SoHo effect
n. When the artists who made a neighborhood hip and exciting are forced to move out because they cannot afford the rents after the area becomes gentrified.
Mr. Jones explained that this cycle of gentrification has become known as the SoHo Effect. "It’s when artists move into a neighbourhood and they start to stage events and street performances. Before you know it they’ve enlivened neighbourhoods to the extent that property values rise and invariably, because they’re renters rather than owners, they get priced out of the places that they’ve helped to create."
—Tim Alamenciak, “Building the business of art,” The Globe and Mail, June 03, 2011
She also said that Artspace will look to avoid the "SoHo" effect, a term named for the Manhattan neighborhood where redevelopment drove up rents and forced out artists.
—Dan Moran, “26th annual Lunch with the Mayor: Karcher ‘a legacy project’,” Lake Country News-Sun, May 17, 2011
1987 (earliest)
As to the future, Poore said, "The artists' neighborhood downtown has a few years to be fun, bright and creative.

But as far as the longevity of the art community in the same base, it is short-lived.

Once it reaches a peak — becomes most exciting, very successful — it will have an incredible downfall." According to Poore, this is called the Soho effect, taking its name from the artists' colony in New York.
—Karen Kenyon, “Life in downtown lofts gives artists a lift,” The San Diego Union-Tribune, July 31, 1987