Meaning of the word "urban renewal" in English

What does "urban renewal" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

urban renewal

US /ˈɜːrbən rɪˈnuːəl/
UK /ˈɜːbən rɪˈnjuːəl/

Noun

the redevelopment of areas within a large city, typically involving the clearance of slums and the creation of new buildings and amenities

Example:
The city council approved a major urban renewal project for the downtown area.
Critics argue that some urban renewal efforts have led to gentrification and displacement of low-income residents.