Leveraging condo ownership to support Black entrepreneurs
The term ‘condo’ often signals the onset of gentrification in Black neighborhoods, a process that typically 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 grievances or community meetings; it’s a reality that affects the very fabric of Black neighborhoods.
The challenge of gentrification
Gentrification brings with it a wave of new residents and businesses that cater to them, driving up rents, home prices, and property taxes. The result is often a displacement of Black families who have lived in these neighborhoods for generations, leaving behind a community that is rebuilt in a way that excludes many of its original residents.
Condo ownership as a tool for empowerment
Despite the challenges, Black condo owners have a unique opportunity to influence their communities positively. With white individuals owning the majority of condos, Black ownership remains under 10%. However, Black owners can use their stake to direct funds from condo associations towards Black-owned businesses. Condo associations manage substantial budgets, and by having more Black representation on their boards, decisions on where to allocate these funds can be more inclusive.
Creating opportunities for black entrepreneurs
While some expenditures may be out of reach for Black businesses, there is a plethora of services that can be provided by Black entrepreneurs, such as insurance brokerage, property management, landscaping, plumbing, and carpentry. By hiring Black workers and entrepreneurs for these services, Black condo owners can set an example and demonstrate the quality and value of these businesses.
Reducing the racial wealth gap
Channeling funds to Black entrepreneurs is a practical step towards narrowing the racial wealth gap. Black condo residents have financial leverage that can be used to support Black businesses, thereby creating a ripple effect that benefits the broader Black community.
It’s essential for Black condo owners to recognize their power and take action to support Black entrepreneurs. This not only helps in reducing the racial wealth gap but also ensures that Black communities can thrive even in the face of gentrification. As homeowners, the goal is to find the best service for the money, regardless of race or creed, and Black businesses are well-positioned to meet these needs.
