NY Times Article "THE SHAPE OF ITS FUTURE SPLITS EAST VILLAGE", talking about new commercial revitalization and commercial revitalization in the East Village.
This is the first wave of gentrification, before the recession of the early 90's, but also interesting to note.
''Everybody's saying that more middle-class people are moving into the area,'' she said. ''The impression is that new money is coming in. I'm sure the rents are going up.''
"Since 1969, when Mayor John V. Lindsay's administration sought unsuccessfully to rezone part of Third Avenue for high-rise luxury apartment buildings, three attempts to change zoning in the East Village have been blocked. These were proposals to gain variances for what are now three parking lots on the east side of Third Avenue between Ninth and 12th Streets, and build high-rise apartments of higher density than the surrounding housing; the most recent of these attempts failed last year. According to Ray Spillenger, treasurer of the Third Avenue Tenants, Artists and Businessmen's Association, the proposals were voted down because ''any upzoning would doom the rest of the area and low-rise property values would zoom.''"
''The 'East Village' is an invention of the real-estate people who want to make it trendy, a chic part of town where young singles can make the scene,''