how does gentrification keep happening if there are less rich people than poor people?
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Gentrification isn’t ‘done’ by genuinely rich people. It’s done by the ‘middle class’. And it’s usually in very specific areas – namely inner city areas.
Young urban middle class is a demographic that’s grown over the past 20/30/40 years. Take New York. It’s population has grown by around 1.5 million from the 1990s to today. A large part of that increase is younger, college educated people who move to the city to get higher paid jobs. They can’t afford to live in Manhattan but they want to live in the city so where do they go? Inner city neighbourhoods where the prices are more affordable.
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