the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper- or middle-income families or individuals, thus improving property values but often displacing low-income families and small businesses.
an instance of gentrifying; the condition of being gentrified.

1975–80; gentri(fy) + -fication Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
gentrification (ˌdʒɛntrɪfɪˈkeɪʃən)
(Brit) a process by which middle-class people take up residence in a traditionally working-class area of a city, changing the character of the area
[C20: from gentrify (to become gentry)]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The tide of gentrification that transformed economically depressed enclaves is
  receding, leaving some communities high and dry.
As gentrification gathered pace, property prices exploded.
The goal of many local leaders has been the retention of that history in the
  busy swirl of gentrification.
And in both the real and virtual world, nothing improves security more than
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