As the political landscape shifts, with some corporate diversity initiatives facing scrutiny, Black leaders in the commercial real estate sector continue their efforts to address the racial wealth gap. Recent events highlight their persistent commitment to fostering pathways for the next generation.

The Context of Change

Following the societal upheaval spurred by the George Floyd incident, there was a marked push for diversity, equity, and inclusion (DEI) within corporate America. However, the election of former President Donald Trump initiated a backlash against these initiatives, specifically targeting policies deemed “discriminatory.”

“It’s been a [productive] few years where companies have really invested in this mission,” stated Nekesha Sawh, senior portfolio programs manager at Hines. “Yet, we’ve been through similar cycles before. This feels like a recurrence of past challenges.”

The Flipping The Hood Event

Recently, at Yoba Development’s Flipping The Hood event held at Brooklyn Navy Yard, over 300 professionals—including real estate executives, developers, and students of color—gathered to discuss opportunities in commercial real estate. This event served as a vital networking platform rather than just a job fair, focusing on overcoming entrenched barriers faced by communities of color.

Malik Yoba, CEO of Yoba Development, elaborated on the historical struggle of Black individuals, stating, “All I’m doing is the same thing all of my ancestors have ever done. They’re saying, ‘I deserve to be here, just like you.’”

Addressing Systemic Issues

During the event, experts addressed significant challenges, such as the ongoing lack of access to capital for housing initiatives. Brookings Metro Senior Fellow Andre Perry emphasized the importance of community-driven projects to remedy these issues, encouraging attendees to scale successful initiatives.

“What you do here in your communities can be scaled and resourced,” Perry advised the audience comprising professionals and college students.

Investment Opportunities in Underserved Communities

Executives highlighted that investing in communities often overlooked by traditional financial players can yield substantial returns. Tawan Davis, founding partner and CEO of Steinbridge Group, explained, “Our profit is better because we’re investing in places that people have overlooked. The very idea of a good investment is that you put money where nobody else was looking.”

The State of Community Development

Despite being impacted by cuts to housing programs, investment in communities of color remains robust. Stacy Rhone, president and CEO of the community development financial institution BiGAUSTIN, noted, “The large majority of financial institutions are not afraid. They’re still investing, and they’re still participating.”

Impact on Future Generations

The Flipping The Hood event illuminated the importance of providing mentorship and motivation for aspiring professionals. Semaj Cormier, a college sophomore, expressed hope and encouragement, stating, “To see people that look like you already in those stages is motivational and factual.”