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Verticalization

Verticalization is a phenomenon, typically seen in major cities, where there is a general increase in the population of high-rise residential buildings.[1] As of 2024, there is no agreed-upon definition of verticalization.

Across multiple research papers, verticalization or “vertical gentrification” has been linked with the densification and super-gentrification of urban areas since it generally occurs in neighborhoods that were undergoing gentrification or had been previously gentrified.[2] Densification refers to increasing the population through jobs or housing;[3] super-gentrification refers to the redevelopment of previously gentrified neighborhoods.[4]

High-rise residential buildings and luxury apartments are main contributors to the verticalization of urban areas. The verticalization of neighborhoods with luxury buildings attracts a demographic of dwellers that rent by choice not necessity, labeled as “discretionary” renters by Yardi Matrix.[5]

One research paper from 2020 that is investigating the effects of COVID-19 on luxury markets defined luxury real estate in Boston as $4.50 per square foot or higher in rent or properties that sell for $1,200 per square foot or higher.[6] John Lauermann defines luxury housing as a property that reaches the minimum threshold for the “mansion tax” in his research into vertical gentrification in New York City.[2]

The effects of verticalization are similar to those of gentrification including an increased neighborhood economic value, residential demographic change, and displacement of current residents.

  1. ^ Bustamante, Leonel Pérez; Bello, Gerardo González; Gutiérrez, Daniela Villouta; Contreras, León Pagola; Zañartu, Christian Ávila (December 30, 2019). "Procesos de reestructuración y verticalización en el centro de Concepción: Barrio Condell". Revista de Urbanismo (in Spanish) (41). doi:10.5354/0717-5051.2019.53926. ISSN 0717-5051.
  2. ^ a b Lauermann, John (April 3, 2022). "Vertical Gentrification: A 3D Analysis of Luxury Housing Development in New York City". Annals of the American Association of Geographers. 112 (3): 772–780. doi:10.1080/24694452.2021.2022451. ISSN 2469-4452.
  3. ^ "Urban Densification". Buildings and Cities. January 14, 2020. Retrieved July 24, 2024.
  4. ^ Lees, Loretta (November 2003). "Super-gentrification: The Case of Brooklyn Heights, New York City". Urban Studies. 40 (12): 2487–2509. doi:10.1080/0042098032000136174. ISSN 0042-0980.
  5. ^ "How We Define the Apartment Rental Market | Yardi Matrix". www.yardimatrix.com. Retrieved July 24, 2024.
  6. ^ Dubuque, Elise (September 2020). "Multifamily Amenity Wars: Defining their Current State in Luxury Urban Markets and Determining Impacts of COVID-19". Massachusetts Institute of Technology: 146 – via MIT Libraries.

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