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The capitalization of urban property markets intensifies the contradictions between housing as use-value affordability versus exchange-value asset accumulation, and exacerbates displacement pressures. Policies designed to deal with these contradictions-public housing and rent regulations- allow some low-income renters to resist displacement, particularly in gentrifying neighborhoods. Unfortunately, the resulting empirical configuration has been interpreted in ways that cast doubt on the extent of displacement, its causal links to gentrification, and the necessity of protective policies. In this paper we present an alternative interpretation, using New York City as a case study to analyze the spatial evolution of displacement pressures amidst the restructuring of an embattled yet vital municipal welfare state. [ABSTRACT FROM AUTHOR]