"When housing becomes a means entirely directed towards profit, we lose. We lose the communities, the people, the history, the buildings and create even more inequality in housing.”

All around the world, little historical pockets within cities transform into new hotspots. Beautiful new coffee shops, restaurants and vintage stores open as a new wave of residents enters the scene. Every city in the world faces this phenomenon. From London to Mexico City, gentrification seems to be unavoidable and more present than ever before. 

Gentrification, in a broad sense, happens when a neighbourhood sees an influx of more affluent, middle-class residents, which in turn displaces the lower-income original tenants. This change in the residents’ purchasing power often leads to increased property values, new investments and economic changes that could appear to signal progress. 

But as we have been shown, not all that glitters is gold. This shift may have a deeper impact than is seen initially. The dramatic shift in a neighbourhood’s demographics displaces the original residents and drives the housing crisis up, increasing the cost of living in the adjacent neighbourhoods. 

At first glance, the idea of gentrification can seem like a new promise for progress and opportunity in less developed areas of a city. A neighbourhood loved by many can be revitalized, infrastructure can be improved and even crime can decrease. While these are all positive developments, the true underbelly of gentrification has negative consequences for the local population that once called those places home. 

Imagine living in a neighbourhood where you know all the residents and have a historical connection to the place. Rent is perfectly affordable for you and others in your community. Then, in the blink of an eye, all the people and places you grew up with change little by little. Eventually, rent increases become unpayable for you and your neighbours. You have been priced out of your own home. 

This is the reality for many. Locals are displaced from their homes and lands in the name of progress. When housing becomes a means entirely directed towards profit, we lose. We lose the communities, the people, the history, the buildings and create even more inequality in housing. 

There is a lot of good progress that can come from developing existing neighbourhoods and the social capital this brings to residents is invaluable. But when change can only be made through the displacement of locals, social mobility and preservation are hindered. This calls into question the price people ultimately pay for so-called “progress” and the ultimate need to reevaluate if what is good for the economy truly benefits our communities.