Do you really think that's what happened...?
It is tough to get private money to invest a lot of money in a neighborhood that makes people with money uncomfortable. Only happens if much larger gentrification forces are at work anyhow, or if the city does various things to 'clean up' said sketchy neighborhood. But it is tough to get elected officials to do said 'cleaning up' when reelection depends on racial politics and bloc voting that lie in tension with what market forces want. In a nutshell it is hard to simultaneously blame white folks and ask for their help at the same time.
If the city had the magic power to redevelop something you wouldn't have seen the rise and fall and rise and fall and rise and fall of Underground.
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