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Great streets.

May 16, 2023

I live on a not so great street. It’s a shame because it could be really great!

My side of the street is filled with small storefronts, bars and restaurants. There is lots to see from the sidewalk and there are lots of places to stop along the way. The other side of the street is filled with a monolithic building that has no retail (or other) activity at all. And the next block down is no better since it’s filled with a parking garage.  

No amount of street furniture, trees or landscaping will solve this fundamental problem. No-one wants to walk on the other side because it is boring and painfully empty. You’d be a solo pedestrian and no-one wants to be that. Even worse, the street is wide and inhospitable. There is no canopied median strip and there are no bike lanes. Crossing is not a leisurely stroll. It’s a hurried dash from one side to the other.

Really great streets are hard to find. Both sides must entice you to zig zag from one end to the other, making sure you haven’t missed any delectable place to stop along the way. Some of my favorites include Campbell’s Parade in Sydney, Australia with Bondi Beach and it’s bronzed surfers on one side and endless places to eat on the other; Istiklal Avenue in Istanbul, jammed with pedestrians, lined with stunning architecture and full of things to do day and night; and Flinders Lane in Melbourne. It’s just a tiny alley, but stuffed full of exciting shops and restaurants. I can never get enough of it.

What’s your favorite street?

It’s all about walking.

May 3, 2023

Jeff Speck is a city planner and urban designer who advocates internationally for more walkable cities.

As Director of Design at the National Endowment for the Arts from 2003 through 2007, he presided over the Mayors’ Institute on City Design and created the Governors’ Institute on Community Design. Prior to his federal appointment, Mr. Speck spent ten years as Director of Town Planning at DPZ & Co., the principal firm behind the New Urbanism movement. Since 2007, he has led Speck & Associates, a private design consultancy serving mainly American cities.

With Andres Duany and Elizabeth Plater-Zyberk, Mr. Speck is the co-author of Suburban Nation, which the Wall Street Journal calls “the urbanist’s bible.” His 2012 book Walkable City was the best selling city-planning title of the past decade and has been translated into seven languages. He is also the writer of The Smart Growth Manual and Walkable City Rules.

Jeff Speck has been named a fellow of both the American Institute of Certified Planners and the Congress for New Urbanism. He is the 2022 recipient of the Seaside Prize, whose former awardees include Jane Jacobs and Christopher Alexander. His TED talks and YouTube videos have been viewed more than five million times.

Read the podcast transcript here

Eve Picker: [00:00:08] Hi there. Thanks for joining me on Rethink Real Estate. For Good. I’m Eve Picker and I’m on a mission to make real estate work for everyone. I love real estate. Real estate makes places good or bad, rich or poor, beautiful or not. In this show, I’m interviewing the disruptors, those creative thinkers and doers that are shrugging off the status quo, in order to build better for everyone.

Eve: [00:00:43] Ten years ago, Jeff Speck wrote a book called Walkable City: How Downtown Can Save America One Step at a Time. Since it was published, the book has become one of the most popular titles in urban planning. His blunt assessment of the state of the planning profession, along with ten steps for improving street design, have forever influenced livability across US cities. Basically, it’s all about walking for Jeff. Listen in and learn. After all, Jeff’s TED Talks and YouTube videos have been viewed more than 5 million times.

Eve: [00:01:34] If you’d like to join me in my quest to rethink real estate, there are two simple things you can do. Share this podcast and go to RethinkRealEstateforGood.co, where you can subscribe to be the first to hear about my podcasts, blog posts, and other goodies.

Eve: [00:02:01] Welcome to the show, Jeff. I’m really honored to have you here, especially because I’m a bit of a Walkable groupie myself.

Jeff Speck: [00:02:09] Well Eve, Thank you. I didn’t know that I was getting into real estate when I was studying design, but that is kind of where I’ve ended up.

Eve: [00:02:17] Yes. Yes. So, you’ve written a very famous book called Walkable City, which is now ten years old. And in it, you tell us how downtown can save America one step at a time. Isn’t that a really radical claim?

Jeff: [00:02:34] I didn’t realize that when I wrote it. You could say it is. I’ll try to explain why it makes sense to me. First, I’ll mention that the book is ten years old, but what’s relevant to you and your listeners is that in honor of the ten year anniversary, we’ve issued a new edition that has 100 pages of new text. So actually, I spent a month or more, well, of course, gathering the information took years, but I spent some time about a year ago doing what I usually do when I write, which is saying, what’s all the stuff that I’ve heard about that I’ve witnessed that, you know, is noteworthy and that I’ve got really ardent feelings about that I need to share. And so, there’s obviously, so much has happened in the last decade. And those 100 pages that I’ve added to the book talk about such things as the promise of autonomous vehicles and Uber and Lyft, which weren’t around to comment on when I was writing the first edition. And of course, COVID and the housing crisis and so many other things. So, it’s in some ways a new book. And I’m very pleased to hear you say it’s very famous. I know it sells well. I know it pays for my breakfast, which is pretty good for a book, but it’s a book that has, I’d like to think that it’s played a role in changing the conversation around cities and focusing on walkability as a key goal, but also a measure of success and just something that if you put walkability at the top of your list and you start to reorganize your city around being more walkable, you end up making all the right choices for your city. So, getting to your question, the book begins with a large segment that’s called “Why Walkability.”

Jeff: [00:04:24] And I would say it’s expanded in the last decade, but essentially what I did or what I tried to do was to bring to everyone’s attention three different issues impacting cities and impacting America that had been brought to my attention. And it was interesting as a city planner to be arguing for better urbanism, better urban design, which we called traditional town planning for a while, and then we called it the New Urbanism, which kind of we still do, but realizing that we were getting kind of a limited response and that arguing for good city planning in the terms of city planning wasn’t really getting the audience that it needed. And that’s when I kind of discovered these three other groups, the epidemiologists, the economists and the environmentalists. All of whom were arguing for the exact same stuff that we wanted, but from their own terms and much more effectively, and really made me think that, yes, if we make our cities more walkable, they will make America a much better place.

Eve: [00:05:25] It’s really not a radical claim then. I mean, it’s radical along with everyone else who’s making the same claim, right?

