Good for whom? If it's good for the residents, that's great. If it's bad for the residents, who get driven out, but good for some developers and outside rich people - that's what gentrification is.
Unless all of the housing is owned by non-residents prior to gentrification, some residents always benefit from their neighborhood going upscale. Either through increased home values, allowing them to sell and improve their lives. Or because it's now a more pleasant area to live in.
Even renters in gentrifying areas may profit if housing construction outpaces population growth. Yes, they may have to move, but also the places they move to on their current budget may be nicer - because the people who can afford better have moved too.
loading story #47434439
When people in NYC are driven out of their neighborhoods because of gentrification, they generally move down south. There isn’t some magical part of town that they can afford with their “current budget”
loading story #47441208