sound off! (BTW, I have written on this topic--McMansions, NOT bedroom compatibility!--for Real Estate Finance magazine, if you wish to see a copy of the heady piece I ghost-wrote for a local entrepreneur, ping me.)

So, again, the reason this is important?

Because in the course of the interview with City Weekly, I talked about my being very pro-affordable housing and for "green accessibility" in both building and living not being just for the rich, but for all citizens, regardless of wealth. "The democratization of green" is how I called it. I specifically mentioned my eco-colleague Soren Simonsen's uber-green, low-income projects, one of which is based in Central City.

Jentrification is the non-stuffy word for what I believe to be a pretty cool idea in terms of revving up cities. Like Majora Carter, it includes the concept of greening ghettos. It also includes what the Salt Lake City Board of Realtors loved when I earned their endorsement: Fractional Real Estate.

Situation: Avenues has problems with--

1. High-end, sprawling homes not selling
2. Absentee landlords not properly, proactively caring for properties or taking care of tenants
3. "Party houses" (btw, I as a homeowner am also a proud Party Houser and am for that, as part of HIP City... just in moderation... and with care and concern for neighbors)

Fact-Assumptions:

1. Home ownership can lead to higher level of commitment and responsibility

2. Current economic situation makes it more difficult than ever for young people or people in transition to be able to qualify for home loans

Idea for Consideration:

There is a great model to transition renters into home owners: Fractional Real Estate, wherein owners purchase shares of homes. This is done all the time in the vacation home segment, and could become a viable concept for some of our neighborhoods here in District 3.

Fractional Real Estate does not mandate "dividing" or "cutting" up homes. Why do that, when community living is the concept of the home itself? For example, my kewl kid friends on 5th Avenue and F Street (if you have not seen it, they have a veritable shrine to JJJ--with the highest concentration of "J" signs anywhere in the district! Dean Pierose of Cucina--who lives on 5th Avenue--thought the place was my dwelling, when he saw it!)

Starting October 1, these folks are going to rent a home on 13th and J (no, not to move closer to JJJ, just because they want a home with a bit more space). If these folks elect, post-college, to continue to share a place, why not allow them to purchase shares in the home they are soon-to-be-renting and make the transition from tenants to home owners?

It's a win-win: They shift from renter to home-owner status and implied responsibility. And their "landlord"--who has been trying to sell the property for a very long time--can successfully complete the long-term sale stalemate stalling his liquidity. And we neighbors? We get vitality. More of "us" than emptiness in the neighborhoods. After all neighbors, not houses, are what comprise neighborhoods.

Same idea might be able to help solve the fever-pitch of concern I hear from the Lower Avenues (5th Ave and below), where concerns are with absentee landlords not caring for their properties. With fractional real estate opening a potentially excellent pool of available buyers who, otherwise, would not qualify, perhaps we could look at mandating greater care from absentee sorts bringing down these neighborhoods of ours. Just an idea. And my guess? An idea that my friends on 5th Avenue and on J Street circa 1st Avenue would like.  :)

Now, I am going to call Jesse Fruhwirth and ask HIM to define fractional real estate. Or, why don't you, the next time you see him lunching downtown at the Atlantic Cafe or elsewhere?

Comments

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