Gentrification is a term used for the arrival of wealthier people in an existing urban districting, causing the rise of rents and property values, and changes in the district’s character and culture. It is often used negatively suggesting that poorer communities are PUSHED OUT by richer outsiders (read more here).
So what does that mean for your regular vanilla lattes that you have every morning that used to cost you $3.50?
Your average coffee shops and other commercial businesses have now become GENTRIFIED, meaning that in order for them to operate in the local area, they are going to have to sell their products and services at a higher price. This means that your cute local baristas is forced to jack up their prices in order to compete with the new businesses as well as INCREASED RENT driving their family businesses out.
Why Does it Take You 2 HOURS just to get to work?
Not only has home ownership fallen dramatically amongst the lower-income households and Gen Y age groups, individuals who are earning less are forced to occupy housing in suburbs further away from their city, as well as their jobs as only the ‘wealthy’ are able to afford homes in the CBD. What does this mean? WE NEED TO DO SOMETHING ABOUT THE GROWING CRISIS OF HOUSING AFFORDABILITY!
For more information, make sure you check out Gentrification Y and their latest blog post 4 Fast Facts – Why Sydney’s Gen Y Needs to Care About Gentrification to find out how Gentrification affects you and YOUR FUTURE!
-Roof Us First