Jeff: [00:05:31] Well, it’s not radical, but the prescriptions that it then leads you to are not considered exactly standard practice in many of the cities in America and in much of the world, certainly the developing world or other places that imitate America. So, in a nutshell, the Economist’s argument was pretty straightforward. And I know you’ve had Chris Leinberger on your show, but much of the economic argument I learned from him. And it was essentially how, of course, value is generated much more strongly in mixed use, walkable places, and that, in fact, there’s kind of two sides of the coin. One is that we’re bankrupting ourselves with the individual car ownership mandate and that in the US, poor people are paying more for transportation currently than they are for housing. Many of them are paying 40% of their income just to get around, and that’s a tremendous burden on society. And of course, the typical car is costing us $10,000 a year. People talk about affordable housing. They don’t really talk about affordable living. And actually, if you don’t need a car for every adult, that makes it living much more affordable.

Jeff: [00:06:34] But then on the more optimistic, ambitious side, which is what Chris Leinberger talks about, just the fact that the same number, you know, the same square footage of living space in Greenwich Village rents for three times or sells for three times what it does in Greenwich, Connecticut. And if you know Greenwich, Connecticut, it’s an extremely lovely place. But essentially that if you create walkable, dense places, your values and your investment will be so much stronger. But then also just simple discoveries about how, you know, the denser your city is, the more patents per capita you create. And just acknowledging that we come together in dense mixed-use communities because that benefits us economically in so many different ways. The book outlines the money that Portlanders save by actually commuting less, Portland, Oregon. By commuting less, spending less time in traffic because they invested in bike lanes, because they invested in density and transit and the billions of dollars that they save annually by virtue of having made those choices a couple of decades ago. There are many more economic arguments. The epidemiological argument is essentially something I learned from a book called Urban Sprawl and Public Health, and then getting to know the authors of that book, three epidemiologists who were basically saying they studied disease and they studied the health of the culture as a whole. And they said, you know, we have the first generation of Americans who are expected to live shorter lives than their parents. And the average child born after 2000, you know, half of them are expected to get diabetes. It’s just a horrible situation that they say is due to the fact that we have engineered out of our daily life the useful walk. So, you know, there’s a bunch of doctors and others who point to our unhealthy American diet and other aspects of life in America, like car crashes that shorten our life expectancy. But the biggest factor is that walking used to be just something we did every day that made us healthy that we’re not doing because we’ve designed our neighborhoods to cause us to not do it.

Jeff: [00:08:31] And of course, The fix is an urban design fix. And then I do talk a lot about car crashes and their impact. And then finally, the environmental argument is in part not entirely taken from a wonderful book by David Owen, who’s a New Yorker writer called Green Metropolis that you may have seen about 15 years ago. That was going to be called Green Manhattan when he wrote it. Acknowledging that the place in America where people have the lightest carbon footprint is New York City and then asking why? Acknowledging that New Yorkers use a quarter of the electricity to people in Houston, they use one tenth of the gasoline of people in Houston. If you really care about the planet and love nature, if you love nature, the best thing to do is to stay away from it and live in an urban place. The denser, the better. And just wonderful arguments about, in fact, how the maps that show carbon output per square mile are so incredibly misleading. They look like the night sky photographs of the US. You know, they’re hottest in the cities and cooler in the suburbs and coolest in the countryside. But if you if you look at carbon output per capita, those maps entirely flip. And it’s urban dwellers who have the lightest footprint. Now, I should say that in the update, I’ve added two other things that I neglected to focus on enough in the first edition. One, of course, is the social impacts of living in a more walkable place. And there’s been tons of great evidence.

Jeff: [00:10:02] In fact, one sociologist, you know, it was almost like she was doing it for me, did a study that demonstrated that there was no factor that had a greater impact on how sociable people are as how walkable their community is. It’s like the number one indicator of sociability and participation in community activities is living in a walkable neighborhood. Wow. Well, that’s nice to hear. And then something I’d neglected to talk about adequately at all was the equity impacts of living in walkable and unwalkable places and how the ownership of the automobile is a great divider, creating haves and have nots. But more to the point, how with the suburbanization of poverty and a lot of poor people now living in places that were designed only around driving and people who don’t have cars. We have a tremendous epidemic underway. And now, believe it or not, compared to 14 years ago, 82% more pedestrians are dying in car crashes and it’s a function of a number of factors we can discuss. But those trends skew very much towards people of color and poor people. If you’re Native American or African American, you’re twice as likely to be killed as a pedestrian than if you’re not. And then of course, transit, which we advocate for and walking, which we advocate for, and biking, which we advocate for disproportionately benefit those who have less. Particularly people look at biking, people look at biking as some sort of elite activity when in fact, fully 38% of the people who commute for work or school are from the lowest 25% of income earners.

Eve: [00:11:41] That’s really interesting. But I want to know how the walkable theme came to take such center stage in your professional life.

Jeff: [00:11:49] It’s a funny question that I’ve asked myself. I don’t remember any moment or a decision that happened around me becoming the walkability guy. As I suggested, my colleagues and I were always just looking at best practices or better practices in urban design, and we were trained as architects. My mentors, Andrés Duany and Elizabeth Plater-Zyberk, who designed the famous town of Seaside back in 1980, which kicked off the whole New Urbanist movement. And then they started the Congress for New Urbanism with some other like-minded individuals. In 1993, I was there. We talked about New Urbanism, we talked about what we call neo traditional town planning because it was a return to the traditional ways of making cities independent of architectural style, right.

Jeff: [00:12:36] We’re talking about streets and blocks and squares as opposed to the tower in the park or any of these other kind of modernist reinventions of the city, which suburban sprawl is one model of. And it’s really just best practices in urban design. But we’re like comedians who go up on stage and you try your material out, right? And you see what floats and what doesn’t float. And one way or the other, I realized, first of all, that everything that I was advocating for was making places more walkable, but perhaps more significantly, that when you framed it in terms of walkability, which is not a word I invented, but I may have helped to popularize, that people really got it. People understood it and it became a main street conversation. And I would say by making the choice, not the invention by any means, but the choice of calling what we do walkability planning or walkable centered planning, we’ve been able to popularize it much more effectively. Now it’s interesting, though, because it’s not just, you know, as someone who’s into communication, you’ll be curious to know, these things reinforce themselves.

