Some cities kept gentrifying through the downturn

The housing bust brought gentrification in Atlanta to a grinding halt, but the trend continued in other cities including Denver, Minneapolis, Portland, Seattle, and Washington, D.C., researchers with the Federal Reserve Bank of Cleveland conclude.

Cincinnati was a puzzling anomaly — not much was happening there during the boom, but from 2007 to 2010 the city was gentrifying at a pace similar to Denver or Washington, D.C.

Variations around the nation “may be due to the fact that that the financial crisis and housing bust had different effects on different industries,” say Daniel Hartley and Daniel Kolliner of an analysis they conducted of income rankings in 59 large cities. “Since metropolitan areas specialize in different things, the effects of the crisis and bust played out in different ways across regions.”

A recent Brookings Insitution report that found that gentrification is helping push poor people out to the suburbs, and that there are now more poor people living in suburbs than in city centers. Source: clevelandfed.org.


Comments