Rapidly rising real estate prices not only increase the cost of housing, the also increase commercial rents. This, in turn, causes early-stage investors, non-profit groups and artists, to have to move out of the community that they call home. With them goes a significant amount of community vitality.
To address this issue, 400 New Yorkers have pooled their money to secure affordable space for community, small business and cultural use. The NYC Real Estate Investment Cooperative is literally leveraging the power of the local community to secure and to provide a new source of long term community capital.