gentrification

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Related to Urban gentrification: agglomeration

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.”

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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As stand alone variables completely dissociated from race, elderly and single mother with children carry considerably less explanatory power when describing urban gentrification. Compounding their steady incremental rise and escalating societal acceptability, the stigma attached to these variables is easily outpaced by the stigma associated with race.
Financial capital from residential, commercial investors and developers were the linchpin actors in urban gentrification. While realtors and brokers were in the trenches showing yuppies potential spaces, and public officials drafted tax and grant proposals for residential and commercial developers, the developers were quintessential players for gentrification to financially thrive since they provided the land speculation and investment.
Demographics remain favorable, financing is still cheap, land-use restrictions continue to tighten, second-home buying continues to rise, and urban gentrification is making for better neighborhoods.
There are a lot of reasons that home prices have been rising in this decade: Demographics remain favorable, financing is still cheap, land-use restrictions continue to tighten, second-home purchasing continues to rise, and urban gentrification is making for better neighborhoods.
One of the largest city-center zip codes, 37206, displayed signs of urban gentrification, as EITC populations declined and non-EITC, taxpaying populations (low versus middle-to-high income) increased.

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