Jeff: [00:13:41] So, it’s not just a communications tool. Because actually, when I started to use the term walkable, I began to see everything through that lens, and it actually modified my practice, and I started doing something for cities. I’ve done 15 of them, called walkability studies. So, if that’s the name of your study, what are you trying to accomplish? So, I would, you know, we’ll come to town, we’ll spend a week, we’ll have about a dozen meetings with all the different constituents in that week. And I’ll begin each meeting the same way. I’ll say my purpose of this study, what you are paying me for, is for us to figure out together in the, you know, how in the least amount of time and spending the least amount of money we can visibly witness the largest number of people, more people walking and biking in your neighborhood. And it’s almost always the downtown of a city when that’s the problem you’re trying to solve, you make a whole bunch of decisions that are a little more straightforward and clearer and more complete perhaps than you would make if you’re just trying to make a good urban plan. So, you know, my general theory of walkability, which is a fun term, talks about how, for people to make the choice to walk the walk has to be simultaneously useful, safe, comfortable and interesting. And each one of those categories then puts forward a series of changes that you can make around improving mixed use, around bringing more housing downtown, subsidizing it if necessary, to have a lot of bodies in your downtown around where we spend most of our time, which is the reconfiguration of streets. And I studied architecture for, you know, years and years and years, I have ten years post-high school of studying architecture.

Jeff: [00:15:20] Now, what I do mostly is measure and design lanes in streets, because that’s where you can have the most impact on the success of a place. Because most of our downtowns in America, the places that are useful, comfortable and interesting, still aren’t safe to walk around because of the speeds that cars are traveling because of the way that they’re designed, and we fix those in cities. So, that’s become a huge part of my practice. And then comfort and interest. Comfort implies space making, spatial definition, giving proper edges to spaces because we like to be in outdoor living rooms with our flanks covered from attack. It’s something we, you know, we’ve inherited along with all animals. The evolutionary biologists tell us all animals are seeking prospect and refuge. So, we’re seeking refuge, we want to know that our flanks are covered. That means that you want to hold the edge of the streets with buildings that are near the street, tall enough to make a space. That’s something we spend a lot of time on. And then finally, interest is a little more straightforward. You know, no one wants to walk past a surface parking lot, past a structured parking lot, past a blank wall or, and this is important, past 100 yards of the exact same thing. So, we have, for example, we introduced into cities the concept of demise lines, which I’ve done in many of my projects, where you take one big building, and you actually get three architects to do the facade and make it look like three different buildings. Then when you walk down the street, something interesting is happening.

Jeff: [00:16:45] As Jane Jacobs says, No one will walk from repetition to repetition or from sameness to sameness, even if the effort expended is minimal. We line the parking with residential. We put some other use on the ground floor, or we just keep it away from the edge of the street. Right? So, there’s all these techniques and from, you know, the biggest scale of mixed use to the smallest scale of the building edge, we don’t leave anything out. And obviously some things are achievable more quickly than others. Fixing streets is often the first thing you can do, which is why I spend so much time on it. And I do a lot of work for mayors who want results within a couple of years because they’re up for re-election. So…

Eve: [00:17:24] Of course.

Jeff: [00:17:25] City planning is notoriously a 20-year phenomenon, right? But the work that that we do for cities, they don’t want to wait that long, and we focus on streets for that reason.

Eve: [00:17:38] Well, that’s a good thing, actually. So, if ten years is enough time to see if your predictions actually came true and I want to know if there were any surprises, if there have been any bad things that have happened over the last ten years.

Jeff: [00:17:53] One kind of smart thing about the book probably is I didn’t make many predictions. I certainly made a whole bunch of recommendations and gave a whole bunch of direction. And I would say, looking back, there’s nothing in that direction. I mean, the book is literally, you know, there’s four categories of the useful, safe, comfortable and interesting walk. But then there’s the ten steps of walkability. And the big part of the book is these ten steps, which include let transit work, get the parking right, mix the uses, make friendly and unique faces, welcome bikes, um, etcetera. And so, each chapter is dedicated to one issue like trees or bikes. But the chapter that I, and I say this in the update, the only chapter I wanted to retract a little bit was pieces of the biking chapter, because first of all, biking is what is evolving the fastest in most, or micro mobility in general is what’s evolving the fastest in most American cities. We are just now catching up with Berlin in the 1990s. I mean literally I was in Berlin in the 1990s and we had the bike lane up on the curb, out of the street, on the edge of the sidewalk. And now when we do new plans in American cities, that’s what we’re doing. You know, I will no longer put a bike lane in the door zone period. Ten years ago, I would because we were lucky to get it.

Eve: [00:19:24] We’re still doing that in Pittsburgh. I just noticed new ones. It’s scary.

Jeff: [00:19:30] I’ll put a bike lane adjacent to two lanes of traffic. If there’s no parking on the other side of it. More often, I’ll pull parking into the street to protect the biking and put the biking either against the curb in an existing street that we don’t rebuild, or if we’re building a new street or rebuilding the curbs, we’ll put the bike up on the curb, separated often from the sidewalk by trees. When I wrote the book, sharrows were respected. In the intervening ten years, a couple studies were done that showed that sharrows, those share the road markings in the roadway, have no positive impact and in certain instances have made streets more dangerous than not having anything at all. So, that’s out.

Eve: [00:20:11] Interesting.

Jeff: [00:20:12] The main thing I wanted to retract was that I was kind of treating the cyclist like any other lobby, bearing in mind I’m a cyclist, I’m also a driver. You know, like most people, I do all those things. I told them, you know, we can’t put bike lanes in every street. I mean, let’s be serious here. You know, if we gave everyone in every street everything they wanted, the streets would all be the size of airport runways. And, you know, it actually isn’t the proper design of a bike network to have bike lanes everywhere. If you go to Copenhagen, you know, the major streets have bike lanes, but the minor streets, most of the streets, almost all of them, are just slow speed, comfortable streets where everyone mixes and it’s better. So, I was a little bit critical of the biking lobby just to be even handed. I’ve now thought better of it. In fact, I’m leafing through my book here and, if you don’t mind, I’ll do a tiny reading.

Eve: [00:21:09] Sure, sure.

Jeff: [00:21:10] And this has to do with my retraction, since you asked. If there’s one passage of this book that I would like to retract, it’s step six’s ‘Don’t get greedy’. Sure, bike advocates are specialists, and we need our cities to be designed by generalists. As I noted, there isn’t enough room in the streets for every specialist to get what they want. But here’s what I got wrong. I’ve yet to see a city do anything requested by a bike advocate that is not made that city better for everyone. I’ve finally been to Copenhagen and biked miles of downtown without the slightest fear for my eight- and ten-year-old boys in front of me. If you haven’t had that life changing experience, don’t begin to think you know what you are doing when you deny a cyclist anything. The cycling city is the city we all need. And remembering Copenhagen fills me alternately with joy and rage. Just today, Milan announced $271 million in funding for a 466-mile citywide bike network. Paris recently upped its biking investment to half $1 billion.

Eve: [00:22:10] Wow.

