Final answer:
Gentrification is best described as a form of urban renewal, where middle and upper-class residents move into, and improve, formerly working-class areas, often displacing the current lower-income residents in the process.
Step-by-step explanation:
Gentrification is best described as an example of urban renewal. This process involves middle and upper-class residents moving into formerly working-class neighborhoods, leading to renovations and increased property values. This shift can often displace current lower-income residents due to rising rents and property values, fundamentally changing the character of the neighborhood. The process starts with people of lower social status investing in and improving the region (sweat equity), eventually making it attractive to higher social status individuals, who are often buying their first homes or moving from other parts of the city.
The implications of gentrification are profound, including the displacement of long-standing residents and businesses due to increased costs of living and property taxes. Municipal governments have embraced gentrification as a means to rebuild tax bases, but this comes with the downside of sometimes forcing less affluent community members into less desirable areas, creating economic and social divide within the urban landscape.
Therefore, the correct answer to the question is: D. Urban renewal.