It seems like the word yuppie (derived from the acronym of the phrase "young urban professional") has been with us forever, but it only entered the lexicon around 1982. It fought a pitched battle with the rival terms yumpie (based on "young upwardly mobile professional") and yap (based on "young aspiring professional") but yuppie proved to be too strong.

It was only a couple of years after yuppie first appeared that a new verb was coined: yuppify. In terms of today's phrase (which was spied by subscriber Alice Reich, by the by), it means to create a yuppie slum like the one described in definition 2.