What Is Gentrification, How Gentrification Affects Neighborhoods, And The Benefits Of Gentrification Occurring

by Dr. Harrison Sachs

Overview

This essay sheds light on what is gentrification, explicates how gentrification affects neighborhoods, demystifies the benefits of gentrification occurring in neighborhoods, and explicates how to stimulate gentrification in neighborhoods. Gentrification is a process that involves transforming a poor urban area into a wealthy urban area. The process of gentrification transpires when wealthy investors invest in procuring real estate proprieties in a poor urban area so that they can renovate them and subsequently lease them out at exorbitant rental rates. The process of gentrification also attracts companies to expand into the urban areas that are undergoing gentrification. Companies are inclined to establish brick and mortar retail stores in the urban areas that are undergoing gentrification. The urban areas that are undergoing gentrification entice affluent people to migrate to them. Companies want to be able to have their retail stores located in the neighborhoods of their wealthy customers. Wealthy customers who can afford to pay exorbitant rental rates can also afford to pay premium prices to procure product offerings and service offerings. The process of gentrification can help to stimulate real estate development in a urban area if rental rates in an urban area have risen to an unprecedented height. The process of gentrification is appealing to both investors and affluent people. The process of gentrification is however not with its drawbacks. The process of gentrification can for instance culminate in significantly amplifying the cost of living in an urban area. The process of gentrification can for instance also culminate in rendering it cost prohibitive for poor people to sustain living in an urban area that has undergone gentrification. The process of gentrification can for instance also culminate in there being an exodus from an urban area by poor people if it is so no longer with the parameters of their budgets to remain in an urban area that has undergone gentrification. The process of gentrification can also change the composition of communities in urban areas since it can render poor people less apt to remain in urban areas that have undergone gentrification. The process of gentrification is not limited to the aforementioned drawbacks. The process of gentrification can also culminate in there being increased traffic congestion in urban areas that have undergone gentrification. The process of gentrification can also culminate in homeless rates amplifying in urban areas if more and more people can no longer afford to pay exorbitant rental rates in urban areas that have undergone gentrification. Moving to adjacent neighborhoods can also be expensive which is ultimately a transition that most poor people often cannot afford to undergo since moving costs can be lofty costs to incur. The process of gentrification can also permeate into adjacent urban areas overtime since investors are keen on expanding their real estate investment portfolios. Investors are eager to acquire undervalued real estate properties that they can renovate and subsequently lease out to tenants at exorbitant rental rates whenever it is deemed viably possible for them to do so. Investors do not want their real estate investment portfolios to be comprised of scant rental proprieties. Gentrification is a process that involves transforming a poor urban area into a wealthy urban area which ultimately revamps an urban area. The process of gentrification leads to investors acquiring most of the real estate proprieties of urban areas and renovating them so that they can command exorbitant rental rates for their real estate proprieties when they lease them out to tenants. The process of gentrification entices companies to expand into wealthy urban areas by establishing brick and mortar retail stores in wealthy urban areas so that companies can serve more wealthy customers who are apart of their target market. If companies limit themselves to having stores in relatively few wealthy urban areas, then they would aptly forgo being able to amplify their sales volume, sales revenue, and profits. By strategically expanding into more wealthy urban areas where their target markets reside, companies are all the more apt to amplify their sales volume, sales revenue, and profits, especially in contexts in which there is substantial pent up demand for their service offerings and product offering among their target market of wealthy customers in posh urban areas. Gentrification affects neighborhoods in a multitude of disparate ways. The process of gentrification occurring in neighborhoods can culminate in rental rates on real estate properties significantly amplifying in neighborhoods.

Product Details

ISBN-13:	9798369256879
Publisher:	Barnes & Noble Press
Publication date:	06/09/2022
Pages:	24
Product dimensions:	8.50(w) x 11.00(h) x 0.05(d)