High Cost Of Redevelopment

As time goes on, many old neighborhoods, buildings, and public space become too difficult to maintain. The difficulty to maintain these places leads to redevelopment in order to make the space much more valuable. But with redevelopment, the surrounding and existing infrastructure is put at risk because of how it compares to this new urban renewal. The existing area becomes the new old neighborhood and the buildings are considered old now because of the impact from the new redevelopment. With redevelopment, it brings up many questions and problems such as how is the new redevelopment going to affect the other parts of the town, what will the profit/loss be for the town and much more. Redevelopment is seen throughout the world even in the most populated countries and cities and many redevelopments tend to help the existing conditions and

Redevelopment is needed in many cases in which maintaining existing conditions becomes much more difficult. But the cost of redevelopment hits hard amongst the people because as Jacobs states “If a city area has only new buildings, the enterprises that can exist there are automatically limited to those that can support the high costs of new construction” (Jacobs 187). What Jacob means is that with this redevelopment, the cost of construction and placing a business here, is that the people who can afford the costs of redevelopment are the ones who can start a business here while the business owners who are just regular people and not run by a corporation or a chain will be negatively impacted by missing out on a opportunity such as redevelopment. Although there are monetary costs, there are other costs that go along with renewal as well. Jacob also states that “When such an area is new, it offers no economic possibilities to city diversity” (Jacobs 198). New areas often include expensive restaurants,