Jeff: [00:22:11] In order to achieve an 100% cycling city, in quotes. Meanwhile, the Boston Cyclists Union clamors enthusiastically for an increase in the city’s bike budget to $2.6 million. And Boston’s one of the good ones. Don’t get greedy, don’t settle for scraps, demand more, 100 times more, and don’t stop until the very last bike hating motorist throws up their hands and decamps permanently for the suburbs.

Eve: [00:22:37] Or gets a bike, right?

Jeff: [00:22:39] Yeah. So, that was the only real retraction. But I have to say, you know, the book was written to be somewhat timeless and there were a few things it didn’t anticipate, like COVID. It also didn’t anticipate the housing crisis properly enough and was also not fully aware. You know, and I co-wrote and was the principal author of the book Suburban Nation, which is, was with my mentors, which was the best-selling planning book of the previous decade, 2000s. And in that book as well, certainly in Walkable City, I did not pay enough attention to or share enough of the information that people need to know about how racial prejudice has shaped our cities and particularly has shaped our housing crisis and how there is still a crisis for folks of color. And a wonderful book that informed that was Richard Rothstein’s The Color of Law. I presume you’re familiar with that book.

Eve: [00:23:34] Yes. I did also interview him.

Jeff: [00:23:37] I would love to get a chance to talk to him. I haven’t yet, but I read that book with great interest, and I excerpt it within my update. I think a lot of that was eye opening to me. Probably the thing that most people don’t know that I didn’t know. I learned it before I read his book, but I didn’t know it until more recently. People always talk about redlining like it was some sort of thing that the banks did, right? Oh, those evil banks redlining, not granting loans for mortgages in mixed race or neighborhoods of color. In fact, that was the federal government. That was Fannie Mae, Freddie Mac. You know, that was that was that was our leaders who said, no, we will not guarantee a loan in any neighborhood of color and also any investment the federal government made in housing development, which was huge, particularly with affordable housing neighborhoods, was mandated to be single race. It’s absolutely incredible.

Jeff: [00:24:35] And then, of course, the strong evidence that Rothstein collects about how the single-family zoning as a concept was basically created as a way to perpetuate race based zoning when the Supreme Court ruled that that was illegal. And then finally, the understanding that the way that the typical American family has built wealth, the typical middle class American family, if it has built wealth, it has built wealth probably through the ownership of a single-family house that got that mortgage deduction.

Eve: [00:25:08] Right.

Jeff: [00:25:08] And that that wealth building opportunity was only made available to white Americans for many decades. You know, as Martin Luther King said, you can’t expect a man to lift him up by his bootstraps if he has no boots. And so, the constant deprivation of opportunity to a portion of our population, I’m getting off topic of planning, but it’s all.

Eve: [00:25:30] But it’s all part, it’s all part and parcel of it. Definitely. I want to drag you back to the suburbs because, you know, in recent years there have been talk about making suburbs pedestrian friendly. And I’ve noticed the suburbs I drive through, you know, I get a little scared when I’m in the suburbs because I don’t know where there is. Yeah, there’s no there there. But I’ve noticed that little pieces of sidewalk emerge. They don’t necessarily go anywhere. It’s amusing to watch. Have you seen any successful attempts to urbanize the suburbs? And is this the future for suburbs?

Jeff: [00:26:12] Well, I think it’s important to understand that most American suburbs, most American post, all American post-war suburbs and most American suburbs have the wrong bones, right? It’s like chipmunks versus dinosaurs or, you know, mammals versus lizards, whatever you want to say. And when you’ve got the wrong bones.

Eve: [00:26:34] You need a lot of surgery.

Jeff: [00:26:36] Well, when you got the wrong bones, you actually, it’s impossibly expensive to change your nature. So, these giant blocks, these arterial highway, arterial collector, local road networks with a major intersection every half mile that constitute probably 50% of the American landscape right now, the built environment. They can’t be changed in a way that will make them walkable. They can be changed street by street, intersection by intersection, you know, roadside by roadside into places that are safer. They can be changed into places that are more bikeable, but they will never have a condition in which walking is a favored means of getting around. Except as we’ve seen, and I’ve participated in several of these, when you get a chunk which is big enough to become a new mixed use town center. And so, you find in places like it’s called City Center in Houston, it’s nowhere near the downtown of Houston, but it’s in the geographical center. That’s a place where a developer got a big enough piece of property and said, let’s have shopping and housing and offices and hotel and cinema and everything in one place. And eventually what you get is a little bit of a town center, and it might be what you call a park once environment, right? But people end up living there. People who work there end up living there, and certain people really reduce their carbon footprint and have a much better quality of life living in those places.

Jeff: [00:28:01] And many of our cities have this. There’s one in Alpharetta, Georgia, called Avalon. You know, they’re all over the place. And they’re, some are better than others. Some are not much better than exterior malls with a main street down the middle instead of pedestrian. But once you get significant housing, hotel, office above the main street, then it’s almost nothing that distinguishes it from being a real town center.

Eve: [00:28:28] Interesting.

Jeff: [00:28:29] The other hope for suburbs is the pre-war suburbs. I was in Tigard, Oregon, which is a suburb of Portland, and they want to be more walkable. And they were almost entirely a driving suburb, but then I discovered, like struggling, but there this germ of a main street, like it was a pre-war main street. And many of our suburbs have these old centers that were disinvested but are still there, are still zoned for mixed use. And if you can get more people living there or allow more people. Change the rules, often to allow more people to live around that old main street, then you get that little walkable downtown core that becomes the heart of the community. And still, most people are driving to it, but not everyone is. And those who do drive to it have that lovely experience when they get out of their car of walking around.

Jeff: [00:29:11] Now, I want to mention I have something to say about this, too. I have a book I’m showing you called Walkable City Rules. That is a book that I recommend mostly to professionals. So, your audience, the realtors, the real estate developers or others in your audience. Walkable City is the book that people read for entertainment. They read it to get convinced. Mostly they distribute it to get to convince other people. And I’ve worked in a lot of cities where they’ve given it out by the box to the city councilors, to others. It’s a great tool for winning converts, but if you’re already doing the work and you just want all the information, you know, all the stuff you need to know, including such little tidbits as when you remove the center line from a local street, people drive seven miles an hour slower. Like that’s good to know. That’s get rid of some center lines. Or when you replace a signal with an all way stop sign, severe pedestrian injury crashes dropped by 68%. Well, that’s a nice thing to do. So, that’s all in there. But there’s one. So, it’s 101 steps to making better places, Walkable city Rules.

Eve: [00:30:16] I’m going to buy that book.

