Word: dickensian
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Dates: during 2010-2019
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This kind of activity - flushing out low-rent tenants and replacing them with wealthier new renters - has been a staple of strong real estate markets for years. What was different over the past few years was how widespread this Dickensian business model had become, largely fueled by Wall Street money seeking high rates of return. Another difference was how much the general investing public - through university endowments and pension funds - became party to such morally dubious schemes. Consider it another footnote to the Gilded Age we just passed through. (See pictures of Americans in their homes...