Gentrification Pros And Cons

Every neighborhood is subject to change. These changes occur due to many reasons and factors like modernization, technological advancement, social forces etc. Due to these changes new cultures and way of living will be explored while some may be ignored. Gentrification is the process of increasing the rent and housing of a certain neighborhood which leads to displacement of the poor/low income families. Changes take place as people with similar interest and status form a community of higher social status. In this paper, I will discuss gentrification from a point of view that will allow us to see the advantages of it. Gentrification allows a community to be economically successful by expanding the local tax base. Because when property value

Now that the amenity value of the neighborhood has improved in a durable way, restrictions on supply lead to big increases in housing prices” (Salam, 2014, p. 35). When a neighborhood under goes gentrification, the home prices skyrockets so then the owners have to pay high taxes which leads them to increase their rent. The good news is that the neighborhood will directly benefit from the expanded tax base as it is used in building better schools, parks, libraries, more convenient public transportations, which allows people to live a more luxurious life. Thus, by increasing land values, gentrification can financially benefit residents who own their homes. Not only does it benefit high status families, it also brings an opportunity in moving upward to low income people who manage to stay in gentrifying areas. “Lower-income children benefit significantly from living in more mixed-income neighborhoods; they tend to experience less violence and crime, attend better schools, and have better role models” (Litman, 2017, p. 2).
One of the common misconception about expanding the tax base is that we often confuse ourselves into thinking it as raising taxes. When a tax base expands, the businesses and members within the community share in the costs associated with running the community. “The larger the

Gentrification itself is a big business. With the money that the investors give in to the gentrifying neighborhood, they are able to build and bring in various chain stores and big companies. People in the neighborhood will then have a lot more choices. Besides the options that those companies provide, they also provide a better and more secure environment for the surrounding residents. The renewal of the city will allow residents to have a better living environment. The investors try their best to renovate the area and switch old buildings into condominiums or luxury housing for purchase, which means that people need to have certain amount of money in order to buy or rent those houses. First, the increase in chain stores provides middle and upper class people to have more choices among daily needs. Even though the chain stores will take away some of the culture experiences that only the local popshops can provide, the chain stores are still definitely better due to its convenience and the size of the company. One of the reasons that people choose big chain stores and not small shops is that people feel more comfortable and familiar with shopping in chain stores. Furthermore, not only the shops are replaced, but public utilities are also