Fatih is one of Istanbul’s oldest and most densely inhabited districts, and one of its most seismically vulnerable. But vulnerability here is not a single condition. It is a palimpsest: layered across centuries of Byzantine, Ottoman, and Republican settlement, waves of migration, and accelerating gentrification, each leaving behind a different structural and social residue. This research mapped that complexity through the correlation of physical indicators ; building age, density, height, structural typology with seismic risk data and the social profiles of individual neighbourhoods. What emerged was an uneven geography of risk in which physical fragility and social precarity frequently overlap, concentrating exposure among the district’s most economically marginalised communities. The risk is real. But in Istanbul, the instrument designed to address it, kentsel dönüşüm (urban transformation) has been increasingly captured by real estate interests, accelerating the displacement of the very residents it purports to protect. The research does not argue against intervention. It argues that when a city finally looks at its most vulnerable communities, the question of how it looks and for whom it acts is as urgent as the risk itself. The methodology proposed here; correlating physical and social vulnerability across historic, palimpsest cities, is an attempt to make that question harder to avoid.