Historic Preservation: Gentrification or Economic Development

Past attempts at Historical Preservation and the Lessons Learned From Their Successes and Failures


source: wikipedia

Article
Historic Preservation: Gentrification or Economic Development
Author
Denise Lapenas
Publication
State and Local Economic Development, Professor Bob Turner, Skidmore College
Link
www.skidmore.edu/~bturner/ED%20Student%20Web%20Files/dlapenas5.html
Accessed
11/14/2019

Historic preservation has traditionally been simply restoring historically significant architectural or geographical sites for aesthetic value or for the benefit of future generations to better understand the ways and styles of the past. Recently the use of historic preservation has also begun to be viewed by cities and towns as a means to economic development and urban renewal.

Successes
- Historic preservation has aided in local economic and community revitalization, increased tourism and employment, and preserved regional history, culture, and pride. Hence, Historic preservation has potential to act as a development tool, not just growth, because it creates jobs and increases tax bases and property values, as well as improving the quality of life and the living environment. Moreover, preservation is valuable in that it helps conserve scarce economic resources by promoting reuse of existing buildings and infrastructure. For this reason, even a government gets to grips with encouraging historic preservation by using tax credit programs, for instance, The tax credit program of the state Missouri.

Failures
- Bring in wealthy residents and new businesses and the likelihood that it will drive out low-income local residents. In fact, There continues to be many real and perceived socio-economic problems associated with historic preservation. Because successful historic preservation often attracts greater tourism, new businesses, venture capitalists, and well-off young professionals, there is also a tendency for property value (and therefore rent prices) to rise and long-term lower income residents of the community to be forced to leave. Additionally, the amount of restrictions put on residents to keep all projects and maintenance within the guidelines of the historic preservation plans. One of the biggest concerns about historic preservation is the gentrification[1].

In short, Before trying to preserve historical sites, People need to consider the afterwards of their decisions.
They should think about the effects of short-term and long-term in the society where the historical sites are located. 




[1] Gentrification is a process of renovating deteriorated urban neighborhoods by means of the influx of more affluent residents










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