Gentrification is a process that is taking place not only in the United States but all over the world as well. Atlanta is no different. Atlanta has been heavily impacted by gentrification, and it continues to be affected by gentrification. Before getting into how gentrification is changing Atlanta, it is important to understand what gentrification is and what it does to an environment. According to PBS, gentrification is when wealthier people arrive in an existing urban district. However, this is not the only description of gentrification. There is much more to it than just the arrival of a wealthier group of people. Gentrification also impacts four aspects of a city: demographics, real estate markets, land use, and culture and character. Typically, with gentrification, when it comes to demographics, an increase in median income is observed as well as a decline in racial minorities. Gentrification causes extremely large increases in home prices as well as an increase in evictions and conversion of land into mixed-use (live, work, play) facilities. Gentrification can lead to a decline of industrial uses of land as well as an increase in office space and condos (essentially fewer houses, more apartments). Finally, gentrification can cause new ideas about what is desirable and new standards for architecture, public behavior, noise, and landscaping in an environment. While it is true that the homeowners benefit by the rising prices of their houses, the displacement of the minorities and small businesses that can no longer afford to be located in the gentrified area is too big of a consequence to pay. Another example of the negative impact of gentrification would be 49 Waddell Street (discussed below). The price of the home, overall, has increased by almost $200,000. However, taxes have gone down on the home almost by 10%. This will be discussed more in detail below, but this is just another example of how gentrification impacts an area.While some people praise gentrification for revitalizing an area, others complain that it has many problems that come with it. In reality, the costs of gentrification are simply too high.
Krog Street Market is a new, innovative retail space that features restaurants and shops right off the Beltline. It attracts thousands of visitors every year and creates a great environment for shopping, eating, and fun. However, the cost of Krog Street Market was more than simply the construction funds. Because of Krog Street Market’s building, the gentrification of the area surrounding it has increased. Gentrification affects all of Atlanta, but now the neighborhoods surround Krog Street Market are experiencing its effects. Krog Street Market has led to an increase in the price of homes surrounding the market. They have increased by hundreds of thousands of dollars since the market was constructed and opened its doors, the increase of cost being a clear indicator that gentrification is taking place. Because of the increase of prices, low-income families cannot live in these houses anymore. Only wealthy people, couples, or families can reside in these homes. While Krog Street Market has done a lot for the community by providing a place to relax, shop, and eat, its effects have been bad for its surrounding neighborhood. Because of Krog Street Market, gentrification has taken hold of the surrounding area, and its effects are being clearly seen and felt.
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