Definitions for "Gentrification"
The rehabilitation of a deteriorated neighborhood by new residents who are wealthier than the long-time residents.
Gentrification is the phenomenon that occurs as middle- and upper-income people move into low-income and working class neighborhoods that are undergoing revitalization. The resulting rise in property values may result in fewer housing choices for the local population and ultimately lead to displacement.
The rejuvenation of urban areas of a city experiencing substantial decline. The most common approach involves the purchase of many small parcels located in one area of a city by developers and large landowners to either tear down and rebuild or completely restore houses and commercial buildings which have reached the end of their economic lives.