Helping Residents Stay by Building Their Income and Wealth
This is one of three strategic approaches for the goal of promoting equitable revitalization. Click here to read about all three in context.
Another way to address the gap between incomes and rising housing costs may be to build resident incomes or wealth through education and training, and through job and small-business opportunities, to enable more residents to continue to afford to live in the neighborhood. Such strategies can sometimes take advantage of synergies between increased housing demand and economic options for neighborhood residents, such as the job and business opportunities opened up by increased construction and home-improvement activity, and the business opportunities arising from the growth in the neighborhood’s disposable income.
Building incomes and assets through jobs and business opportunities should be part of any strategy to improve the lives of lower-income households, in urban neighborhoods or anywhere else, but may have an uneven or limited impact on equitable revitalization. These programs may take many years to have a substantial impact, while the benefit of such programs to the neighborhood may be lost if beneficiaries use their increased income and assets to move out of the area. From a revitalization standpoint, these strategies should be seen as complementary to strategies that seek to influence housing costs and availability directly.
Strategies and Activities to Build Income and Wealth of Neighborhood Residents
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