Redevelopments and Gentrification: A MAS Model of the Urban Housing Market in Milan
The aim of this paper is to investigate local housing market dynamics in Milan by applying an urban spatial model of gentrification based on Smith’s rent gap theory (Smith N (1979) Toward a theory of gentrification: a back to the city movement by capital, not people. APA J 45:538–548). The emergence of gentrifying neighbourhoods is explained on the basis of investments spent in “large scale renewal projects” which only investors or developers looking for profits are able to carry out. Afterwards the process is sustained by an imitative cooperative behaviour of property owners having advantage in investing in their properties since the quality of the nearby buildings, and their rents, arises.
The city of Milan is undergoing a radical process of transformation of former industrial and now dismissed settlements. The model presented has evaluated the impact of eight large scale renewal projects on urban rents.
KeywordsReal Estate Cellular Automaton Housing Market Cellular Automaton Real Estate Market
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