Highly controversial process in which urban developers convert lower income neighborhoods and inner-city ghettos into more upscale communities with condominiums, loft apartments and wealthier tenants for renovated homes.
Current residents often cannot afford to pay the higher rents or assume a mortgage, gentrification efforts usually force them into even lower class areas with even higher crime rates.
Local businesses, which formerly catered to the needs of working-class residents may either have to relocate, close or sell out to new investors.
Gentrification does achieve its stated goal of renovation and renewal, but it can also create an entirely new set of social and economic problems for poor, inner city residents who have been displaced, and/or marginalized
http://www.wisegeek.com/what-is-gentrification.htm Written by Michael Pollick; Last Modified June 04, 2010 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1104493
A term used to describe the trend of whites fleeing urban communities to the suburbs as minority populations increase.
Scholars debate yet often agree that racism plays a large role in this trend
According to Leah Platt Boustan, Since many public goods are locally financed, segregation between the inner city and the suburbs generates disparities in access to education and other public services.
For Further Reading on Apartheid Schooling: Jonathon Kozol: The Shame of the Nation
Redlining: A discriminatory and illegal practice in which financial institutions deny mortgages and other types of financing to residents of predominantly poor or minority neighborhoods, without regard to individual creditworthiness.
Criticism for the Necessity of Redlining:
Integrated neighborhoods are a financial risk, as they are likely to be unstable economically and socially
Black on the Block: The Politics of Race and Class in the City
“ The balance of power in neighborhood decision making favors home owners. Their values and norms about appropriate neighborhood decorum are most audibly expressed, and they frequently invoke their status as taxpayers to legitimate their demands for action. Home-owning newcomers and their old-timer allies translate their economic power into political voice.”
“ The housing market tends to sort the population by income into different areas. Racism may add another type of sorting. If an area is increasingly filled by lower income residents, landlords have an incentive to not maintain their properties. If they were to invest in upgrades, they'd need to charge a higher rent to make this a profitable investment. People with higher incomes who could pay the higher rents may not be willing to live in that neighborhood. So landlords simply "milk" the decaying buildings of their rent. By putting off repairs, they can save money to buy other buildings elsewhere. The failure to continually upgrade buildings and replace the wornout building stock with new buildings amounts to a process of disinvestment — shrinkage of capital — in an area.
“ What is Gentrification”
Midland Park, New Jersey Racial Demographics 64.10% N/G White persons not Hispanic 15.10% 3.69% Persons of Hispanic or Latino origin 1.30% 0.71% Persons reporting two or more races 0.10% 0.01% Native Hawaiian and Other Pacific Islander 14.30% 2.22% Asian persons 0.30% 0.06% American Indian and Alaska Native persons 6.10% 0.43% Black persons 77.80% 95.81% White persons Bergen County Midland Park New Jersey Racial Demographics