In the context of housing, what does the term "gentrification" refer to?

The term "gentrification" specifically refers to the process by which affluent individuals move into previously lower-income neighborhoods, leading to rising property values and the displacement of original residents. This phenomenon often occurs in urban areas where a combination of factors, such as investment, rising demand for housing, and urban renewal initiatives, make these areas attractive to wealthier demographics. As these new residents move in, they typically bring changes that can influence the local economy, culture, and community dynamics.

Gentrification can bring both positive and negative consequences. On the one hand, it can lead to improved infrastructure, increased economic activity, and enhanced public services. On the other hand, it often results in the displacement of long-standing residents who may no longer afford to live in the area, as rents and property taxes rise significantly. Understanding this term is crucial for those studying housing and community development, as it highlights the complexities of urban change and its social implications.