From a researcher's perspective, one way to gauge a neighborhood's prosperity is to examine home prices. Pricing historically devalued homes at market rates, however, does not magically solve the issue. Abruptly raising home prices would price out long-term residents, especially renters, who depend on affordable costs of devalued units.
For many community development groups in Memphis, efforts at rehabbing or restoring value to underinvested neighborhoods require holistic approaches, not only investing in places, but also in the people. Communities consist of individuals with shared culture, history, and lived experiences, often rooted in specific neighborhoods. Improving pathways for social and economic mobility calls for intentional design of spaces that foster personal growth.
This involves holistic infrastructure investment, designed for communities residing there; building affordable housing along accessible public transportation routes and pedestrian-friendly infrastructure; supporting business development in high-growth sectors; and establishing schools where both students and educators can thrive. Scaling opportunities for Black and brown developers and urban planners is also needed, as these groups have routinely been excluded from the financing and real estate environments needed to fuel restoration and development projects like Northside Square.
Another layer to this involves investment in people. Development that centers existing assets such as arts, history, sports, and other cultural roots is crucial for thriving communities. Intentional development and revitalization efforts of Beale Street is just one example of reinvesting into Memphis assets.
Reinvesting in and developing corridors for Memphians to come together to celebrate, to grow businesses, and to anchor cultural roots is an investment in social mobility.
