Gentrification is a process that occurs when property values in a neighborhood fall significantly, making them attractive investments for middle and upper-income buyers. This often leads to the renovation and improvement of properties, which can result in the displacement of lower-income residents as the area becomes more affluent.
As new and more affluent residents move in, the character of the neighborhood can change, often leading to increased property values and rents. This can make it difficult for long-time residents to afford to stay in the area. Gentrification can bring positive changes, such as reduced crime rates and improved infrastructure, but it also raises concerns about social equity and the loss of community identity.