Is Gentrification the Result of Rich People’s Quest for Shorter Commutes?

[finehoe]

A group of economists has submitted an intriguing answer: a "reduced tolerance for commuting." As well-educated, high-income, dual-breadwinner households have put in longer hours at the office, they've likewise become starved for free time. And since a shorter trip to work is one of the simplest ways to make up for lost time, they're willing to pay handsomely for it, as reflected in the soaring prices of centrally located homes. Over time, new local amenities emerge—bike-share, cat cafes, cereal shops, what have you—"further fueling the gentrification process."

Lena Edlund and Michaela Sviatchi of Columbia University and Cecilia Machado
of the Getulio Vargas Foundation, a Brazilian think tank, summarizing their case in a new working paper:  http://www.nber.org/papers/w21729

http://www.theatlantic.com/business/archive/2015/11/shorter-commutes-gentrification/416646/

[Know Growth]

The best land, best places, best settings,locales were the first to develop. No wonder these long established places remain popular.