Community has value and since people are displaced to different locations, the community does not just re-appear somewhere else, hence value destroyed.
It's also very easy to find negative effects of displacement. The one that springs to mind easiest is that old people who get displaced die many years earlier. These negative externalities fall on people who simply don't have the money to pay enough to cover these downsides.
For a totally trivial example with real dollars: moving costs are non-zero, so when people move against their will we trivially destroy value there.
I disagree with the sibling comment which claims that the existing community/neighborhood have done is what drives gentrification - a LOT of gentrification is driven by a balancing act between price, public transportation and safety. So, I would argue that for the gentrifiers, one neighborhood is often as good as any other, but for the people who have lived there a long time, that specific neighborhood is what is important. So in this sense, it is value destroying to push these people out on a 1:1 basis.
Often gentrifiers aren't even moving to their first choice neighborhood and are merely priced out of the places they actually want to live.
It's also very easy to find negative effects of displacement. The one that springs to mind easiest is that old people who get displaced die many years earlier. These negative externalities fall on people who simply don't have the money to pay enough to cover these downsides.
For a totally trivial example with real dollars: moving costs are non-zero, so when people move against their will we trivially destroy value there.
I disagree with the sibling comment which claims that the existing community/neighborhood have done is what drives gentrification - a LOT of gentrification is driven by a balancing act between price, public transportation and safety. So, I would argue that for the gentrifiers, one neighborhood is often as good as any other, but for the people who have lived there a long time, that specific neighborhood is what is important. So in this sense, it is value destroying to push these people out on a 1:1 basis.
Often gentrifiers aren't even moving to their first choice neighborhood and are merely priced out of the places they actually want to live.