What is the process of wealthy individuals buying property in economically disadvantages areas and renovating it, forcing the current residents to leave?

Question

Responses

urban hearth
urban hearth - no response given

industrialization
industrialization - no response given

gentrification
gentrification - no response given

urban blight

Answer 1

The process you are describing is known as gentrification. Gentrification occurs when wealthier individuals or groups move into economically disadvantaged neighborhoods, often purchasing properties and renovating them. This process can lead to an increase in property values and living costs, which may ultimately force long-term, lower-income residents to leave the area due to unaffordability. Gentrification often brings changes in the neighborhood's culture and demographics, as well as shifts in the types of businesses and services available.