It’s likely a net positive for the world, but a net negative for the people displaced. That’s why gentrification is a dirty word in many communities. However, like most things it’s complex.
One often overlooked benefit is the knock on effects of gentrification are real improvements in local school systems. Looking across decades you often see gay communities which care less about local school systems acting as a catalyst by increasing local revenue while reducing the demands placed on local schools. The improvement in local schools precedes people’s awareness that the schools have improved. Similarly, many people can leverage the improvements in the local economy to keep up with the transition.
That said, relatively few people can keep up with significant changes and those people are simply worse off having lost an affordable community which they had social or economic ties to. A restaurant for example is generally different to relocate. A local handyman may have a steady stream of existing customers, which don’t follow them etc.
Whether it's a net negative for people who get displaced probably depends on their capital gains from the increased property values, no? Not everyone loves their neighborhood, especially if they aren't in great condition.
It’s assumed these people are renting. Homeowners only really face property taxes which take extreme shifts to become unaffordable. Even then owners can generally remove equity to pay them for years to decades.
One often overlooked benefit is the knock on effects of gentrification are real improvements in local school systems. Looking across decades you often see gay communities which care less about local school systems acting as a catalyst by increasing local revenue while reducing the demands placed on local schools. The improvement in local schools precedes people’s awareness that the schools have improved. Similarly, many people can leverage the improvements in the local economy to keep up with the transition.
That said, relatively few people can keep up with significant changes and those people are simply worse off having lost an affordable community which they had social or economic ties to. A restaurant for example is generally different to relocate. A local handyman may have a steady stream of existing customers, which don’t follow them etc.