Toward a Theory of Gentrification A Back to the City Movement by Capital, not People

@article{Smith1979TowardAT,
  title={Toward a Theory of Gentrification A Back to the City Movement by Capital, not People},
  author={Neil Smith},
  journal={Journal of The American Planning Association},
  year={1979},
  volume={45},
  pages={538-548}
}
  • N. Smith
  • Published 1979
  • Economics, History
  • Journal of The American Planning Association
Abstract Consumer sovereignty hypotheses dominate explanations of gentrification but data on the number of suburbanites returning to the city casts doubt on this hypothesis. In fact, gentrification is an expected product of the relatively unhampered operation of the land and housing markets. The economic depreciation of capital invested in nineteenth century inner-city neighborhoods and the simultaneous rise in potential ground rent levels produces the possibility of profitable redevelopment… 

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