From Williamsburg in New York to Shoreditch in London, artists looking for cheap premises have long been pioneers in revitalising old neighbourhoods, breathing new life into neglected areas while injecting a sense of coolness, desirability and creative energy. Around them, little businesses spring up to service their needs from coffee shops to bars and convenience stores.
However, as soon as that happens, big money eyes an opportunity for development and things start to change. Once the area becomes trendy and sought after, gentrification begins to take hold.
Property values soar, rent prices increase, and higher-income residents settle in, often at the expense of existing communities and the very same artists who led the urban renewal. The unique cultural fabric that once defined the area is gradually replaced by a more homogenised, commercialised environment.
