Dr. David Chapman (far left) and UCO Post-Grad and Rotarian Eriech Tapia (r) discussed their findings gathered from a recent research visit to Great Britain as a part of the University of Central Oklahoma's Finance and Real Estate studies curriculum. This is an annual trip that is a part of the curriculum of Dr. Chapman's course. Students prioritize a select area and target individuals on the street and in businesses to gain perspectives of the general populace on what is going on in this particular area. Students gain ground roots knowledge of local issues and sometimes find issues that otherwise would not find the light of day reading the regular news of the day. Students also gain an international perspective that puts them outside their "comfort zone" and lets them gain a new horizon beyond the next county line.
The research centered on the effects of "Gentrification of London suburbs as a result of POPS or Private Ownership of Public Spaces or Privitization of Public Spaces, which is taking place as cities are finding themselves unable to manage parks and green areas and are in-turn, selling these spaces to "public minded" individuals to manage and sustain. What was found is varied depending on the status of the people being interviewed. Private owners seem to appreciate the movement as it enhances their property values and more transient individuals find themselves being excluded from these areas in many cases. Being privately held, these "public areas" are now more likely to be unfriendly to picnickers, protesters, and casual users and more likely to require permitting or passes to utilize the space.
Another effect that took place as some government held apartments were placed on the market and made available first to the residents of the spaces was their purchase, then the subsequent resale as the market surged with demand and a more upper class of resident moved into the community. The resultant change in the purchasing power of the residents changed the retail venue available to residents moving much of the nearby merchants pricing out of the reach of those in the lower middle class remaining in the community. Also, the price of living in the communities sometimes became such that sacrifices had to be made to keep the budget intact. The costs of living skyrocketed !
Unintended consequences of POPS have been to make access of many public spaces non accessible to those wishing to utilize them the most! Local families with children but limited income to travel elsewhere for instance. And, of course, the rising price of property raises the value of property around it and thus raises the property taxes and it soon becomes a case of having property but not being able to keep it due to how much it costs in fees, etc. The definition of property poor!
Dr. Chapman will return this coming Tuesday to discuss this phenomenon as it relates more locally and other topics.