In 2000-2001 a group of (primarily caucasion) brooklyn natives came up with this term to categorize
the group of people who seemed to be moving in to all of their neighborhoods. Far from a derogatory term, it was actually just a more descriptive way to refer to this demographic than the alternative “hipster” or “emo-kid”. The natives in fact encouraged one another to “embrace the wafe”, as a means accepting the inevitable changes brought on by gentrification.
“dude was really wafing it out”