Questions:
- Since gentrification leads to economic growth in a neighborhood, why are low income families displaced when a neighborhood is gentrified?
- Poverty is one of the leading cause of high crime rates. Poor neighborhood needs renovation in streets and buildings. Is gentrification more of a positive than a negative aspect to a poor neighborhood?
Examples:
- Sunset park was a poor neighborhood. Industry city is an example of gentrification in this neighborhood. Most of the buildings and streets in the waterfront was abandoned until it was gentrified. Amazon, Bed & Bath Beyond was some of the companies that gentrified the area. Given the economic growth, rents are increasing which negatively affects low income families.
- Another example is Bay Ridge in Brooklyn. More and more stores are starting to open along 86th street which is an example of gentrification. The street is starting to look like a shopping center. Since more businesses are opening their stores, more job are generated which leads to economic growth, increase in population, and safer streets.