The present racial inequities in homeownership and entrepreneurship in Minneapolis are inextricable from the city’s history. While the Twin Cities have grown and maintained as a headquarters for billion-dollar companies across industries, BIPOC communities have been systemically excluded from wealth building opportunities and in some cases, have had their wealth destroyed, like in the case of the destruction of the Rondo community in St. Paul. The impact of this history has contributed to the Twin Cities having the starkest racial inequities in the United States across all areas of quality of life.
As Minneapolis reckons with the challenges of its BIPOC residents, the city has tremendous opportunity and assets to bring to bear in rectifying these injustices and creating a more inclusive, equitable, and vibrant city. More specifically, there is opportunity to create wealth building opportunities for the youth of Minneapolis by investing in a youth owned residential and commercial space. Youth are often left out of the conversation around ownership and wealth building opportunities; however, Minneapolis has the potential to lead the effort around wealth building for young people. While this research focused on the opportunities to increase BIPOC homeownership and entrepreneurship as key pathways for building multigenerational wealth, we believe action in these areas must be undertaken in concert with advancing equity in other areas crucial to wellbeing and mobility, such as health, education, rental markets, workforce development and policy, and transportation.
