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gentrification |
Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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gentrification The informal process of revitalizing an older and deteriorated neighborhood into more upscale homes owned by more affluent occupants. The first step is usually taken by young professionals seeking affordable housing in an urban setting, who immediately begin using disposable income to upgrade their properties.Their efforts attract other like-minded home buyers. Eventually the neighborhood reaches a point where the existing homeowners can afford to sell their properties and buy elsewhere, but they can't afford to pay the increasing property taxes. The process gains momentum at that point, with former apartment buildings being converted to condos, single-family residences undergoing complete renovations, and the entire neighborhood changing to middle class or upper-middle class. It is controversial, with some claiming it destroys the ethnicity and integrity of many older neighborhoods, all in the guise of ethnocentric notions of “improvement.” How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Much racial strife is catalogued here, alongside the requisite thumbnail sketches of playwright Tennessee Williams, who achieved a symbiotic relationship with the city; Armstrong, a native son who eventually scornfully declared, "They treat me better all over the world than they do in my own hometown"; and Ruby Bridges, whose integration into the city's schools unwittingly led to segregation via gentrification. Following a steady decline since its heyday servicing bustling trade on the Singapore river, and an unsuccessful conventional gentrification of the heritage site in the 1980s, Alsop was appointed in 2002 with a brief to rejuvenate the three-hectare diamond shaped site. A lot of neighborhoods that are experiencing gentrification at the moment haven't progressed enough to keep those gains through to the next downturn in the real estate cycle. |
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