Gentrification

Gentrification is the process by which rising investment and demand in a neighborhood drive up property values and rents, often displacing longtime lower-income residents in favor of wealthier newcomers. In NYC, the pattern shows up concretely in “rent-burdened” areas — neighborhoods where a large share of households spend more than 30% of income on rent — as new development and amenities arrive faster than income growth for existing residents.