What is Gentrification?

Gentrification has become commonplace in most cities in the world who intend to develop their local areas. This process has been driven by attempts to improve living standards and infrastructure for the inhabitants of the location. Local councils cultivate a more welcoming or advanced atmosphere within their ward through this process.

What are the benefits of Gentrification? — Elephant & Castle

Elephant & Castle has received a £3 billion investment with the intention of regenerating the once run down area into a stylish and sophisticated place for Londoners to work and live. The Southwark Council aim to create ‘a new exciting destination for London for the next 15 years’. Developments in the structure of the town centre and market square will be included within this programme. This involves the construction of 5,000 new and improved houses which will create 450,000sq ft exclusively for retail. The council also aim to create green spaces and improved public transport.

This indicates the benefits of gentrification through maturing the socioeconomic and environmental aspects of the area. These developments will eventually direct Elephant & Castle towards a future as a greener place which will attract wealthier families to settle down in the area. Furthermore jobs will be created which will improve local inhabitants with training opportunities being offered to improve the the labour force of Southwark. Development in affordable housing, projected to be completed in 2025, will reinvigorate the once shabby area. A proposed £250 million investment into education will also benefit the future generations living within the vicinity of Elephant & Castle.

Are there drawbacks to this programme?

Undoubtedly, Elephant & Castle’s unique and quirky culture will be significantly impacted by the programme. The location is distinctively defined by the Elephant & Castle Shopping Centre whose old and rustic design encompasses the culture of the area. However, the project involves the demolition of this, marking a destruction of the local culture. Many of the business owners in the local areas oppose this move, and the negative impacts of this investment will exacerbate for them. The low income immigrant population will be driven out of the area due to an inevitable increase in housing prices. Many of these immigrants help define the area’s diversity which captivates the beauty and uniqueness of the location. This will eventually destroy the strong Latin American and Caribbean culture that has formed in the area.

How can the impacts of Gentrification be described?

Indeed, the implications of gentrification are both positive and negative but does this actually warrant the regeneration of an area? Essentially, yes. This is because the wider economy will benefit from this creating a more prosperous area in which living standards are improved. This does come at the cost of a destruction of culture but also can help build new ones too.