The Nation presents a dark take on how the government's plan to bury sections of Interstate 70 in Denver could destroy the character of historic neighbohoods. In short, residents lose and real estate investors win.
"The CDOT’s plan would condemn 56 homes and 17 businesses—a more extensive use of eminent domain than was required for the construction of the highway in the first place. It would also sever the neighborhoods during the decade of construction and open them to land-grabbing by developers."
The plan, the story contends, is an update of redlining because it would make many homeowners ineligible for FHA mortgages.
"It already appears to be working. In addition to direct displacement by eminent domain, home values in GES have increased by 68 percent in the last two years (compared to 30 percent in the rest of Denver). This has displaced the neighborhoods’ renters, who are uniquely precarious—over 50 percent have no lease at all—as well as longtime homeowners who cannot afford the increased property taxes. The stormwater component of the plan also places Globeville back into the 100-year floodplain, making homeowners ineligible for FHA loans. The redlining returns."
Read author Caroline Tracey's full report here