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This article describes and interprets some of the events associated with the demographic and economic restructuring that has occurred in Flushing, in the Borough of Queens in New York City. Since the liberalization of the U.S. immigration laws in 1965, many of New York's neighborhoods have been transformed by the rapid influx of immigrants. In the case of Flushing, the majority of newcomers have been Asians, particularly from China, Korea, and the Indian subcontinent. The introduction of Asian capital and enterprise into the neighborhood has revitalized what was considered to be an ailing economy and a sluggish housing market. From the perspective of some of the long-term residents, however, the costs of progress have outweighed the benefits. The paper examines the public discourse accompanying the Asianization of Flushing, centering on the conflicts that have emerged between capital and community, immigrants and long-term residents, Asians and non-Asians. [ABSTRACT FROM AUTHOR]