This article looks at changing land use along the banks of the Dnipro River (formerly Dnieper River) in Kyiv, Ukraine (formerly Kiev) as an example of rising social inequality since the collapse of Soviet socialism. A working assumption is that tangible symbols of power and privilege such as lavish private housing and land development for profit are more evident in post‐socialist society than they were during Communism, and that the amenity‐rich river zone in the center of Kyiv is ripe for gentrification of beaches, parks, and high hills with river views. The research is based on detailed field work along the Dnipro and study of maps and air photographs. Our data indicate that prime space along the river is being appropriated by private interests for profit or personal use, often without respect to environmental considerations, treasured historic landscapes, and the rule of land use law. In this way, the historic character of Kyiv is being eroded, and public access to the river and its resources is reduced.