There is a law of Demand which states that the higher the price of a product, the lower the demand for that product and the lower the price of a product, the higher is the quantity demand. The inverse relationship between price and demand of a good or service. Change in quantity demand and a change demand may seem to be two ways of expressing the same idea, but they are not. What is the difference? Economists define change in quantity demand to mean only the change in quantity demand of a good that is brought about by a change in the price of that good.
In the Chicago land area alone, gentrification plays a huge role. Gentrification is the process of renewal and rebuilding accompanying the influx or middle class of affluent people into deteriorating areas that often displaces poorer residents. In other words, it is when the city tears down a building where people live, to update its area and raises prices so high that tenants cannot afford it any longer, forcing past tenants to move into poorer areas. Hundreds of lower and middle class income people have been afflicted by gentrification in Chicago, but it really isn't as bad as people make it seem, it is a sign of economic growth and improvement. Dave Ross states in his article how gentrification works that, “Many aspects of everyday life are being changed for the better, buildings and parks are renovated and beautiful.
In the context of Shenzhen, urban renewal refers to the comprehensive improvement, functional renovations or demolition and reconstruction works, which are carried out in urban built-up areas the author explores. Sustainable Urban Renewal (SUR) aims at improving the physical, social, economic and ecological aspects of blighted urban areas through various actions, this includes redevelopment, rehabilitation, and renovation(). In developing countries, social inequality tends to produce slums and spatial ghettos of poverty, furthermore there a huge housing demand which comes mainly from low income householders. Due to the social aim of generating affordable housing for poor segments of the society in those contexts, redevelopment and Urban Renewal tends
However, when the media picks up that an area is transforming and becoming ‘hip’, more established middle classes take an interest in the place and subsequently, prices rise. Eventually, middle class professionals are out priced by managers and business elites. This classic model however, appears to be more complex in the case of Parisian gentrification: the pioneering role of artists is debatable, and changes in residential and retail occupation prove to be less interconnected than in North American cities . One could argue that gentrification in these French Neighborhoods has become problematic because they have become a source of investment rather than a place to live, therefore downplaying the social and cultural traditions of these neighborhoods. According to Clerval, the creation of new social housing has not been sufficient either to meet needs or to compensate for
Affordable housing is a necessary requirement in life for people who accept low income and has a good effect for society. According to Tran, (2015) view that, affordable housing is a worthy resource which has great potentialities in the economic system and it has contributed enormously to change the appearance of the metropolis as well as the countryside. The target of affordable housing gives the support to the community. For example, affordable housing can give us benefit in all aspects such as it brings profit in commercial enterprise, improving the standard of animation and an affordable housing can bring down some of the problems which related to the surroundings. As a consequence, the government should make more affordable lodging for
He believes by implementing a policy such as rent control the private property market can be protected. He refers to the gentrification of areas such as Woodstock and Cape Town is should rather be referred to as the “destruction of communities” (2016). The specific problem which Silber is concerned with is low-income housing in the Cape Town area. An advantage of rent control in the short term is that it would address a constitutional right that many South Africans find violated – the right to adequate housing. It is stated that “The state must take reasonable legislative and other measures, within its available resources, to achieve the progressive realisation of this right” (Bill of Rights (Chapter 2 of the Constitution of the Republic of South Africa), 1996:s26).
It is defined by its large and busy port and its manufacturing and tourism industries (Freund, 2002, Lemanski et al., 2008 and Sutherland et al., 2011). The town faces several challenges inclusive of declining economic base, inflated level of poverty (33.1%) and unemployment of 26,6% (South African Cities Network) SACN and EThekwini District). In order to mark and label these problems, urban reconstruction has come into view as a well-known agenda within development and planning in the modern years, especially in the structure of mega programme or project development. This focus intensified with the awarding of the 2010 FIFA World Cup to South Africa that started off the development of various mega projects throughout the country in putting together and producing for this
Due to its increase in population size the availability of space and housing becomes a problem. Inhabitants of Limbe have no respect for master plans so they put up anything in the form of a building be it a store to sell, or shed for callbox center (informal settlements) or a place to leave in due to failure of consistent checks by authorities in charge, that is; Urban Development planning and housing and Land tenure offices. Three main reasons amount to renewal process in Limbe which are; Political The first major changes happening in Limbe have a political reason attached to it. Most of the changes focused on road maintenance, building of shops among others which led to positive and negative effects. The first was the renovation of roads linking small neighborhoods like cassava farms and lump sum.
This is often done in the private sector in an attempt to create more marketable property and in the public sector it is often use to benefit the community via improvements such as infrastructure, roads, or housing. Furthermore re-development is generally only done when the existing property no longer provides any functional utility or is no longer being used for the original purpose for which it was designed for (Useful Community Development, 2016). In the Johannesburg CBD there are many abandoned buildings as well as buildings currently being underutilised that are no longer aligned with current market trends (Joburg , 2010). Due to the fact that Johannesburg is a large growing city these abandoned and underutilised properties may prove to have high future value if re-developed with regard to emerging market trends. For example in the late 1990’s the Johannesburg CBD was almost entirely abandoned due to the crime wave which had swept the area as a result of the post-apartheid climate.
(2001). Welcome to our Hillbrow page3”, like those children of Tiragalong I also came here in pursuit of building a career at the University of the Witwatersrand. The city has been deserted and left to decay, as a new city is being constructed within the city. There is decentralisation of businesses and mass movement of the fortunate citizens of our country to the northern suburbs like Sandton. The old dilapilated buildings are left to shelter for the criminals in the city, decaying buildings show how the value of traditional city is dwindling.