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Gentrification is a general term for the arrival of wealthier people in an existing urban district, a related increase in rents and property values, and changes in the district's character and culture. The term is often used negatively, suggesting the displacement of poor communities by rich outsiders. But the effects of gentrification are complex and contradictory, and its real impact varies.
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Gentrification is characterized by several changes.
Demographics: An increase in median income, a reduction in household size, and a decline in the proportion of racial minorities.
Real Estate Markets: Large increases in rents and home prices, increases in the number of evictions, conversion and new development of luxury housing.
Land Use: A decline in industrial uses, an increase in office or multimedia uses, the development of high-end housing, retail, and restaurants.
Culture and Character: New ideas about what is desirable and attractive, including standards (either informal or legal) for architecture, landscaping, public behavior, noise, and nuisance.
