Gentrification is defined as the process that renews a determined space in a city by rebuilding it or by giving more modern characteristics to an old or abandoned place.
Some of the advantages are the new job opportunities created through this process; also, more security is felt by citizens and more options for food or transportation are available. Taxes will generate a bigger income for the government, meaning that more things could be done with this money. On the other hand, the cost of living rises as the process continues, so poor people are kicked out of the zone and wealthy people buy the properties and turns them into businesses or fancy houses for them or to rent. Gentrification also excludes low-income individuals and people of color.
Gentrification is a sign of economic growth. Positive advantages or low crime rates, more homeowners and businesses will pay taxes in the amount of property taxes each pays, will the raises property value increase. Disadvantages.. In some situations, gentrification kicks out all the poor people and unique businesses and replaces them with wealthy people. Gentrification usually leads to negative impacts such as forced displacement, a fostering of discrimination behavior by people in power, and a focus on spaces that excludes low-income individuals and people of color.