Jeff: [00:30:18] Each rule is two pages. It has a headline, it has a rule at the end, it has a photograph or a chart. Step 100 is Don’t give up on sprawl, it’s where most Americans live. It talks about these two conditions. The opportunity to create a mixed use town center if the economics are there to support it and you have a chunk of land or to find the, you know, the moribund main street that was once there and the rule 100 at the end of the page says, in sprawl, invest in old Main Streets where they exist and otherwise focus on safety for all road users because that’s the main thing that you can accomplish. And I’ll do a tiny reading from this book, which is the sad conclusion. But then there are the newer places like Chandler, Arizona, 250,000 humans doomed to scuttle around perhaps the most utterly placeless landscape in America, 65mi² of entirely car dependent nowhere.

Jeff: [00:31:14] Without the full-scale insertion of a large new town centre, what can be done to make the denizens of the purest sprawl less isolated? While true walkability is out of the question, the most essential improvements would seem to surround safety for pedestrians, cyclists and drivers too. People are dying in these landscapes at an alarming rate, thanks to high-speed road geometrics, inadequate crossings and rare and dangerous bike lanes. Such places can’t really be fixed, but they can and should be made safer using many of the techniques contained in this volume. So, that’s my conclusion for the sprawl.

Eve: [00:31:48] I’m going to I’m going to order that right after this because I want to see those rules. That’s interesting. So, let me ask you, what’s one of your favorite places or cities in the US or elsewhere where you feel really happy walking and why do you love it?

Jeff: [00:32:06] I think the best answer to your question is that any, almost any pre-war city in the US has kernels, pieces that are that are fantastic and a majority that’s probably pretty bad, and that the distinction is not so much among cities as it is among pieces of cities. I would also argue, I think this is important for your audience, that the decision, the contrast also in our work, particularly in Suburban Nation that we wrote about, isn’t about town versus city or town versus village or even suburb versus city, but it’s around walkable versus unwalkable organizational patterns and how there are cities that are unwalkable, there are towns that are unwalkable, there are villages that are unwalkable and the opposite.

Jeff: [00:32:57] You know, I grew up in a suburb. I think many Americans my age did. I’m almost 60. Where I mean, it was a pure suburb. It was Belmont, Massachusetts, next to Cambridge outside of Boston. It was completely walkable. My dad walked to work every day. I walked to the bus that took me into Harvard Square. I walked to school. It’s possible to create cities, towns, villages and suburbs that are fully walkable beyond a certain point, it’s not a question of density. And what’s more important is neighborhood structure. Neighborhood structure means small blocks, small streets, frequent intersections, civic spaces, a sense of center and a sense of edge. You know, the neighborhood and planning terminology is very well defined as being compact, mixed use and walkable.

Jeff: [00:33:43] And so, that’s what really matters. Now, to answer your question and enjoy in my memory some of the wonderful places I love to go, you know, most of those are the places that were not run through with highways that maintain their existing pre-war character. You know, I love to visit the great cities of the South, Charleston, Savannah, New Orleans. Alexandria, if it weren’t part of DC would be another city like Charleston that people would go to just to walk around Alexandria, Virginia. You know, and then there are amazing Western examples, Albuquerque and you know, Carmel by the sea. Carmel by the sea. Excuse me. I’m working in Carmel, Indiana, which is not pronounced the same as Carmel by the sea. But, you know, for big cities, you know, despite the problems with homelessness and other issues, I still think San Francisco is one of the best places in the world to walk around.

Eve: [00:34:40] Yeah.

Jeff: [00:34:41] And in a global perspective, off-season, because the tourists make it hell. But off season would have to say my favorite city is Venice because it has so many wonderful qualities, most of which derive from, independent of its historic character, most of its wonderful qualities derive from the fact there are no cars in it.

Eve: [00:35:00] Yes,

Jeff: [00:35:01] This makes it so amazing.

Eve: [00:35:02] Yeah, but the tourism just almost unpalatable.

Jeff: [00:35:06] But you can truly enjoy it off season and you can live there off season.

Eve: [00:35:10] I’ll have to try that. So, I’m going to put a plug in for Australia because you know, that’s where I grew up and those cities really sprawl. I mean, Sydney has a huge sprawl, a lot of land area compared to a city like New York. But I, when I was a kid, I could walk everywhere. I could catch a bus. I lived in what you would consider a suburb. There was sidewalks on always on one side of the street, if not both. Every neighborhood had, and has to this day, a main street. And those main streets have survived.

Jeff: [00:35:43] I spent some time in Sydney, in Melbourne, in Adelaide, lovely town, in Perth. I have to say clearly Sydney is the most spectacular and most exciting to visit. I found Melbourne to be the place where I wanted to live.

Eve: [00:35:57] Oh, Melbourne’s fabulous.

Jeff: [00:35:59] So much character. But here’s what I observed about Melbourne. Street after or I should say neighborhood after neighborhood of almost endless main streets with no chain restaurants or chain stores on. Mile long. And I think what does, that is the trams. So, you’ve got streetcars in the middle of your main streets throughout, I mean the parts of Melbourne that I enjoy, and that combination of, you know, moderate density. But the streetcar corridor is what allows for all these neighborhoods in Melbourne to not only have Main Streets that are successful and continuous, but have character and unique establishments of, you know, avoiding the chain stores which aren’t a blight, but they sure make places boring. It’s really remarkable.

Eve: [00:36:53] It is remarkable. You know, Australia was a coffee culture well before Starbucks happened and somehow Starbucks could never get a foothold there because you have flat white. And so, yeah, but I think it’s a very, very different expectation about how you’re going to live your life. Not that people don’t have cars and drive a lot, but I think what you said before that I wanted to hang on to is the fact that you’ll walk if there’s something interesting along the way and interest can come in all sorts of shapes and forms, or if you have a destination to go to, you won’t walk if there’s nowhere to go. And so, is that what you think about when you’re designing a place? It’s like a it’s like an anchor on a mall, right? There’s an anchor at each end.

Jeff: [00:37:36] Well, you need to do everything you can to change the zoning and to direct the city investment through tax increment financing or any other tool at their disposal to impact what real estate developers are building. So, If a place needs more housing, then you find a way, which most places do, most urban places do need more housing in the US to be successful or more successful, You reorient the zoning and the investment around that. But that does that takes time. So, you know, the useful, comfortable and interesting walk are all a function of almost entirely the private market which the government can influence. But the safe walk is what the government can typically control immediately and invest in immediately. And so, that is where we short circuit the investment as fast as we can to make it happen. I think it is interesting also to compare Australia to the US or Canada to the US, to the degree our cities were undermined by both being reamed out by highways, but also each individual street being reamed out.

