Faced with the rising rents of commercial properties in cities, one New York organization is modeling a way for people to invest in permanently affordable, commercial real estate. The New York City Real Estate Investment Cooperative (REIC) leverages patient crowdfunding—small investments by a large number of people over time—to turn vacant municipal properties into sustainable community resources.
Created in February, REIC aims to leverage the investments and political power of its members to secure real estate that supports “cultural organizations, cooperative businesses, and sustainable neighborhoods.” The organization does so through its civic crowdfunding platform.
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