Community wealth building is a term that refers to a range of economic development strategies and initiatives aimed at building wealth and economic power within local communities. The goal of community wealth building is to create and sustain local economies that are more democratic, inclusive, and equitable. By creating and retaining wealth within local communities, community wealth building can help to reduce poverty, promote social and economic justice, and build more resilient and sustainable communities.
At its core, community wealth building is about promoting economic growth and development in ways that benefit everyone in the community, rather than just a select few. It involves a focus on creating and retaining local jobs, developing local businesses, and building local assets such as affordable housing, community-owned assets, and other forms of community-based infrastructure.
The Bricklet co-ownership platform can play an important role in promoting community wealth building by providing a new and innovative way for local residents to invest in their communities and build wealth.
One of the key features of the Bricklet platform is its ability to enable multiple property investors to purchase and co-own a property, sharing both the risks and rewards. This model can be particularly beneficial in communities where access to commercial property ownership is limited, as it provides an opportunity for residents to collectively invest in and own local assets.
By facilitating local investment and ownership, the Bricklet platform can help to keep money circulating within the community, rather than flowing out to distant investors or corporations. This can help to support local businesses and stimulate economic growth, which can have a positive impact on the overall economic health and wellbeing of the community.
The Bricklet co-ownership platform can help to promote community wealth building by providing an accessible and innovative way for local residents to co-own local assets. Some examples already being explored include:
Co-ownership of a wellness center can be an effective way to promote community health and wellness, while also building community wealth and fostering a sense of collective ownership and responsibility.