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Gentrification in Miami - Coggle Diagram
Gentrification in Miami
Concept -
Gentrification in Miami refers to the process of urban redevelopment and economic investment in historically underdeveloped neighborhoods, resulting in significant demographic, cultural, and socioeconomic shifts.
Benefits
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Economic Growth: Increased investment attracts new businesses, creates jobs, and boosts tax revenue.
Neighborhood Revitalization: Improvement in infrastructure, housing quality, and amenities like parks and public transportation.
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Enhanced Safety: Redeveloped neighborhoods often experience reduced crime rates due to better resources and community programs.
Property Value Appreciation: Homeowners benefit from increased property values, creating wealth for some residents.
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Challenges
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Displacement of Residents: Long-time, low-income residents are forced out due to rising rents and property taxes.
Loss of Cultural Identity: Communities, such as Little Haiti, lose their unique cultural essence as they undergo demographic changes.
Economic Inequality: Gentrification widens the gap between wealthier newcomers and existing residents.
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Environmental Concerns: New developments may disrupt local ecosystems or increase flood risks in areas already vulnerable to climate change.