A couple of downtown apartment dwellers locate a rundown Victorian house not far from their apartment,and during a downturn in real-estate prices they purchase the home,gut the inside,and renovate it completely.Soon,the whole city block around them is being refurbished.What kind of urban development is this?

Question

Quizplus · Accepted Answer

The scenario describes a process of renovating an old building and increasing its value, which can attract new investments and development. This process is commonly known as gentrification, which often involves the renovation of older properties and the displacement of low-income residents. This process can bring positive changes such as redevelopment and neighborhood improvement, but also negative consequences such as increased housing costs and displacement of the existing community.

A Couple of Downtown Apartment Dwellers Locate a Rundown Victorian