That is (and may continue to be) good for your friend, but bad for the neighborhood.
Those 'businesses' could last a long time even if they lose money due to infusions of family cash.
Hipsters and their ilk will soon 'discover' the authenticity of the neighbor.
Landlords will then realize that these interlopers will pay (or rather, their families will pay) higher rents than working class/poor people.
Working class/poor people will be forced out of their homes. Mom and pop stores will lose business and close. Other business leases will be terminated and developers will produce more overpriced housing ('artist' lofts and the like).
More parentally-funded 'businesses' will sprout.
More interlopers will be drawn to this now trendy place.
This cycle continues and...
You will eventually be left with a souless, homogeneous neighborhood, devoid of any local culture or heritage.
bloke wrote:A friend of mine (who can build a house from scratch...and repair almost everything in a car (just successfully did an engine/trans. swap in a 7-series Mercedes) was recently hired to rehab two buildings for "hipster"-oriented businesses. If either are still in business a year from today (one is a fancy-schmancy coffee shop in a bad neighborhood and on a street that was cut off by a new throughway), I'll try to remember to update here. In the meantime, some dough changed hands.