Wednesday, September 3, 2014

Gentrification in NYC: Good or bad?

Throughout the years, the demographics of New York City neighborhoods continue to change.
Defined as the shift in urban areas catering to wealthier residents, gentrification has stirred up controversy among New Yorkers.

The double edged sword, gentrification, is praised for developing economy and lowering crime rates while it is criticized for driving the lower class out the communities they call home.

Many areas of Brooklyn including Green Pointe and Williamsburg, have already undergone extreme gentrification as the cost of living is credited as being higher than most areas of Manhattan.

Harlem, which used to be known for it's high crime rates, is seeing a shift catering more towards young professionals. In 5 years will Harlem be the new Hell's Kitchen? Will Williamsburg be the new West Village?

While gentrification is famed for its economic eviction of the lower class, it also presents many economic opportunities for real estate investors, young professionals, restaurateurs and much more. But is it worth driving prices up and ultimately people out of their homes?

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