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gentrification

   Also found in: Dictionary/thesaurus, Financial, Wikipedia, Hutchinson 0.01 sec.
gentrification, the rehabilitation and settlement of decaying urban areas by middle- and high-income people. Beginning in the 1970s and 80s, higher-income professionals, drawn by low-cost housing and easier access to downtown business areas, renovated deteriorating buildings in many cities, reversing what had been an outmigration of upper-income families and individuals from many urban areas. This led to the rebirth of some neighborhoods and a rise in property values, but it also caused displacement problems among poorer residents, many of them elderly and unable to afford higher rents and taxes.


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Much racial strife is catalogued here, alongside the requisite thumbnail sketches of playwright Tennessee Williams, who achieved a symbiotic relationship with the city; Armstrong, a native son who eventually scornfully declared, "They treat me better all over the world than they do in my own hometown"; and Ruby Bridges, whose integration into the city's schools unwittingly led to segregation via gentrification.
Following a steady decline since its heyday servicing bustling trade on the Singapore river, and an unsuccessful conventional gentrification of the heritage site in the 1980s, Alsop was appointed in 2002 with a brief to rejuvenate the three-hectare diamond shaped site.
A lot of neighborhoods that are experiencing gentrification at the moment haven't progressed enough to keep those gains through to the next downturn in the real estate cycle.
 
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