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In the 1950s the Riverside area became increasingly black. And the majority were homeowners. By the mid1960s the area was almost entirely black. The interstate building boom severely impacted the area to the north and east but also led to generally decline in neighborhood quality and ‘flight’ of many to Washington and Pike Townships. Rentals increased and yhe vicious circle of decline continued.
However, Riverside Dr in particular and adjacent blocks did hold up reasonably well. Now, the area is gentrifying — meaning non-blacks have moved in and housing investment has increased. This is great. But protection of long-time homeowners is laudable and commendable.
One remembers about 20 years ago whe the world woke up to the fact that the old homes in the Meridian Street corridor and surrounding neighborhoods were not paying their fair share of property taxes (which was correct). So the city fathers raised the property taxes all in one year. This resulted in many older families having to sell the homes they have owned for many years because they could not afford the tax increase. Maybe this is different.
Doesn’t sound very different to me. With the way Indiana and Indianapolis is growing I don’t have much hope for these pilot programs. Everyone wants real estate here.