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[12] [13] In 2019, Atlanta was named the fourth fastest gentrifying city in the United States. [14] Since 2010, corporate investors have served as a major catalyst for gentrification in Atlanta. Atlanta has one of the most appealing real estate markets in the nation which attracts corporate investors from around the world.
Inman Middle School in Virginia-Highland, Atlanta. Gentrification in Atlanta has been taking place in its inner-city neighborhoods since the 1970s. Many of Atlanta's neighborhoods experienced the urban flight that affected other major American cities in the 20th century, causing the decline of once upper and upper-middle-class city neighborhoods.
Urban renewal (also called urban regeneration in the United Kingdom and urban redevelopment in the United States [3]) is a program of land redevelopment often used to address urban decay in cities. Urban renewal is the clearing out of blighted areas in inner cities to create opportunities for higher class housing, businesses, and more.
The first wave came in the 1960s and early 1970s, led by governments trying to reduce the disinvestment that was taking place in inner-city urban areas. [44] Additionally, starting in the 1960s and 1970s, U.S. industry has created a surplus of housing units as construction of new homes has far surpassed the rate of national household growth.
The project was named for Alonzo F. Herndon, who was born a slave, and through founding the Atlanta Life Insurance Company became Atlanta's richest African American. [36] [37] On June 15, 2016, Atlanta Housing Authority announced a development team has been selected to create a mixed-use mixed-income community on the site, "Herndon Square". [38]
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