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Profit over people.
The Levi's Two Horse Brand label served as a model for this illustration. Made in 2006.
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The "Southside' of Williamsburg, or Los Surdeshas been a perdominately Puerto Rican neighborhood for a few decades now. Like the 'Northside' of the area, it has seen its share of 'luxury loft' styled apartments being built.
Where mutli-unit buildings might have stood, new buildings whose apartments will be sold, not rented, will house larger, but fewer apartments.
This doesn't necessarily force the working class out of the area. It does limit the choices for where people WILL choose to live.
One last thing and that's about simple economics. Poorer people put more into local economies than richer folks do. A look at what has happened in Manhattan stands as an example with its endless supply of CVS, Duane Reade, Ekard, Starbucks, Whole Foods, Commerce Bank, Chase, Washington Mutual - - all I wanted was a Pepsi and they wouldn't give it to me.