Chile’s president, Gabriel Boric has moved into Portales Park in Yungay. The newly elected President wants to send a message about reviving areas that have fallen prey to crime and poverty, and apparently things are starting to feel different already.

Unlike other countries, Chile does not have a presidential residence. Each leader has chooses where to live. The former student leader moved into Yungay. While the area still has mansions and houses with art deco, many of them now sit in disrepair. “We want to recover those neighbourhoods that today are threatened by voracious real estate developers, criminals or drug traffickers,” he said in a TV interview.

Rosario Carvajal, a member of Santiago’s municipal counsel says, “The local economy got a shot in the arm. You see activity picking up at the local bakeries, stores and restaurants.” 

The improved security is having an effect in real estate prices too. Rental prices have seen an increase of 15% as well.

Boric’s term is four years and some fear the boost from his presence may be short lived. Let’s hope not.

Written by Barrio Team

Reference: Bloomberg news