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Rent-gap Theory
The rent-gap theory was developed in 1979 by the geographer Neil Smith as an economic explanation for the process of gentrification. It describes the disparity between the current rental income of a property and the potentially achievable rental income. Only from this difference arises the interest of investors, to renovate a particular object (to entire neighborhoods), resulting in an increase in rents and also the value of the property. Investment in the property market will therefore only be made if a rent gap exists. Thus, it is contrary to other explanations for gentrification related to cultural and consumption preferences and housing preferences. The rent-gap theory is a purely economic approach. While the processes described with the rent-gap theory can be observed especially in North America , the theory is being adapted for the global south, including Chile, Lebanon, and Korea. Application The theory has been used in agent-based modelling of the effects of gentrificati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neil Smith (geographer)
Neil Robert Smith (18 June 1954 – 29 September 2012) was a Scottish geographer and academic. He was Distinguished Professor of Anthropology and Geography at the Graduate Center of the City University of New York, and winner of numerous awards, including the Globe Book Award of the Association of American Geographers. Background Smith was born in 1954 in Leith, Scotland. He was one of four children of a schoolteacher, and spent most of his childhood in Dalkeith, southeast of Edinburgh. He attended King's Park Primary School and Dalkeith High School. Smith earned his 1st class BSc from the University of St. Andrews in 1977 (with a year at the University of Pennsylvania, 1974–1975), and his PhD from Johns Hopkins University in 1982, where his advisor was noted Marxist geographer David Harvey. He took up a tenure-track position at Columbia University in New York (1982–1986), but Columbia closed its Geography Department and he moved to Rutgers University in New Jersey (1986– ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gentrification
Gentrification is the process of changing the character of a neighborhood through the influx of more Wealth, affluent residents and businesses. It is a common and controversial topic in urban politics and urban planning, planning. Gentrification often increases the Value (economics), economic value of a neighborhood, but the resulting Demography, demographic displacement may itself become a major social issue. Gentrification often sees a shift in a neighborhood's racial or ethnic composition and average Disposable household and per capita income, household income as housing and businesses become more expensive and resources that had not been previously accessible are extended and improved. The gentrification process is typically the result of increasing attraction to an area by people with higher incomes spilling over from neighboring cities, towns, or neighborhoods. Further steps are increased Socially responsible investing, investments in a community and the related infrastruct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rental Property
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Investment
Real estate investing involves the purchase, management and sale or rental of real estate for profit. Someone who actively or passively invests in real estate is called a real estate entrepreneur or a real estate investor. Some investors actively develop, improve or renovate properties to make more money from them. History During the 1980s, real estate investment funds became increasingly involved in international real estate developed. This shift led to real estate becoming a global asset class. Investing in real estate in foreign countries often requires specialized knowledge of the real estate market in that country. As international real estate investment became increasingly common in the early 21st century, the availability and quality of information regarding international real estate markets increased. Real estate is one of the primary areas of investment in China, where an estimated 70% of household wealth is invested in real estate. Overview Types of real estate inv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Global South
The concept of Global North and Global South (or North–South divide in a global context) is used to describe a grouping of countries along socio-economic and political characteristics. The Global South is a term often used to identify regions within Latin America, Asia, Africa, and Oceania. It is one of a family of terms, including "Third World" and "Periphery", that denote regions outside Europe and North America. Most, though not all, of these countries are low-income and often politically or culturally marginalized on one side of the divide, while on the other side are the countries of the Global North (often equated with developed countries). As such, the term does not inherently refer to a geographical south; for example, most of the Global South is geographically within the Northern Hemisphere. The term as used by governmental and developmental organizations was first introduced as a more open and value-free alternative to "Third World" and similarly potentially "valuin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agent-based Model
An agent-based model (ABM) is a computational model for simulating the actions and interactions of autonomous agents (both individual or collective entities such as organizations or groups) in order to understand the behavior of a system and what governs its outcomes. It combines elements of game theory, complex systems, emergence, computational sociology, multi-agent systems, and evolutionary programming. Monte Carlo methods are used to understand the stochasticity of these models. Particularly within ecology, ABMs are also called individual-based models (IBMs). A review of recent literature on individual-based models, agent-based models, and multiagent systems shows that ABMs are used in many scientific domains including biology, ecology and social science. Agent-based modeling is related to, but distinct from, the concept of multi-agent systems or multi-agent simulation in that the goal of ABM is to search for explanatory insight into the collective behavior of agents obeying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Association Of American Geographers
The American Association of Geographers (AAG) is a non-profit scientific and educational society aimed at advancing the understanding, study, and importance of geography and related fields. Its headquarters is located in Washington, D.C. The organization was founded on December 29, 1904, in Philadelphia, as the Association of American Geographers, with the American Society of Professional Geographers later amalgamating into it in December 1948 in Madison, Wisconsin. As of 2020, the association has more than 10,000 members, from nearly 100 countries. AAG members are geographers and related professionals who work in the public, private, and academic sectors. In 2016, AAG President Dr. Sarah Witham Bednarz announced in the ''AAG Newsletter'': "Effective January 1, 2016, the AAG will begin to operate under the name "American Association of Geographers", rather than "Association of American Geographers... in an effort to re-think our systems of representation to acknowledge our gro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theories
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
