That may be your perspective and the academic treatment of gentrification, but it’s use almost entirely seems to have been racial in recent years.

Wealthy black people moving into a neighborhood of other black people, and displacing them, gets no attention. Wealthy POC moving into a poor white neighborhood happens all the time in Atlanta, no mention of gentrification.

The word may having a different meaning in the dictionary, but it’s actual use almost always seems to be racial, and almost always about white people displacing non whites