Gentrification and its Benefits. Expanding Businesses and Reducing Crime Rates

Essay from the year 2018 in the subject Business economics - Economic and Social History, grade: 1.2, , language: English, abstract: Gentrification involves urban development in which the wealthier class displaces the low and middle classes. This displacement is driven by increased property values and high cost of housing. In most cases, gentrification process in a given community, primarily an urban community, is manifested by a significant decrease of average family sizes and an increase of average income. Some of the benefits of gentrification include expansion of businesses, economic development and reduced crime rates. It is also associated with negative consequences such as population displacement, loss of social diversity and homelessness. However, there are management strategies which can address these challenges including rent control, zoning ordinances and community land trusts.