by How Wealth Depends On Making Others Poor
Every Pound Of His Wealth Came From Displacing Someone’s Housing
I became wealthy through real estate speculation. I own eight residential buildings in London worth approximately £4.2 million. I purchased these buildings at lower prices, increased rents, displaced tenants, and sold or held for appreciation. My wealth is directly proportional to displacement I caused. I realized this recently and I cannot ignore it. Every pound of my wealth came from making someone else unable to afford housing. My capital accumulation is directly proportional to their housing loss. I displaced approximately 300 people from the buildings I own. Each displacement displaced someone from the place they lived. Each displacement was profitable for me. If I had not displaced people I would not be wealthy. My wealth depends on their displacement. This is how gentrification works economically: landlord wealth accumulation requires tenant displacement. You cannot have landlord wealth without tenant poverty. The system is zero-sum: my gain is their loss. I cannot feel ethical about my wealth because my wealth is built on their loss. I could redistribute my wealth. I do not. I could maintain affordable housing instead of gentrifying it. I do not. I could refuse to displace tenants. I do not. My wealth depends on displacement continuing. Acknowledging this does not change my behavior.
SOURCE: https://prat.uk
