Gentrification: Culture and Capital in the Urban Core
Gentrification, the conversion of socially marginal and working-class areas of the central city to middle-class residential use, reflects a movement, that began in the 1960s, of private-market investment capital into downtown districts of major urban centers. Related to a shift in corporate investment and a corresponding expansion of the urban service economy, gentrification was seen more immediately in architectural restoration of deteriorating housing and the clustering of new cultural amenities in the urban core. Research on gentrification initially concentrated on documenting its extent, tracing it as a process of neighborhood change, and speculating on its consequences for reversing trends of suburbanization and inner-city decline. But a cumulation of 10 years of research findings suggests, instead, that it results in a geographical reshuffling, among neighborhoods and metropolitan areas, of professional, managerial, and technical employees who work in corporate, government, and business services. Having verified the extent of the phenomenon, empirical research on gentrification has reached a stalemate. Theoretically interesting problems concern the use of historic preservation to constitute a new urban middle class, gentrification and displacement, the economic rationality of the gentrifier's behavior, and the economic restructuring of the central city in which gentrification plays a part. Broadening the analytic framework beyond demographic factors and neo-classical land use theory is problematic because of serious conceptual and methodological disagreements among neo-Marxist, neo-Weberian, and mainstream analysts. Yet efforts to understand gentrification benefit from the use of economic paradigms by considering such issues as production, consumption, and social reproduction of the urban middle class, as well as the factors that create a supply of gentrifiable housing and demand for it on the part of potential gentrifiers. An emerging synthesis in the field integrates economic and cultural analysis. The mutual validation and valorization of urban art and real estate markets indicates the importance of the cultural constitution of the higher social strata in an advanced service economy. It also underlines how space and time are used in the social and material constitution of an urban middle class.