Gentrification

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Gentrification and urban gentrification denote the socio-cultural changes in an area resulting from wealthier people buying housing property in a less prosperous community.[1] Consequent to gentrification, the average income increases and average family size decreases in the community, which may result in the informal economic eviction of the lower-income residents because of increased rents, house prices, and property taxes. This type of population change reduces industrial land use when it is redeveloped for commerce and housing. In addition, new businesses, catering to a more affluent base of consumers, tend to move into formerly blighted areas, further increasing the appeal to more affluent migrants and decreasing the accessibility to less wealthy natives.

Urban gentrification occasionally changes the culturally heterogeneous character of a community to a more economically homogeneous community that some describe as having a suburban character.[2] This process is sometimes made feasible by government-sponsored private real estate investment repairing the local infrastructure, via deferred taxes, mortgages for poor and for first-time house buyers, and financial incentives for the owners of decayed rental housing.[3] Once in place, these economic development actions tend to reduce local property crime, increase property values and prices and increase tax revenues.

Political action, to either promote or oppose the gentrification, is often the community’s response against unintended economic eviction[4] caused by rising rents that make continued residence in their dwellings unfeasible.[5] The rise in property values causes property taxes based on property values to increase; resident owners unable to pay the taxes are forced to sell their dwellings and move to a cheaper community.[6]

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