CityLab editor-at-large Richard Florida digs into a new study that breaks down the pros and cons of gentrification.
The study from the Federal Reserve Bank of Philadelphia uses new detailed data on the economic condition of residents to provide a closer look at who gentrifies and who gets displaced, as well as the overall effects of gentrification on neighborhoods and residents, explains Florida.
Surprisingly, the study found that gentrifying neighborhoods do not lose residents at a substantially higher rate than other neighborhoods. In fact, residents of gentrifying neighborhoods are less than 1 percentage point more likely to move out than those in non-gentrifying ones. Residents of the most intensely gentrified neighborhoods are less than 4 percentage points more likely to move. And the majority of affluent residents that moved from gentrifying neighborhoods ended up leaving the city for the suburbs or elsewhere.
But the study finds—and this is a hugely important contribution—that gentrification ultimately hits hardest at the least advantaged and most economically vulnerable.