Final answer:
New Urbanism is a strategy to revitalize city cores, increase land value, and discourage suburbanization by developing mixed-use communities that integrate living, working, and recreational spaces. Gentrification also plays a role in transforming neighborhoods within cities. These processes are aimed at rebalancing the urban-rural investment divide and enhancing the vitality of urban centers.
Step-by-step explanation:
The strategy mentioned describes a process that revitalizes urban centers and is commonly referred to as New Urbanism. It's an approach that aims to increase land value, revitalize areas, and encourage people to move back to city cores, mitigating the effects of suburban sprawl. New Urbanism promotes mixed-use neighborhoods where residential, commercial, and recreational spaces are integrated together for a vibrant, community-oriented environment, often around public transportation hubs, to facilitate transit-oriented development.
Gentrification is another aspect linked to urban transformation, where inner-city neighborhoods are redeveloped, potentially attracting individuals who invest in the area (sometimes referred to as the "gentry"). This might start with residents of lower social status who invest sweat equity, gradually making the neighborhood more desirable until it attracts wealthier populations.
Financial incentives and programs such as selling city-owned houses for a dollar or offering tax breaks for renovations have been strategies to entice investment and combat urban decay. The overarching goal is to counter suburbanization trends, rekindle inner-city growth, and hence rebalancing the urban-rural divide in investment and living preferences.