Jeff: [00:38:43] If you look at Manhattan, you know, Park Avenue used to have a park in the middle. Now it has a little median that no one would sit in because it’s just a break in 6 or 8 lanes of traffic. It used to be two lanes of traffic on each side and a big park in the middle. And so many American streets have had the trees removed, the parking removed other things to just carry more cars. In terms of highways, you know, you look at the US cities versus Canada cities and Canadian cities have done so much better in their downtowns. Well, in the US, the federal government invested $0.90 on the dollar. If you wanted to put a highway through your city centre in Canada, it was $0.10 on the dollar. So, you know, there’s choices like that that clearly. People say Americans love suburbs. We voted with our feet, but that’s completely false. I mean, there were incredible subsidies between highway building and home loan, insuring that led to the outcomes we now see.

Eve: [00:39:37] So, I have just a couple more questions. And one is, do you still get pushback? Who gives you pushback?

Jeff: [00:39:45] So, there’s this. Inchoate mass called the automotive hordes, that in certain places and certain circumstances will you know, is the specter that’s looming when you’re trying to make changes in a community. I’ve found that to some degree they’re mythological. Like everyone’s worried about what the motorists are going to think. But most places I work, and I’ve got to tell you, in most places I work, I’m not trying to make driving harder. I’m just trying to make walking and biking easier. And there are ways to do that that don’t make driving harder. Like every city, however congested it is, has certain streets that aren’t congested, or you’ve got a main street. This is, here’s a perfect example. You’ve got a main street that’s in a network, and that Main Street is handling 18,000 cars per day. And like in Lancaster, California, it is dismal. It’s five lanes. It’s a highway, 18,000 cars a day, but it’s in a network. They made a decision in Lancaster to make it only two lanes. They put a parking plaza in the middle. So, they use it for farmers markets and stuff. And when there’s no farmers market, people just angle park in the middle of the street, and it’s become a linear plaza.

Jeff: [00:41:04] This like ten block Main Street. It now only handles 12,000 cars a day. But guess what? The cars are moving on the parallel streets, which is fine. The parallel streets aren’t contributing to the social heart of the city. And in fact, most cities, most small cities and towns, they have only one chance to have a great main street. There’s no reason why that Main Street’s design should be dictated by maintaining the existing throughput. That’s the term, like maintaining throughput network wide. Sure. You know, most communities will fight any decision that limits network wide auto mobility. but you can easily make an argument that you’re going to shift traffic over a street or simply take some lanes away from a street which isn’t congested. And that’s how I work. Understanding, in fact, that behavior adjusts that when you reduce capacity, more people walk and bike and that actually the carmageddon that’s predicted by reductions in capacity never comes when you remove a highway or narrow lanes.

Eve: [00:42:10] That’s a much more sophisticated conversation that I’d love to have and that almost never wins, which is that in fact driver demand is not static, it’s not fixed, it’s dynamic, it responds to the environment. And whenever a highway has been closed or a lane has been removed, we’ve never witnessed the gridlock that people predict because people adjust their behavior and they’re often happier for it. But that’s an argument I try not to make in communities because it’s counterintuitive. Mostly I say we’re going to find ways, and I demonstrate that we can find ways to improve walking and improve biking without in any way hampering the motion of automobiles except to get drivers going the speed limit as opposed to 10 to 15 miles an hour over the speed limit, which is how our our streets are designed.

Jeff: [00:42:57] And, you know, I love to rant and I had a recent editorial in the Hill that your listeners can look up under my name, Speck and The Hill talking about how actually in the US engineers as a matter of practice design streets for ten miles an hour over the speed limit because they’ve learned safety from highways instead of learning it from reality and in reality.

Eve: [00:43:22] That’s interesting.

Jeff: [00:43:22] In urbanized areas where people walk, driver speed is not determined by the speed limit, it’s determined by the environment. And therefore, anything you do to create elbow room or forgiveness is actually causing speeding and death. So, that’s a whole nother aspect of how the traffic engineering profession does not acknowledge that environment influences behavior. They don’t understand that environment influences behavior in terms of traffic, and that traffic demand is dynamic. They don’t understand that environment influences behavior in terms of speeding, and that speeding is caused by the very forgiveness that they introduced to our town centres and it’s really angering because they figured it out in Europe. But here in the US they have not figured that out.

Eve: [00:44:04] No. So, I have one final question for you, and that is what keeps you up at night? Or maybe nothing.

Jeff: [00:44:17] I’m fairly convinced that I’m going to lose someone that I love to traffic violence.

Eve: [00:44:24] Oh.

Jeff: [00:44:25] I mean, the odds are very high.

Eve: [00:44:27] That’s a horrible thought to keep you up at night.

Jeff: [00:44:30] The odds are very high that any of us will lose someone we care about to traffic violence. There’s a 1 in 100 chance that is how you will die in America. Um, it’s more than 40,000 people a year. It’s going up every year. And if anything keeps me up at night, you know, those are the only sort of thoughts that keep me up at night. I’m a good sleeper, but, you know, it’s those near and dear. Otherwise, I would say that, you know, I don’t think we’re taking the right measures to stem climate change by any means. This idea of electrify everything is perhaps necessary, but by no means sufficient to solve the climate problem. You know, the idea that Joe Biden is driving around this 9,000 pound Hummer, not to mention that it’s an anti-pedestrian device whose battery weighs more than a Toyota Corolla. And that that’s going to save the planet is just preposterous.

Jeff: [00:45:27] You know, and between 85 and 90% of the airborne particles that come from driving are from your tires and brakes. So, what are we doing about that? You know, so I mean, there’s so many reasons why different better cars is not the answer. And the question, the question people ask in America is always, how can we make cars better? It’s the wrong question. So, of course you get the wrong answer. Yeah, I think electrification is important, but they’re looking entirely at the supply side and not the demand side for energy and pollution. And that was the mistake of, you know, the war on poverty. It was the mistake of the war on drugs. You know, supply side solutions generally don’t work. And you have to look at the demand side. And the demand side is how can we live lives wonderfully enjoyably, you know, delightfully that cause us to use less energy? And the answer is to collect into villages, towns and cities that aren’t automobile dependent.

Eve: [00:46:26] Well, I’m totally with you on that. And I thank you very, very much for joining me. And I’d love to. I’m actually going to go order your Walkable City Rules immediately, so I know what they are. It sounds like a really useful book. So, thank you, Jeff. I really appreciate you joining me.

