Urban 12-7 - Urban Economics Lecture 12-7 Gentrification:...

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Urban Economics Lecture 12-7 Gentrification: 1-General 2-How much? 3-Effects on current residents 4-Efficiency Gentrification is like incarceration in that it is endogenous there are processes going on that cause gentrification job shifts in Manhattan housing shift Gentrification discussions tend to focus on the housing shift, the job shift is given should there have been policies that prevented the job shifts? neighborhood discussion, not metropolitan discussion Effects on Current Residents: Why is it bad? Effects on current residents Suppose Greenpoint becomes nicer, less pollution, more attractive all of a sudden a bunch of gentry come and say Greenpoint is really cool they make the price of GP real estate up Joe lived in GP originally, consumer surplus falls, Joe is worse off Also, a displacement case, the gentry cause the prices to go up and they offer more money and he is forced to move to New Jersey (displaced from his home) forced out by higher prices and lose consumer surplus as well People think gentrification is a good thing: new opportunities (new places to eat, visit, etc.) after gentrification
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This note was uploaded on 02/16/2011 for the course ECON 4228 taught by Professor O'flaherty during the Spring '11 term at Columbia.

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Urban 12-7 - Urban Economics Lecture 12-7 Gentrification:...

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