Gentrification Flashcards
Gentrification
Process of renovating and improving a house of district so that it conforms to middle class taste
Stage 1: pre gentrification
- An inner city neighbourhood
- Inhabited by working class and poor residents
- Low rent and high vacancy rates
Star 2: pioneer stage
- artiste and counter cultural groups move in
- characterized by low income but high cultural capital
- begin to give the neighbourhood an identity
Stage 3: tipping point stage
Risk tolerant professionals move in
Begin renovating building stock
Rents increase and low income residents may behind to leave, but at the moment the neighbourhood is mixed income
Stage 4: gentrification complete
Risk adverse professionals and business move in
Rental stock converted into owned homes and commercial properties
Neighbourhood is now above average income
What drives gentrification? All not mutually exclusive
Rational choice economics
Cultural preferences
Capitalist accumulation and the rent gap
State intervention
Rational choice economics
Move to inner city so you don’t have to spend so much on commuting
Cultural preferences
Want cultural experienced don’t get this in the suburbs
Capitalist accumulation and the rent gap
Invest and get more money back
Rent gap: describes disparity between the current rental income of a property and the potentially achievable rental income
State intervention
Government comes in and destroys neighbourhood and bring in wealthy people and remove poor
Gentrification and displacement
Low income renters being forced out of s neighbourhood by property owners
Poor residents are not significantly more likely to move out of gentrifying neighbourhoods than they are from any other neighbourhood
Driving force behind demographic changes: incoming residents are more likely to be high income
Low income residents who do move Out move to poor neighbourhoods
Reshuffling of Rich and poor neighbourhoods
low income residents who remain in gentrifying neighbourhoods experience positive benefits
