GGR124H1 Chapter Notes - Chapter 2: Urban Renewal, Neoliberalism, Ruling Class
18 Jun 2016
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Creates capitalist system that is competitive: system operates by exploiting unevenness among poor. People with more wealth/social acceptance: greater command over space. People with less: forced to rent, vulnerable to vagaries of land market: Gentrification and the rent gap as critical concepts. Speculation: invest in buildings/land not to use but to hold: Just hope that price on market will increase so can be sold again for a profit. Process when urban neighborhoods (usually low income homes) become focus of reinvestment/resettlement by middle classes. Displace existing residents when rent/property tax . Process encouraged in local states: hope to gain more amenities/higher tax revenues. Has to do with class: ex: revitalization and neighborhood change are more neutral. Comes from labour put into renovations by owners (not paying contractor to do work) Owners sweat to decorate/upgrade house: want to see value in market . Associated with gentrifiers: gentrifiers move into older historic buildings, these small physical upgrades lead to significant increase in value.
