“Equity” is often used in the commercial real estate development industry to describe financial capital, and there is often no debate of what it is and no doubt of the importance of its value. Yet, when we use the word “equity” in the context of human capital to describe social equity, gender equity or racial equity, it becomes elusive.
The Urban Land Institute recently published a report titled “10 Principles for Embedding Racial Equity in Real Estate Development” which details equitable practices that deliver financial and social benefits not only to developers and their project partners, but also to the local community and the larger region. These points begin with building your own understanding of racial equity principles and ensuring that fairness is a foundational element of your business.
The RISE framework for equitable development is built from a body of research from the Government Alliance on Race and Equity, the Joint Center for Housing Studies at Harvard University, and the Urban Land Institute that aims to put into practice an approach to development and construction that generates positive quality of life outcomes in the communities that we build. By integrating these equitable outcomes into our thinking, we are striving to build places that help manifest equitable access to health environments, affordable housing, quality education, living-wage employment and accessible transportation.