Could gentrification save some cities?

By Jonathan Wynn, Andrew Deener

Updated 8:57 PM ET, Thu October 19, 2017

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In the city where the term "gentrification" was invented, the practice is widespread. In the Elephant and Castle neighborhood in South London, pictured, local residents and businesses have moved out to make way for new developments catering to the new higher-income residents.
Photos: Gentrification in America and around the world
London, England – In the city where the term "gentrification" was invented, the practice is widespread. In the Elephant and Castle neighborhood in South London, pictured, local residents and businesses have moved out to make way for new developments catering to the new higher-income residents.
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South London's landscape has changed dramatically over the past decade thanks to gentrification. Cranes are pictured towering over a former pub in the Deptford neighborhood in 2017.
Photos: Gentrification in America and around the world
London, England – South London's landscape has changed dramatically over the past decade thanks to gentrification. Cranes are pictured towering over a former pub in the Deptford neighborhood in 2017.
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Parts of New York City continue to gentrify at a rapid speed -- the Fort Greene neighborhood in Brooklyn is one example. As far back as 2004, film director Spike Lee, who once lived in Fort Greene, spoke out against gentrification there and accused many newcomers of not respecting the neighborhood's history or character.
Photos: Gentrification in America and around the world
New York City, US – Parts of New York City continue to gentrify at a rapid speed -- the Fort Greene neighborhood in Brooklyn is one example. As far back as 2004, film director Spike Lee, who once lived in Fort Greene, spoke out against gentrification there and accused many newcomers of not respecting the neighborhood's history or character.
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Brooklyn's Dumbo -- "down under the Manhattan bridge overpass" -- was once an area where crime and homelessness were rampant. Over the past decade, however, it has become increasingly gentrified and safe.
Photos: Gentrification in America and around the world
New York City, US – Brooklyn's Dumbo -- "down under the Manhattan bridge overpass" -- was once an area where crime and homelessness were rampant. Over the past decade, however, it has become increasingly gentrified and safe.
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Gentrification in action: a summer patio set is pictured on display at a store in Dumbo, Brooklyn.
Photos: Gentrification in America and around the world
New York City, US – Gentrification in action: a summer patio set is pictured on display at a store in Dumbo, Brooklyn.
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About a decade ago in the Harlem area, international chains -- such as Starbucks -- and more affluent New Yorkers began to arrive, angering long-time residents, who faced pressure from landlords to move as prices rise.
Photos: Gentrification in America and around the world
New York City, US – About a decade ago in the Harlem area, international chains -- such as Starbucks -- and more affluent New Yorkers began to arrive, angering long-time residents, who faced pressure from landlords to move as prices rise.
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A <a href="http://www.osc.state.ny.us/osdc/rpt5-2018.pdf" target="_blank">2017 report</a> on the Bedford-Stuyvesant neighborhood in Brooklyn, released by the state of New York, found that new residents there are likely to earn more than long-term residents.
Photos: Gentrification in America and around the world
New York City, US – A 2017 report on the Bedford-Stuyvesant neighborhood in Brooklyn, released by the state of New York, found that new residents there are likely to earn more than long-term residents.
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Boyle Heights, historically a predominantly Hispanic and low-income neighborhood in Los Angeles, is now home to trendy cafes and galleries.
Photos: Gentrification in America and around the world
Los Angeles, US – Boyle Heights, historically a predominantly Hispanic and low-income neighborhood in Los Angeles, is now home to trendy cafes and galleries.
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In Boyle Heights, landlords are increasing rent by as much as $800, say long-term residents.
Photos: Gentrification in America and around the world
Los Angeles, US – In Boyle Heights, landlords are increasing rent by as much as $800, say long-term residents.
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San Francisco has one of the <a href="http://edition.cnn.com/style/article/2017-most-expensive-cities-hong-kong/index.html">most expensive housing markets</a> in the world. Gentrification in certain parts of the city was caused by tech companies setting up shop in the San Francisco Bay Area in the 1990s, during the Dot-Com boom.