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How gentrification stimulates tourism in NYC

Here we go for a new analysis about the tourism industry!

This week, we will focus on gentrification and its positive impact on tourism in NYC.

 

But first, what is gentrification?

It’s the term used for wealthy people settling in the middle-class districts.

Gentrification results from the rich families’ will to save money from their appartment rentings following the overall raising of housing rates.

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This phenomenon deeply changed the economic and social status of most of the NYC disctricts

Luxury condominium progressively spread from Midtown Manhattan to Harlem and along the Lower East Side and Chinatown, mainly.

Economic forces which helped Big Apple to improve the industry of services are mainly composed of real estate investment in these districts which weren’t touristic at all in the 1970s.

To follow on theses local migrations to new districts, restaurants open in the surroundings, as well as banks et local entrepreneurship which evolves to meet the demand. Former manufacturing buildings are now hotels or working spaces. The local life evolve et and gets active. The districts are now transformed and you can now see ostentatious wealth and a new safety.

Gentrifaction made New-York’s surroundings more attractive for more and more visitors, bringing tourists and new catering businesses in theses districts where they were not before.

The development of technology and finance industries in theses districts added to the emergence of new cultural places attract both business and leisure touristic clientele. And the creation of home sharing floods some areas like the Bedford-Stuyvesant of Brooklyn. This growing passion for « living like the local people » makes theses districts crowded thanks to gentrification.

The lack of available hotel rooms in Manhattan mainly also helped a lot this phenomenon.

But finally, the result shows quite well what is the strength of New York tourism economy: a part of business and a part of gentrification which reflects perfectly the globalization of culture and tourism on the international scene.

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Since 9/11, the record of visits in NYC has been reached in 2016 with 12,65 million international visitors and 47,6 millions domestic visitors, so 60,3 million visitors this past year. That’s a 67% raising since 2000 whereas meanwhile, NYC population just increased of 6%.

 

This phenomenon proves well that NYC is a complex destination in its fascinating aspect, with endless possibilities.

 

See you next week for a new article!

 

The Wipolo Team

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