Gentrification is defined as higher-income people moving into a working-class urban neighborhood, increasing rents and property values. This causes changes to the neighborhood's character and culture. While some effects like reduced crime and new investment are desirable, long-time residents often cannot afford the increased costs and are displaced. Gentrification is characterized by an influx of young professionals and couples, higher rents and home prices, conversion of housing to condos, and development of luxury homes and businesses that change the neighborhood's identity.
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What Is Gentrification
Gentrification is defined as higher-income people moving into a working-class urban neighborhood, increasing rents and property values. This causes changes to the neighborhood's character and culture. While some effects like reduced crime and new investment are desirable, long-time residents often cannot afford the increased costs and are displaced. Gentrification is characterized by an influx of young professionals and couples, higher rents and home prices, conversion of housing to condos, and development of luxury homes and businesses that change the neighborhood's identity.
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What is Gentrification?
Gentrification is a general term for the arrival of higher-income
people in an existing working-class urban district, causing a related increase in rents and property values, and changes in the district’s character and culture. The term is often used negatively, suggesting the displacement of low-income communities by affluent outsiders. But the effects of gentrification are complex and contradictory, and its real impact varies.
Many aspects of the gentrification process are desirable. Who
wouldn’t want to see reduced crime, new investment in buildings and infrastructure, and increased economic activity in their neighborhoods? Unfortunately, the benefits of these changes are often enjoyed disproportionately by the new arrivals, while the established residents find themselves economically and socially marginalized.
Although there is not a clear-cut technical definition of
gentrification, it is characterized by several changes:
Demographics: An increase in median income, a decline in
the proportion of ethnic minorities, and a reduction in household size, as low-income families are replaced by young singles and couples. Real estate markets: Large increases in rents and home prices, increases in the number of evictions, conversion of rental units to ownership (condos) and new development of luxury housing. Land use: A decline in industrial uses, an increase in office or multimedia uses, the development of live-work “lofts” and high-end housing, retail, and restaurants. Culture and character: New ideas about what is desirable and attractive, including standards (either informal or legal) for architecture, landscaping, public behavior, noise, and nuisance.