Doug Chayka,
Don't Gentrify East New York, 2013.
Gentrification is the influx of higher-income, more educated, and mostly white residents into a traditionally low-income, minority neighborhood. Gentrification may increase access to physical and institutional improvements like grocery stores over mini-marts, public parks over empty lots, or coffee shops over liquor stores. While these changes can improve the living conditions and amenities of neighborhoods, they come at higher costs of living and are not equally accessible to all residents, especially low-income and racial/ethnic minorities.
Why do communities gentrify? Historically redlined areas often exhibit a “rent gap” – the difference between the potential value of the property and the current prices of housing. The prime location of urban housing paired with historical underinvestment and low rent prices make them attractive to young career professionals, developers, and investors looking to capitalize on the gap in property values. In San Francisco, 87% of neighborhoods undergoing gentrification were once redlined as “hazardous.”