What is gentrification and why is considered bad?
In: Economics
It’s the improvement of low cost/low income neighborhoods which then causes the cost of living in those neighborhoods to go up so much that people who live there can’t afford to anymore. you’re paying 100 bucks a month in rent, right? And they decide to open a really nice grocery store right across the street from you in an empty lot. A year later that grocery store has caused a lot of traffic into the neighborhood, and it’s a lot of rich people cause the grocery store caters to people in a higher income bracket. Now rich people want to live in this neighborhood because it’s so close to the grocery store, and landlords start to see that people who CAN pay more want to live where you live, so they jack up the rent from 100 bucks to 900 bucks in a month. Now you can’t afford to live there anymore, and you are put out because of that grocery store.
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