Pros And Cons Of Gentrification

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Gentrification is a common and widespread controversial topic and term in urban planning, especially in big cities as New York City. It refers to shifts in an urban community lifestyle and an increasing share of wealthier residents and/or businesses and increasing property values. Some people say it is a myth but mostly term gentrification is being associated with negative side of it. Effects of gentrification are complex and contradictory, and its real impact varies. At first gentrification is being portrayed as desirable process. With neighborhoods improvements usually comes reduced crime, new investment in buildings and infrastructure, and increased economic activity in the area. Unfortunately, experience shows that with these benefits also bring greater losses for its residents and change of the character of the neighborhood. Let’s for example look at Williamsburg. Once artists and younger generations started moving in into Williamsburg just because they could afford living there and pay rents, new restaurants…show more content…
But, to truly prevent the character of a neighborhood to fade away, the city and the district have to come up with other alternatives and plans to help the lower and middle class. “The way you help people from being priced out is to keep housing inexpensive now and in the future for other generations,” Simon said. According to Simon one way to do that is to create limited equity co-operative building. A limited co-op is to be priced that way so it would be affordable to low-income residents, and if they wish to sell their properties they cannot sell it at profit but instead at affordable price. Although tenants might not receive any profit from selling their property, by selling it at an affordable price they support affordable housing. So it looks like creating circle, if everyone sticks to it there will be more availability to lower income

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