Gentrification has become a new buzzword. The term denotes shifts in demographics, higher socioeconomic status, and a rise in real estate values.
Grand Concourse in South Bronx, a neighborhood once shunned due to fear of crime and a bad reputation, is seeing a surge of white, middle-class professionals moving in. For the first time in four decades, the white population has increased instead of decreasing, according to 2010 Census data. Some have attributed this shift to increased tolerance of diversity.
Nobody questions the good gentrification brings-Newcomers to Concourse enjoy an increasingly safer neighborhood (crime rates plummeted), proximity to Yankee Stadium, nicer parks, yoga studios and access to organic produce. Those who have children, in addition, appreciate the diversity their children are growing up with. But an inevitable tradeoff is: As South Bronx continues gentrifying, and real estate values increase, can lower-income groups, who were there originally, afford to continue living there?
What do you think? Is there a way to take the pros without the cons? Or should we set limits to gentrification, and if so, where?