gentrification

“Gentrification is a shift in an urban community toward wealthier residents and/or businesses and increasing property values.[1] Gentrification is typically the result of investment in a community by local government, community activists, or business groups, and can often spur economic development, attract business, and lower crime rates. In addition to these potential benefits, gentrification can lead to population migration, which involves poorer residents being displaced by wealthier newcomers.

In a community undergoing gentrification, the average income increases and average family size decreases. Poorer pre-gentrification residents who are unable to pay increased rents or property taxes[dubious ] may be driven out. Often old industrial buildings are converted to residences and shops. New businesses, which can afford increased commercial rent, cater to a more affluent base of consumers—further increasing the appeal to higher income migrants and decreasing the accessibility to the poor.”

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