Cities throughout the U.S. (and around the world) are struggling with the many issues that come with neighborhood growth and displacement. But what if, instead of being negatively impacted by development, residents benefited from it instead?
In this episode — part two of our two-part series on new models for wealth-building — we explore “neighborhood REITS,” a model that helps community members invest in local development projects. This innovative approach can help folks participate in their own communities’ growth, and as we see through the work of Albina Vision, it can also potentially begin to redress some of the racial inequities that have been baked into our housing system for decades.
In this episode:
- [00:00 - 05:30] Local Portland artist Cleo Davis shares the struggles of gentrification that destroyed the legacy of his community in the historically Black neighborhood of Albina.
- [06:16 - 13:07] Marc Norman, associate professor in affordable housing, breaks down a new wealth-building model called a neighborhood REIT.
- [13:08 - 23:09] Rukaiyah Adams, Board Chair of the Albina Vision Trust, discusses the history of Lower Albina and her hopes that a neighborhood REIT could be one way to help people access the multi-generational wealth that they were denied.
- [23:10 - 25:37] Cleo Davis wraps up with the hope that Albina Vision will be the greatest monument to Black creativity and prosperity that the neighborhood could have.
To see images and videos of topics discussed in this episode, read the link-rich transcript on our Sidewalk Talk Medium page at https://bit.ly/3FhzYQW.
City of the Future is hosted by Eric Jaffe and Vanessa Quirk, and produced by Guglielmo Mattioli. Story editing by Rough Cut Collective and Benjamin Walker. Mix is by Andrew Callaway. Art is by Tim Kau. Our music is composed by Adaam James Levin-Areddy of Lost Amsterdam. Special thanks to Cleo Davis, Marc Norman, Rukaiyah Adams, Winta Yohannes. Annie Koo, Alison Novak, Jesse Shapins, and Chrystal Dean.