The evolution of an area due to an influx of wealthier residents and an influx of their wealth into an area. Lower-income residents begin to sell, profiting from wealthier inhabitants moving into the neighborhood, changing the perspectives. Typically begins an urban renewal process, cleaning up the town, increased rent, taxes, and other items, as expectations rise. Previous residents unable to afford living in the neighborhood view this gentrification in a negative context. Yet, decreased crime rates and increased economic activity are some of many good changes that historically accompanies gentrification.
What is GENTRIFICATION?
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