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288 pages, Paperback
First published September 1, 1996
Gentrification is a structural product of the land and housing markets. Capital flows where the rate of return is highest, and the movement of capital to the suburbs, along with the continual devalorization of inner-city capital, eventually produces the rent gap
the question of where this capital flooding into the built environment will locate has no automatic answer…underdevelopment of the previously developed inner city, brought about by systematic disinvestment, provoked a rent gap which, in turn, laid the foundation for a locational switch by significant quantities of capital invested in the built environment. Gentrification in the residential sphere is therefore simultaneious with a sectoral switch in capital investment. (86).
This revanchist antiurbanism represents a reaction against the supposed ‘theft’ of the city, a desperate defense of a challanged phalanx of privileges, cloaked in the populist language of civic morality, family values and neighbourhood security. More than anything the revanchist city expresses a race/class/gender terror felt by middle- and ruling-class whites who are suddenly stuck in place by a ravaged property market, the trheat and reality of unemployment, the decimation of social services, and the emergence of minority and immigrant groups… (211)