The word “condo” often heralds the beginning of gentrification in black neighborhoods. This process usually leads to the displacement of black families and the transformation of the community’s cultural landscape. This phenomenon is not just a matter of social media complaints and community meetings, but a reality that affects the very fabric of black neighborhoods.
The Challenges of Gentrification
Gentrification brings in waves of new residents and accommodating businesses, driving up rents, home prices, and property taxes, often forcing out Black families who have lived in the area for generations and leaving communities rebuilt in ways that exclude many of their original residents.
Apartment Ownership as a Tool for Empowerment
Despite the challenges, Black apartment owners have a unique opportunity to make a positive impact in their communities. Because white people own the vast majority of apartment buildings, Black ownership is less than 10%. But Black owners can use their equity to redirect funds from their condo associations to Black-owned businesses. Condominium associations control large budgets, and increasing Black representation on their boards can help them make more inclusive decisions about where to allocate those funds.
Creating opportunities for Black entrepreneurs
While some expenses may be out of reach for Black businesses, there are many services that Black entrepreneurs can provide, such as insurance brokerage, property management, landscaping, plumbing, carpentry, etc. By hiring Black workers and entrepreneurs for these services, Black apartment owners can lead by example and demonstrate the quality and value of these businesses.
Reduce the racial wealth gap
Channeling capital to Black entrepreneurs is a practical step toward reducing the racial wealth gap. Black apartment dwellers have economic clout that can be used to support Black businesses, thereby creating a ripple effect that benefits the broader Black community.
It is imperative that Black apartment owners recognize their power and take action to support Black entrepreneurs. This will not only help reduce the racial wealth gap, but it will ensure that Black communities can thrive in the face of gentrification. Your goal as a homeowner is to find the best service for your money, regardless of race or creed, and Black businesses are well positioned to meet these needs.
