From Black Agenda Report: The Twilight of Black Harlem

Race has everything to do with the politics of gentrification. Both the political and economic marketing of gentrification are based on the assumption that “good” neighborhoods and attractive cities are those populated by upscale white people. Poor Blacks are considered the human equivalent of blight, while affluent whites are treated as precious resources. New York Mayor Michael Bloomberg plans to lay a white line of luxury apartments right across the center of Harlem, from river to to river, at 125th Street – and call it a renaissance. Most Manhattan Black elected officials are allies of the mayor, the developers, the landlords and the banks in the project to destroy Black Harlem. They are loyal to money, not their constituents, and hope to make enough money in the short run that they will not need those constituents in the long term.
It’s the same story in Atlanta and other large Black population centers across the United States, the majority of which are hemorrhaging Black residents. The fact that gentrification is such a potent force for Black removal in all regions is proof that racism and finance capitalism behave in remarkably similar fashion throughout the United States. In that sense, nothing has changed since the days of racial blockbusting, several generations ago.
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