Community Wealth Building & Planning Policy

In our course today: Community Wealth Building & Planning Policy we’ll discuss:

Community Wealth Building (CWB) is an innovative approach to economic development and urban planning that focuses on empowering local communities and ensuring that economic benefits are shared more equitably among residents. This concept is closely intertwined with planning policies aimed at creating sustainable and inclusive communities. Let’s delve into the key aspects of Community Wealth Building and its relationship with planning policies.

Community Wealth Building revolves around the idea of strengthening the local economy by promoting community ownership, local job creation, and fostering a resilient economic ecosystem. This approach challenges the traditional economic model, which often prioritizes attracting external investment over the well-being of local residents.

Planning policies, on the other hand, are a set of guidelines and regulations that govern land use, development, and urban design within a specific geographic area. These policies play a pivotal role in shaping the physical, social, and economic landscape of a community. When integrated with Community Wealth Building principles, planning policies can have a transformative impact on local economies and the overall well-being of residents.

Here are some ways in which Community Wealth Building and planning policies intersect:

1. Local Ownership and Procurement: Community Wealth Building emphasizes the importance of local ownership and procurement, encouraging governments and institutions to prioritize purchasing goods and services from local businesses. Planning policies can support this by incentivizing local businesses, promoting mixed-use developments, and creating spaces for community-owned enterprises.

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2. Affordable Housing: Planning policies can address affordable housing challenges by incorporating CWB principles. This may involve requiring developers to allocate a percentage of affordable housing units in new developments or implementing inclusionary zoning policies.

3. Cooperative and Employee Ownership: CWB encourages the growth of cooperative enterprises and employee-owned businesses. Planning policies can facilitate this by designating areas for community land trusts, cooperative housing, and cooperative businesses.

4. Anchor Institutions: Community Wealth Building encourages collaboration with anchor institutions such as universities and hospitals to invest in the local economy. Planning policies can incentivize these institutions to prioritize local hiring, procurement, and community development initiatives.

5. Local Financial Institutions:CWB emphasizes the importance of local banking and financing mechanisms. Planning policies can support the establishment of community development banks or credit unions to provide accessible financial services to underserved communities.

6. Sustainable Development: Integrating CWB with planning policies can lead to sustainable and environmentally friendly development. This may include promoting green infrastructure, renewable energy projects, and sustainable transportation options.

7.Community Engagement:Both CWB and planning policies benefit from robust community engagement. Inclusive planning processes ensure that the voices and needs of residents, particularly those who have been historically marginalized, are considered in decision-making.

By aligning Community Wealth Building principles with planning policies, communities can create more equitable, resilient, and thriving local economies. This integration requires a collaborative effort among government agencies, community organizations, businesses, and residents to reshape the economic landscape in ways that prioritize people’s well-being and the long-term sustainability of the community.