26 Jun ECONOMIC IMPACT
Economic Impact
Introduction
I have watched the neighborhood I grew up in the east side of Atlanta transform over the past few years. Not until I got to college did I understand that all of this was taking place due to gentrification. I view nothing wrong with gentrification because it gives “unappreciated areas” the economic boost they need to thrive. “Gentrification is a process by which low-income central-city neighborhoods experience investment and renewal accompanied by an in-migration of middle- and upper-middle-class residents (Smith 1998)”.
Hwang (2015) documented the pioneers of gentrification and its transformation and how it impacted urban areas. In his research, Hwang identified how immigration and race plays a massive role in gentrification. Weaver (2007) studied and focused more on the gentrification and its impact of the housing value in Atlanta. In his study Weaver reported the impact gentrification had on Atlanta home values from 2000-2009. Additionally, Weaver reported indirect and direct impacts such as educational levels and house hold income. Hartley and Kolliner (2014) estimated how gentrification had fluctuated during the time of the recession.
The economic influences of gentrification are not only prominent here in the U.S, but is taking place in other cities as well. Gentrification contributes to substantial growth within “urban” areas such as businesses, jobs, and technology innovation. Furthermore, it brings eminence in providing newer homes, higher quality facilities, cleaner area, and additional things as well. Seeing how Atlanta and other major cities have adopted and embraced the gentrification trend and the impact it has had on the city is remarkable. The purpose of this study is to examine and determine if gentrification serves high economic benefit or little to no purpose at all within cities. This will be determine by examining house p
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