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We are in the midst of a remarkable renaissance of interest in gentrification. As in the 1970s and 1980s, the transforming inner city is taken as a crucible of broader economic and cultural change. As in a previous generation, the scholarly literature is rich with impressive contributions to theory, method, policy, and politics (Hackworth 2001, 2002a, 2002b; Hamnett 2002; Lambert and Boddy 2002; Lees 2000; Ley 2002; Ley et al. 2002; Newman 2003; Slater 2002; N.Smith 2002). And, as in the past, it is hard to walk through a city neighbourhood or read the newspaper without encountering a flood of vivid illustrations of these theories in the urban landscape, in contingent intersections of culture and capital, transformation and tension. Not long ago, a Starbucks opened a few blocks from Cabrini-Green, a public housing project now almost completely surrounded by reinvestment north of downtown Chicago. In New …