It Raised $1.2 million in Pledges to Fight Gentrification
The coop combines crowdfunding and a traditional cooperative model to guarantee affordable rent for local business owners.
Soaring rent prices in New York City are nothing new. And expensive rent means small, local businesses have a difficult time putting down roots.
That's why a group of New York City residents decided to come together to create NYC Real Estate Investment Cooperative.
Anyone can participate in the program. Individuals buy a membership for as little as $10, and the coop uses that money to buy commercial properties. The properties are selected democratically—each member gets to vote on which space the coop buys. Then the cooperative controls who it rents to and how much is charged.
In the three months since NYC REIC was formed, it has gained more than 200 members and generated $1.2 million in pledges.
Watch the NYC Real Estate Investment Cooperative video.
Source: Yes Magazine