What is it called when rich people move into poor neighborhoods?
The process of wealthy individuals or businesses moving into historically lower-income neighborhoods, often leading to increased property values and demographic changes, is known as "gentrification." This phenomenon typically begins with the arrival of higher-income residents or developers who renovate properties and open new businesses, which can boost the local economy and improve infrastructure. However, gentrification frequently results in rising rents, higher property taxes, and increased costs of living, which can lead to the displacement of long-term, lower-income residents and the erosion of the community's original cultural identity. While it can revitalize neglected areas, gentrification is often a contentious social issue due to its significant and often negative impact on the affordability and demographic makeup of the original community.
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