Gentrification Essay

Gentrification can be defined as the upward change in land use to middle and upper income residential (Keating, 2003). In the simplest form it can be explained as the upgrading of devalued or deteriorated urban property by the middle class or affluent people. It can also be thought of as “reversed neighborhood” (Freeman, 2008). Gentrification is a common issue in urbanized nations around the world. The presences of gentrification begin to become common in the United States around the mid 1970s. There are many factors that feed into the existence of gentrification. And there are numerous social and economic consequences of gentrification. Often times referred to as a double-edged sword, gentrification sets off a chain of both positive and negative

It was designed to relieve distressed areas of the city by offering tax incentives for private development and investment. “During the first five years of UEZ designation, property owners are eligible for 100 percent tax abatements. During the sixth and seventh years of designation, the tax abatement is reduced by 80 percent, followed by 60 percent during the eight year, and 40 percent during the ninth year, and 20 percent during the tenth year. Housing and Residential/ Commercial UEZs have played a significant role in helping to increase property values. The following chart shows the impact that Housing and Residential/Commercial UEZs have had on housing prices in three Atlanta neighborhoods. The figures are based on census tract data collected before UEZ designation, and after the expiration of UEZ designation (see Figure 1). In these three areas, UEZ designation has been beneficial. There have been 423 new or rehabilitated units, and the median home values and rent prices have increased significantly. The Affordable Provisions Compliance requires that twenty percent of the dwellings be reserved as affordable housing units. Unfortunately, the city’s method for determining who is eligible for affordable housing is ineffective. “Housing is affordable in the City of Atlanta if it is accessible to