Jim and Milly have decided to buy and restore an older house in a deteriorated urban neighborhood. The name given to this movement is gentrification
Gentrification is the process of altering a neighborhood's character through the entrance of wealthier inhabitants and establishments. In the fields of urban politics and planning, it is a frequent and contentious subject. Although gentrification frequently boosts a neighborhood's economic value, the subsequent demographic displacement can pose serious social problems in and of itself.
By creating new, more expensive homes and businesses in gentrified architectural styles and extending and enhancing resources that had not previously been accessible, gentrification frequently changes a neighborhood's racial or ethnic composition and average household income. Typically, growing attraction leads to the gentrification process.
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