Gentrification

Gentrification, or urban gentrification, is the change in an urban area associated with the movement of more affluent individuals into a lower-class area. The area experiences demographic shifts, including an increase in the median income, a reduction in household size, and often a decline in the proportion of racial minorities (if such minorities are present). More households with higher incomes result in increased real estate values with higher associated rent, home prices, and property taxes. Industrial land use can decline with redevelopment bringing more commercial and residential use. Such changes often result in transformation of the neighborhood's character and culture. [From Wikipedia... take your time... large text]