Explain the concept of gentrification.

Explain the concept of gentrification.

Gentrification refers to the process of urban renewal and revitalization in which wealthier individuals or businesses move into a deteriorated or underdeveloped area, leading to an increase in property values and the displacement of lower-income residents. This phenomenon often involves the renovation or redevelopment of buildings, the establishment of trendy businesses, and the overall improvement of the neighborhood's infrastructure. While gentrification can bring economic benefits and enhance the aesthetic appeal of an area, it can also lead to social and cultural changes, as well as the displacement of long-time residents who may not be able to afford the rising costs of living.