Jeff: [00:46:42] Both Walkable City and Walkable City Rules are also on Audible. The Walkable City Rules. I do recommend you get the hard copy because there’s pictures. Walkable City, remarkably, for a planning book has no pictures, which is why it’s one reason it’s sold so well is that it’s, you know, it’s written to be entertaining.

Eve: [00:46:59] Well, thank you, Jeff. I really appreciate it.

Jeff: [00:47:02] Hey, I love the attention. I’m grateful for what you do. And I am happy that you are willing to listen to me rant for so long.

Eve: [00:47:26] I hope you enjoyed today’s guest and our deep dive together. You can find out more about this episode or others you might have missed on the show notes page at RethinkRealEstateforGood.co. There’s lots to listen to there. If you like what you heard, you can support this podcast by sharing it with others, posting about it on social media, or leaving a rating and review. To catch all the latest from me, you can follow me on LinkedIn. Even better, if you’re ready to dabble in some impact investing, head on over to smallchange.co, where I spend most of my time. A special thanks to David Allardice for his excellent editing of this podcast and original music. And a big thanks to you for spending your time with me today. We’ll talk again soon, but for now, this is Eve Picker signing off to go make some change.

Image courtesyˆof Jeff Speck

It’s a dog’s life.

May 2, 2023

I measure real estate trends by dogs. Let me explain.

Quite a few years ago my son became the owner of an adorable German Shepherd puppy. And then he became an airline pilot and I began to co-parent a handsome 100 lb German Shepherd dog … from my downtown Pittsburgh apartment.

I’d take Atlas out for his evening walks. He loved to walk the streets sniffing people and making friends. Favorite routes emerged like the river walk. Or the fountain where he would try to catch water, endlessly amusing to Atlas. And favorite poop spots emerged. We developed a routine.

But over time I had to adjust our walks to avoid, dare I say it … other dogs! I had to consider the time I would take him out and the routes I would take. 8 am is rush hour in the doggie downtown world as is 5:30 pm. All of downtown’s dogs descended on Atlas’ favorite poop spots at once, making him very angry.

While Atlas loves people, he is not so fond of dogs.

Last week I participated in a panel on the state of real estate in Pittsburgh. Woe is me, the panelists and audience members said. Office activity has disappeared downtown, they moaned. It’s true. One can’t deny it. They’re afraid that downtown offices will empty and everyone will leave and that will be the end of that!

But the dogs tell me that there’s a quiet crescendo of residents replacing workers. We’ve all read that plans are afoot to convert multiple buildings from their office persona of the last 50 years (or longer) to places for people and dogs to live. You might not see as much life on the streets of downtown during the day post-pandemic, but you definitely will after 5 pm.

It’s a dog’s life in downtown Pittsburgh.

Foot traffic ahead.

April 19, 2023

Christopher Leinberger has had a singular career embedded in urban land use issues – as a strategist, teacher, developer, researcher and author. Recently retired from academia, he most recently taught at George Washington University as the Charles Bendit Distinguished Scholar & Research Professor and chair of the Center for Real Estate and Urban Analysis. His new venture is a startup, Places Platform, developing tools and methodologies to measure economic, social equity and environmental conditions in cities and metropolitan areas.

Growing up in the 1960s and 70s, Chris learned early the value of connecting coursework and theory with hands-on community engagement. Although he first put his business degree to work in the corporate world, Chris found he wanted to run his own organization and opted to take over management of Robert Charles Lesser & Co (now RCLCo), a one-office real estate consulting firm in Southern California, first as executive vice president, then as an owner and managing director. By 2000, RCLCo had become one of the largest real estate advisory firms in the U.S., with four offices nationally. Chris then moved to work as a developer full-time, co-founding the Arcadia Land Company, for which he is still a managing partner.

From 2005-18, Chris served as a fellow at Brookings’ Metropolitan Policy Program researching, writing and speaking on issues of walkable urbanism and metropolitan governance. He also helped found LOCUS (Responsible Real Estate Developers and Investors), serving as president from 2008-16, to help push political advocacy at the federal and regional level for a walkable urban future. In addition to George Washington University, Chris has taught at the University of Michigan, University of New Mexico and Harvard Graduate School of Design. He is the author of two books, Strategic Planning for Real Estate Development Companies (1994) and The Option of Urbanism, Investing in a New American Dream (2008).

Key findings from  Foot Traffic Ahead 2023 include:

  1. To paraphrase Mark Twain, the reports of the death of walkable urban cities and towns are exaggerated.  Walkable urban places still have substantial price (rental rates and sale price) premiums over drivable sub-urban areas as of the end of 2021, the trough of the pandemic. The premiums are 35-45% for office, retail, rental housing and for-sale housing. In FTA 2019 the price premiums were 40-50%…so down by 5 percentage points but still substantial. Plus, all 35 metros saw their walkable urban places gain market share at 2.8 times their 2017 market share…which means drivable sub-urban places lost market share. 
  2. We know for the first time ever that in the top 35 metros, only 1.2% of the metro land mass was walkable urban…in almost all of the other 98.8% of land, walkable urbanism is illegal, due to zoning and NIMBY opposition.  We need to increase the walkable urban land to 6-8% of metro land use, so as to drive down land prices to make it more affordable.  Our research shows that the bulk of the reason for the affordable housing and homelessness crisis is extraordinary land costs, which is created by the obsolete zoning and NIMBY opposition to housing production, especially walkable urban housing.
  3. This tiny sliver of land, 1.2% of the top 35 metros, generates nearly 20% of US GDP!  This sliver of land is even smaller when you realize that it is 0.07 of 1% of all US land, which produces such a large share of US GDP.  Plus, 7% of the US population live in this tiny amount of land.
  4. Past research shows that walkable urban places almost always generate a net fiscal impact for local government, while most drivable sub-urban places have to be subsidized, even high end subdivisions need subsidy.  Building more walkable urbanism is the best way to keep local government fiscally healthy.  Arlington, VA is a national model for this since they have 10% of their land mass built out as walkable urban.  This walkable urban land has created huge financial support for their nationally outstanding schools, in spite of the fact that Arlington has a large immigrant community with 80 languages spoken in their public schools.
  5. The 8 highest ranked walkable urban metros are Metro NYC, Boston, Washington, DC, Seattle, Portland, San Francisco, Chicago and Los Angeles.  Metro LA may be surprising to readers…it is due to their investment in rail transit ($180 billion, by far the most in the country) but also the urbanization of the suburbs (Pasadena, Glendale, Santa Monica, Long Beach, etc.).  However, they did not fare as well in social equity ranking.
  6. On social equity, we demonstrated that highly ranked Metro NYC and Washington, DC rank very high…showing you can “do well while doing good.”  However, rising walkable urban LA is also dead last in social equity…lack of high density zoning around their new rail stations which continues to crush the dreams of low and moderate income households for affordable, transit-served housing. 
Read the podcast transcript here

