What is "Gentrification"?

Published: 16 June 2020
on channel: REtipster

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Gentrification is the process of transforming a lower-income and often crime-ridden urban area to a more upscale, affluent area. Gentrification is usually initiated by affluent residents and businesses moving in and is accompanied by the renovation and reconstruction of buildings, parks, and other local amenities. It is also known for increasing surrounding property values and rent prices and displacing residents who cannot afford the higher cost of living.

Gentrification is the transformation process of a lower-income and often crime-ridden urban area to an upscale, trendy region initiated by affluent residents moving in.

The term was coined in 1964 by British sociologist Ruth Glass. She described this phenomenon when it was happening in a working-class immigrant borough of London, England after she noticed young professionals beginning to relocate there. Gentrification comes from the British word “gentry,” which refers to wealthy landowners.

There is also a cultural aspect of gentrification. For example, pawnshops and check-cashing stores being replaced by yoga studios, art lofts, and juice bars would signal gentrification.

Gentrification Controversy
Because a gentrified neighborhood becomes a more expensive neighborhood in which to live, gentrification is also a controversial and politically charged issue. When a neighborhood experiences gentrification, current residents can eventually be displaced when they become priced out of the neighborhood they had been occupying.

If the rent rises to reflect inflated market rates, many renters of both houses and apartments in gentrified neighborhoods cannot afford rent anymore. Likewise, residents of gentrified areas who own their homes outright might become priced out if property taxes become too high from neighborhood improvements.

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