New York City is being transformed right before our eyes. The places that we once called home are being transformed into places we can no longer afford. Many of us are just now recognizing the effects of "Gentrification" the term coined for the redevelopment or as some may call it "urban regeneration." Our local stores, lots, and buildings we live in are being torn down and rebuilt into high rise fancy places with a hefty price tag to match. The essence and history of our neighborhoods are being demolished with every new building put in our neighborhoods. The plan for gentrification was put into the works long before anyone was able to realize what it actually meant and what the effects would be. Urban Regeneration is most often achieved through gentrification but many believe that revitalization is an effective and different approach that can be taken to change the dynamic of a neighborhood. .
Gentrification.
Gentrification the term used to describe neighborhoods that start off predominantly occupied by households of relatively low socioeconomic status, that experience an inflow of higher socioeconomic status households. [ CITATION NYU15 l 1033 ] The term Gentrification was first applied to New York City in the 1970s, but was not put into action until the year 1990. The effects however were not shown until the year 2000 and the years 2010-2014. During this time according to the NYU Furman Center there was a change in the overall household income. NYU Furman Center conducted a report that lists the 55 sub-area neighborhoods broken down into three categories: Gentrifying neighborhoods, Non-Gentrifying neighborhoods, and Higher Income neighborhoods. The Gentrifying neighborhoods are neighborhoods that were low income in the 1990's but have experienced growth. An example of gentrifying neighborhoods are neighborhoods concentrated in or near Manhattan. Non- Gentrifying neighborhoods are neighborhoods that also started off as low-income in the 1990s but took more of a modest growth like the south Bronx and East New York.