Gentrification

(n) gentrification: the restoration of run-down urban areas by the middle class (resulting in the displacement of low-income residents)  wordnetweb.princeton.edu

Développements à Griffintown - Montréal
Image: Développements à Griffintown, Montréal | Axel Drainville (-AX-) | 2012

Effects

As rent-gap theory would predict, one of the most visible changes the gentrification process brings is to the infrastructure of a neighborhood. Typically, areas to be gentrified are deteriorated and old, though structurally sound, and often have some obscure amenity such as a historical significance that attracts the potential gentrifiers.[17] Gentry purchase and restore these houses, mostly for single-family homes. Another phenomenon is “loft conversion,” which rehabilitates mixed-use areas, often abandoned industrial buildings or run-down apartment buildings to housing for the incoming gentrifiers.[17] While this upgrade of housing value is the superficial keynote to the gentrification process, there are a greater number of less-visible shifts the gentry bring with them into their new neighborhoods (wikipedia).

gentrification02Image: Momento (01), Montréal | Naccarato | 2011

PositiveNegative
Higher incentive for property owners to increase/improve housingDisplacement through rent/price increases
Reduction in crimeSecondary psychological costs of displacement
Stabilization of declining areasCommunity resentment and conflict
Increased property valuesLoss of affordable housing
Increased consumer purchasing power at local businessesUnsustainable speculative property price increases
Reduced vacancy ratesHomelessness
Increased local fiscal revenuesGreater take of local spending through lobbying/articulacy
Encouragement and increased viability of further developmentCommercial/industrial displacement
Reduced strain on local infrastructure and servicesIncreased cost and changes to local services
Reduction of suburban sprawlDisplacement and housing demand pressures on surrounding poor areas
Increased social mixLoss of social diversity (from socially disparate to rich ghettos)
Rehabilitation of property both with and without state sponsorshipUnder occupancy and population loss of gentrified areas
Source: Loretta Lees, Tom Slater, and Elvin Wyly, Genrification Reader, p. 196. © 2008 Routledge.; Rowland Atkinson and Gary Bridge, eds., Gentrification in a Global Context: the New Urban Colonialism, p. 5. © 2005 Routledge.

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