Who should develop your city's land?
V.2, N.05
The disturbing answer local officials have given forever is simple: private developers. In exchange for political contributions, officials approve the sale of discounted land for shopping centers, luxury apartments, office skyscrapers, entertainment plazas – you know the list. It’s a repulsive practice. And it blocks opportunities for nonprofits, like community land trusts, to build affordable housing. Now that rents are rising across the country, transforming a national affordable housing challenge into full-blown crisis, New York City finally may be resetting its municipal-land-sale priorities.
Our lead article highlights a proposed law that requires the New York Department of Housing Preservation and Development to prioritize nonprofit builders or community land trusts during the bidding process for public sites. While it has not been approved yet, the law is co-sponsored by 19 of the city’s 51 council members.
You’ll also find lots of other interesting pieces: how Gimme, Coffee!, a beloved New York-based roasting company is converting into a worker cooperative; how Coop-Cincy ultimately persuaded Cincinnati to include the organization in its economic-development budget; and how CDFI’s are moving into climate finance initiatives, such as installing solar on low-income housing. There’s also a critical reflection on the usefulness of B-Corp standards when they certify a company like Nespresso that has a checkered relationship with its coffee suppliers.
If you’re new to local investing and want to learn about how to understand, find, evaluate, and manage local investments, check out my next Local Investment 101 class under events. Over the last two years, I’ve led this month-long virtual class in Washington State, Alaska, Rhode Island, New Hampshire, and Vermont. This class will focus on Montana, but anyone is welcome.
In the “coming attractions” department, we are about to launch a sister newsletter with the working title of Small Street, which will contain recent listings of local investment opportunities and make it easier for subscribers to find, evaluate, and invest in promising local offerings. Stay tuned!
– Michael Shuman, Publisher, The Main Street Journal
NEWS
NYC Council Pushes To Give Nonprofits Priority For City-Owned Land, Politico (August 15)
New York’s Gimme! Coffee is Now a Worker-Owned Cooperative, Daily Coffee News (August 16)
If At First You Don’t Succeed: A Tale Of Co-op Advocacy & Local Government, Nonprofit Quarterly (August 17)
Community Investors Are Creating Equitable Approaches To Climate Finance, ImpactAlpha (August 18)
Does B Corp Status Really Signal A Force For Good, Or Just A 'Force For Less Bad'?, Pioneers Post (July 28)
PARTNER VOICES
A Resident’s Fight To Stay In Her Mobile Home Community, Shelterforce (August 5)
Transform Finance’s Comments On The Community Reinvestment Act, Transform Finance (August 2022)
How Disparities In Family Wealth Hinder Black & Brown Entrepreneurs, ImpactPHL (July 27)
EVENTS
Remaking The Economy: Owning Our Future – Webinar. Wednesday, September 14, 2-3pm ET. How do we create an economy in which ownership is truly shared and in which we all co-own the future? Four authors from NPQ’s summer economic justice magazine will challenge us to rethink how to structure ownership at the level of culture, the nonprofit sector, and the workplace. Register here.
Call To Farms: A Conversation About Localism, Nonviolence, And Creating A Peaceable Economy – Webinar. Sunday, September 11, 12-1:30pm ET. Join Slow Money founder Woody Tasch and a roundtable of leading farmers and financiers for a special conversation on localism, nonviolence, and the ins and outs of “the world’s first non-crypto, non-currency”. Register here.
SuperCrowd22 – Online Conference. September 15-16. National Coalition for Community Capital (NC3) is co-hosting the biggest impact crowdfunding conference of the year. Use the discount code NC3friend to get $50 off the $199 registration price. If you’re an NC3 member, you can access the conference for just $75.
Raise Capital On Your Own Terms: Build It, Fund It, Grow It! – Webinar. November 2-4. Gain invaluable insights around raising capital for your business without compromising your vision or values. In three days, you’ll learn how to design an effective investment offer, identify values-aligned investors, and build the confidence and resources to enable your business to grow and thrive. Buy your ticket here.
Local Investment 101 – Four-part online workshop. Dates: October 4, October 11, October 18, and November 1. Michael Shuman will be partnering with the Center for Community Ownership and the National Coalition for Community Capital to present a series of workshops focused on local investing in Montana. These workshops, which combine four 90-minute classes with 15 videos, will serve as a springboard for the creation of a statewide network focused on the cultivation of Montana's local investing landscape. Non-Montanans are welcome to attend.
ICYMI
Addressing Poverty Through Hyperlocal Investing, U.S. News & World Report (August 12)
States Can Improve Efforts To Help Their Most Distressed Local Labor Markets, The Pew Charitable Trusts (August 9)
How The BerkShares Local Currency Made Its Leap To Digital Payments, The Berkshire Eagle (August 8)
JOBS BOARD
Mission Driven Finance is seeking a Junior Accountant.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
SOME OF MSJ’s VINTAGE ISSUES
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.