From Showrooms to Showplaces (washingtonpost.com) is an article I came away reading with the lesson you should own your own property.
This weekend I stopped by my hairdressers, a U Street area business, ’cause I’m getting kinda nappy and had to make an emergency appointment. We got to talking about the changes in the neighborhood because she bought her shop in the late 60s or early 70s when the neighborhood was really down and out. She sort of complained that she keeps getting all sorts of mail encouraging her to sell her shop. She won’t and I hope she doesn’t. I won’t let anyone else touch my hair, she is THAT good. So I am glad she owns the property where she operates, so she will leave when she retires.
The businesses that have seemed to survive the gentrification of the 14th street area own the property where they sit. The Washington Post article points out the Sam’s Pawnbrokers as one of the business from the hard days of Logan that has remained because the owner refuses to sell. Businesses that lease their property are subject to the whims of the property owners. As a property owner you have more control over what happens to the property, but there is the risk of the property turning into an albertros around ones neck when it is difficult to offload.
The same can apply to residential property as well. People who own their homes are not subject to the whims of landlords, just the DC Tax Office. Those from the hard lean crack filled days of Shaw may remain provided they own their homes. Everyone else is subject to the needs and wants of their landlords, the government’s housing programs, and whatever.