Final answer:
Gentrification refers to the socioeconomic shift in a neighborhood when higher income residents move into an area previously inhabited by lower income individuals, often resulting in displacement due to increased housing costs.
Step-by-step explanation:
The process of neighborhood change resulting in the replacement of lower income residents with higher income residents is known as gentrification. This occurs when middle and upper-class residents move into previously working-class neighborhoods, often forcing neighboring working-class families from their homes as rents and property values rise. The economic changes in a neighborhood's life cycle can prompt wealthier individuals to move into older housing, thus altering the community makeup. As gentrification progresses, displacement of the original residents can take place due to increased living costs, and this effect may be exacerbated in the absence of rent control ordinances. In the past, urban renewal efforts, aimed at eliminating slums, sometimes resulted in a further reduction of affordable housing options for those displaced.