Recession No Match for Gentrification in Many Cities
The conclusion of the report from the Federal Reserve Bank of Cleveland, as summarized by Dovey: "Urban neighborhoods were hot spots for redevelopment before the economy collapsed, and some have continued to gentrify post-recession."
"Portland, Seattle, Denver, Minneapolis and Washington, D.C. continue to see incomes rise in their urban core. Atlanta, where city-center wealth spiked before the recession, has not continued to gentrify. And post-boom Cincinnati is witnessing a surprising surge in city-center income," writes Dovey.
"The report points out that changes in income ranking over time were actually driven largely by poor neighborhoods that gained wealth, not wealthy neighborhoods that became even wealthier — a trend the report calls “consistent with gentrification.'"