companies and wealthier people moving in makes everyone in the area more wealthy.
This would only be true if everyone owned their own residences and profited from the increase in land values. In reality, the inhabitants of gentrifying neighborhoods are usually just evicted from their homes so the owners can sell to developers, and they end up worse off than they were before.
This would only be true if everyone owned their own residences and profited from the increase in land values. In reality, the inhabitants of gentrifying neighborhoods are usually just evicted from their homes so the owners can sell to developers, and they end up worse off than they were before.