New trendy restaurants and shops are pushing out locals unable to afford the higher prices.
Photographer: Gaby Oraa/BloombergHousing
Venezuela’s Vanishing Middle Class Is Priced Out of Trendy Neighborhoods
Homes are in disrepair in popular areas of Caracas, where longtime residents can’t afford local shops and restaurants as adoption of the dollar fuels inequality.
Venezuela’s shrinking middle class is getting priced out of Caracas’ most sought-after neighborhoods, where high-end restaurants have opened shop next to formerly modern buildings now in disarray.
On a main street of the bustling Los Palos Grandes neighborhood, the once-bright façade of María Elena Álvarez’s eight-story building is faded, the lobby is darkened and the parking lots walls are crumbling.