The climate "adaption" no one is talking about
V.2, N.12
“Storms are nature’s way of causing gentrification,” says Maggie Whitcomb, who lives in Big Pine Key, Florida. When Hurricane Irma devastated the Keys in 2017, half the damage was sustained by RVs and mobile homes. The displaced residents were among those least able to afford the more pricey units constructed as replacements. As storms intensify from climate change, more and more American families will lose affordable housing this way.
In the wake of Irma, Whitcomb and her husband started the Florida Keys Community Land Trust and partnered with a local non-profit developer to build storm-resistant affordable housing in Big Pine Key. Our top story this issue explains why they did it, and how a Community Land Trust (CLT) developing affordable housing can be a better investment than building beachside mansions. Similarly, the New Spirt Village, another CLT model, is providing affordable housing to residents of Medford, Oregon who were displaced by the 2020 Alameda wildfire. And the Houston Community Land Trust is providing housing for residents displaced by the massive flooding from Hurricane Harvey.
The number of CLTs doubled between 2003 and 2017, totaling more than 225 in the U.S., according to a count by Grounded Solutions Network.
While most community land trusts rely exclusively on donations of land, there is no reason they cannot set up their own funds. Neighbors can then invest in the funds, get a modest rate of return, and provide the CLT with more capital to acquire and rehabilitate more properties, faster. Put another way, one of the best ways to adapt to climate change is to invest in CLTs.
Also in this issue are two intriguing “what if” articles. Nick Fuller Googins asks: what if Congress helped underwrite a national fund that could enable large-scale worker buyouts – perhaps even of his publisher, Simon & Schuster. And a coalition of rail unions are asking what if the country brings its railroads back under public ownership as a way of improving work conditions and train reliability. These ideas are not just idle dreaming. Mayor Sadiqu Khan has just announced a major program to convert more local businesses into employee-owned businesses or cooperatives in London.
There’s lots happening out there.
– Michael Shuman, Publisher, The Main Street Journal
NEWS
Community Land Trusts Build Climate-Resilient Affordable Housing, YES! Magazine (December 1)
In Praise of the Worker-Owned Company (OR: What to Do About Simon and Schuster), Literary Hub (November 29)
Mayor Of London Announces New Ownership Hub To Support Worker Co-operatives And Employee-Owned Businesses, The Greater London Authority (December 2)
Rail Workers Want Tracks Publicly Owned. Is That So Radical?, Governing (November 16)
PARTNER VOICES
Community Investment Funds: Striving Towards Economic Justice, Cutting Edge Capital (November 21)
California Embraces Employee Ownership: Will Other States Follow?, Nonprofit Quarterly (November 23)
New Majority Capital Announces Seed Round From Community Investors, PR Newswire (November 29)
New To Direct Investing? Get Your Questions Answered!, The Kassan Group (November 24)
EVENTS
Total Impact Summit 2023: Investing for People, Planet, and Place – In-Person Conference (30 South 17th Street Philadelphia, PA) Monday, May 1, 8am – Tuesday, May 2, 5:30pm. A two-day, dynamic event for individual investors, family offices, foundations, fund managers, and financial advisors to connect with aligned peers and partners, learn about proven and new investment tools, meet leaders of investable opportunities, and move toward action and investment. See FAQ here.
ICYMI
A Message From Our Board Of Directors On The Status Of Digital BerkShares, BerkShares (November 16)
JOBS BOARD
Fair Food Network is hiring multiple positions on their impact investing team.
Mission Driven Finance is hiring multiple positions.
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