Change is inevitable and this is not an exception to the neighborhoods. Residential areas often experience gradual or profound changes. One such change is gentrification. Gentrification refers to the process where people who are middle class or wealthy move to neighborhoods that are low-income, thereby pushing out the residents. This article explores this critical issue and its social economic impact on the neighborhoods.
Gentrification and Its Social-Economic Impact on the Neighborhoods
There are numerous social and economic impacts of gentrification on the neighborhoods, and these are both positive and negative. To start with, residents in low-income neighborhoods can benefit from a wave of investments that come to their neighborhoods. The greatest benefit of such investments is that locals will have an opportunity to apply for jobs. There are some companies who have a policy of giving many positions to the locals especially if the jobs are non-managerial. This is in the spirit of giving back to the community.
When residents in low-income neighborhoods receive middle-class and wealthy people, they will have access to immense business opportunities. This is because such social demographic groups have a higher purchasing power and tend to spend more on basic things and luxuries, and this can benefit the residents.
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Migration, inclusion, and diversity paint an impressive picture of neighborhoods. It shows that the neighborhoods have a high level of tolerance and are able to welcome other people to live with them.
However, Gentrification carries a plethora of negative consequences. Perhaps, one of the biggest negative consequences of gentrification is the difficulty that comes with housing. When richer people come to a neighborhood, the demand for housing increases, without the proportional construction of new housing. In such a scenario, the landlords tend to raise their rents because they know that they will always get tenants. The end results are that the residents are pushed out of the neighborhoods that they have been familiar with for long.
Closely associated with this is that gentrification raises the cost of living. This is seen in areas such as transport, food, education, and entertainment. Residents may find that they cannot afford basic goods and services, right where they grew up or lived for long.
Small towns, villages, and neighborhoods tend to have a cultural identity. This is manifested in the form of food, dressing, music, art, and literature. When there is an influx of immigrants, and especially financially stable ones, the trend is towards cosmopolitanism, and this dilutes the local cultures and traditions.
Conclusion
Policymakers must be very careful when they are handling policies of gentrification. On one hand, there is a need to promote development and at the same time show everyone that they can live where they want as far as they respect the law. On the other hand, there is a need to listen to the voices of the residents who have lived for a long in the neighborhood. The bottom line is that policies should be made in consultation with the neighborhoods.
