gen·tri·fy
ˈjentrəˌfī/
verb
past tense: gentrified; past participle: gentrified
1. renovate and improve (especially a house or district) so that it conforms to middle-class taste
Gentrification has had positive and negative affects on the boroughs of New York. Although most of the time the cons seem to outweigh the pros when we take a closer look at it. Most of the people who have become victims to gentrification are often among the lower class rather than the middle or upper class.
Brooklyn and Manhattan
Gentrification can push long time residents out of their neighbourhood. This happens because as wealthier residents flow back into once low-income, often minority neighbourhoods, long-time residents can be priced out.Often times, gentrification “kills the culture”, as Impact Magazine put it. It breaks apart same-race neighbors that have been together for years, people who embraced and advanced their culture.
Gentrification benefits the rich, because they get new, renovated buildings to live in, and for them, it’s affordable. They become the dominant class within the neighbourhood, allowing better public services for them.
No one is more vulnerable to the effects of gentrification than renters. When prices go up, tenants are pushed out, whether through natural turnover, rent hikes, or evictions. When buildings are sold, buyers often evict the existing tenants to move in themselves, combine several units, or bring in new tenants at a higher rate. When residents own their homes, they are less vulnerable, and may opt to “cash them in” and move elsewhere.
Gentrification tends to occur in districts with particular qualities that make them desirable and ripe for change. The convenience, diversity, and vitality of urban neighborhoods are major draws, as is the availability of cheap housing, especially if the buildings are distinctive and appealing. Old houses or industrial buildings often attract people looking for “fixer-uppers” as investment opportunities.
Morningside Heights (Manhattan), Prospect Heights (Brooklyn), Hell's Kitchen (Manhattan), Crown Heights (Brooklyn), The Rockaways (Queens), Williamsburg (Brooklyn), Bushwick (Brooklyn), and Astoria (Queens) are all experiencing gentrification. For further detailed explanations, visit here.
No in actuality gentrification is actually really good for the economy because it’s supposed to increase the community’s revenue. The new neighbors have higher incomes, which means they contribute to the higher tax revenue, which the local government then uses to help with public services, like funding for public schools, or renovated parks. While it has it’s economic benefits, it also has it’s social disadvantages.
Yes many people and businesses have experienced displacement due to Gentrification and being out priced in their own neighborhoods. For more information on the topic, visit http://vanishingnewyork.blogspot.com/
There is no absolute in gentrification. Not only majorities move in, just like no only minorities are affected. While minorities are usually the ones being affected, they’re not the only ones.