BUFFALO, N.Y. (WIVB)- Glenn Kaifas has been renovating eight vacant properties in the Fruit Belt over the last two years.
“At first we thought that we might be ahead of the game before the jobs actually came to the Fruit Belt,” said Kaifas. “We thought that just developing a nice home in general could be nice for anyone, even those who currently lived in the city.”
He said they focused on homes that were at risk of being torn down. Now, many of his properties are finished and being rented out for more than a thousand dollars a month.
“I don’t think it’s influencing the rental market for homes that are ‘as-is homes’, homes that haven’t been renovated,” said Kaifas. “We have apples and oranges. We have oranges that are houses that have been renovated that are almost brand new homes and then you have homes that have been the same for 20, 30 years so you have two different rental markets.”
But one of his tenants disagrees.
Kaifas bought just one home that was occupied. It sat on the same property on Grape St. as one of the vacant homes he gutted and renovated.
His renter is Veronica Hemphill Nichols, who pays $425 a month in rent.
Kaifas is increasing the rent $200 in October and about another $200 the following year.
“The fair market value for a four bedroom single on the East Side, comparing it to other houses that have not been renovated is anywhere between $800 or $900,” he said. “We just want to get ultimately get to fair market value. It’s about halfway to fair market value. There are four adults living in the home so we felt that was a large factor.”
Hemphill Nichols is calling this the perfect example of gentrification.
“This an example not of gentrification but an investor coming in, seeing a problem, having a solution for it,” said Kaifas. “We took care of the violations then made it a home that’s safe again.”
He said they inherited the violations from the property’s previous owner. He also told us they replaced the roof and fixed a lead paint problem at the home.
Kaifas told News 4 it will take time for the residential development in the Fruit Belt to catch up to the commercial development.
“Gentrification in the Fruit Belt? Yes, they should be concerned people should be aware in their community of the development that’s going on in the community but is that happening? I don’t see it happening at this point,” he said.
Kaifas said he is in support of the community land trust idea some Fruit Belt residents are pushing for.
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