They say that the only thing permanent in this world is change. If you watch your community change right before your eyes, you know that change comes with some positive and negative effects on neighborhoods and families. Gentrification is the transformation of poor communities into wealthy ones. And although there are many benefits to welcoming higher-income groups, we can’t say that they are all particularly good.
Some houses for sale in Donnybrook, Victoria, for example, could change the landscape of the community. They could affect families. They could provide better economic opportunities for the inhabitants. Gentrification doesn’t happen in an instant, but its effects feel that way sometimes.
The Good Side of Gentrification
Gentrification welcomes the influx of newcomers in a neighborhood. Traditionally, local people oppose the coming of other wealthier families into their town. They think that these newcomers are going to take away their job opportunities, their businesses, and their houses. And while these happen in other property developments, it is not always the intention of the local government or the real estate developers.
Many times, the intention is to provide quality and affordable housing units. Since the turn of the century, affordable housing units have shrunk despite statistics showing the rapid growth of low-income families. They can no longer afford average-sized houses for their families. Gentrification allows investors to develop a property and build housing units that low-income families can afford through a mortgage. It enables these families to finally be homeowners.
It also brings in economic opportunities. Once the neighborhood is wealthier, property taxes will start to rise. This will give your local governments the power to subsidize food stamps, provide healthcare, build low-cost housing, and many more. This also has a positive effect on local businesses. More people are going to need to buy items from local grocery stores, hardware, diners, and many more.
These newcomers can also start their own businesses. They need workers. They create jobs for local people. The jobs that they create will support families that don’t always have these kinds of opportunities.
The Bad Side of Gentrification
An alarming study from New York University says that there might be a link between gentrification and anxiety and depression of children living in previously low-income areas. The researchers think that the problem is feelings of inadequacies and insecurities. Parents in low-income households will worry about how to survive in the changing neighborhood. In turn, their kids will suffer through the same feelings of anxiety. They will worry about their future, too.
Then there’s also the problem of when wealthier and better-educated newcomers take away jobs from local residents. As a result of this movement, local residents feel incompatible with their jobs. The newcomers are more confident. They come from the cities, and they are better educated. They know more about running a business. The local residents must face these problems along with the rising cost of housing facilities.
While changes are done for the betterment of communities, this does not mean that they’re always going to elicit positive responses. Property developers should look into the neighborhoods they will displace. They should also integrate the cultures of these communities into the new neighborhoods.