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Gentrification

Gentrification is the process by which a working-class neighbourhood attracts investment and higher-income residents, housing and retail prices rise, and the original population is displaced. Sociologist Ruth Glass coined the term in 1964 to describe what was happening in London.

It is not just a change of neighbours but a change in who can afford to live there. Neil Smith explained the economic mechanism with the rent gap (1979): when the gap between what a run-down area yields and what it would yield once renovated is large enough, capital returns. Today's variants —tourist, commercial, green— repeat the pattern with different triggers.

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