Eve Picker: [00:00:10] Hi there. Thanks for joining me on Rethink Real Estate for Good. I’m Eve Picker and I’m on a mission to make real estate work for everyone. I love real estate. Real estate makes places good or bad, rich or poor, beautiful or not. In this show, I’m interviewing the disruptors, those creative thinkers and doers that are shrugging off the status quo in order to build better for everyone. And speaking of building better, I’m very excited to share that my company, Small Change, is now raising capital through a community round that is open to the public. Small Change is a leading equity crowdfunding platform for impact investment in real estate. For as little as $250, anyone 18 and over can invest in Small Change, helping to fuel our growth as we disrupt the old boys club of capital that routinely ignores so many qualified people and projects. Please visit wefunder.com/smallchange to review the full details of our raise and to make an investment if you can. And remember, investing is risky. Don’t invest more than you can afford to lose.

Eve: [00:01:45] Is the city dead? Christopher Leinberger doesn’t think so. He recently co-authored a report called “Foot Traffic Ahead 2023” that loudly proclaims the city is not dead. Post-pandemic price premiums and increased market share dominate walkable urban places. These findings may cement walkable places as the wave of the future. They point to us moving toward a more connected, environmentally sustainable way of life. Christopher has a storied career in real estate policy and development. His most recent project, Places Platform, is an information services company that tells you what location, location, location is actually worth. You’ll find a more detailed bio and report highlights on Rethinkrealestateforgood.co. Listen in to learn more. If you’d like to join me in my quest to rethink real estate, there are two simple things you can do, share this podcast and go to RethinkRealEstateforgood.co, where you can subscribe to be the first to hear about my podcasts, blog posts and other goodies.

Eve: [00:03:08] It’s nice to have you back, Christopher.

Christopher Leinberger: [00:03:11] Glad to be here.

Eve: [00:03:12] So, the common theme in your development work is the one you discovered when, I remember you said this, you were eight years old. The value of well-developed, walkable, urban land. And how did that walkable theme just come to take such center stage in your professional life?

Christopher: [00:03:33] Well, at first it didn’t. When I was first running, Robert Charles Lesser and Company, the largest real estate consulting firm in the country. And this is back in the bad old 1980s. And all that we were doing was drivable suburban master planned communities and stuff that I really didn’t like. But I just said, hey, the market wants it, got to give it to them. But then by the late 80s, early 90s, I remembered my growing up in Philadelphia and, you know, a lovely place Rittenhouse Square is and other great walkable urban places. And how come we weren’t building these places again? And then the market in the 90s began to accept walkable urbanism. I explain it that the pendulum went from only wanting drivable suburban, moving over to demanding walkable urban once again. So, I was thrilled that the market came around to where I would like it to go.

Eve: [00:04:39] I even remember that Urban was a not a good word to describe it.

Christopher: [00:04:44] That’s really true. I did a cover story for The Atlantic calling; How Business is Changing America. It directly led to the book Edge Cities that Joel Garreau wrote. You know, Edge City was basically this article, two, three years later in book form. And the managing editor of The Atlantic, I was calling them urban villages then. And he said, don’t use urban. That means it’s depressing, it’s never going to get fixed. It means it’s heavily minority. Nobody wants to talk about that. Well, we’re back to urbanism is cool.

Eve: [00:05:23] Urbanism is very cool. So, but why is walkable so important?

Christopher: [00:05:29] Well, transportation drives development. And for the last 10,000 years, we’ve been building cities. The transportation system or systems you have dictates what you build. So, with drivable sub-urban, it’s all cars and trucks. There’s no other option. With walkable urban, you can get to these places by cars and trucks or by freight rail or by transit, by bus, by bicycle, by walking there. But once you’re there, everything you need is within walking distance. And it just changes your life. It’s just a fundamentally different lifestyle. As anybody who has experienced both ways of building the built environment, because that’s all there are. There are just two, drivable suburban, walkable urban. Within each of those, there’s a whole spectrum of different ways of building. But they’re two fundamentally different ways of using the 42% of our wealth that we put into real estate.

Eve: [00:06:34] And I suppose it’s become much more important as climate change has become much more dominant because we want to find ways to leave our cars at home. Right?

Christopher: [00:06:43] Exactly. Everybody understands that walkable urban is crucial to the environmental efforts that we must undertake. What they don’t understand is that it’s the number one thing to do as far as addressing climate change. It’s number one.

Eve: [00:06:59] Oh, that’s interesting. So, you’ve now launched Places Platform, which I think I heard you say you hope will become the Bloomberg of real estate and the built environment. And tell me about that. What do you hope to accomplish with Places Platform?

Christopher: [00:07:14] We hope that this will be a decision-making engine for anybody, making a decision about how to invest or reinvest that 42% of a country’s wealth. It’s the largest asset class in the economy, and it’s all of our real estate, it’s all of our infrastructure. And it is critical to our economy. And right now, we don’t have a way to intelligently make decisions based upon the mixed-use nature of this world. We have silos in for sale residential, a silo in rental apartments, a silo in retail. Places Platform looks at all real estate product types and allows you to understand at the place level, at the dirt level, on up, where should you be making investments? Where should you be disinvesting? And what does it mean for social equity? And what does it mean for the financial health of our local jurisdictions? All of these questions are vaguely understood by the participants. We hope to give them a tool on their desktop to make these decisions in real time. It could even be used in a public meeting saying, what if we double the density of a place? What if we put in not rail transit but bus rapid transit? What will that do to the economics? What will that do to the net fiscal impact for that jurisdiction? Will it make the local government money? So, that’s what we hope to do.

Eve: [00:09:00] So, how far have you come in building the platform?

Christopher: [00:09:03] We have the 35 metros that we have all the real estate data for sale, housing, office, retail, industrial. We are moving it very rapidly to 100, the largest 100. And within a year we’ll have the entire country. So that, you know, we’ve been doing a lot of work in Grand Rapids, and we help them understand what the value of their downtown is, but also what are you subsidizing or making money as a city for these different places? And the surprising thing was that one of the downtown districts was the most socially equitable, had the most affordable housing. Also, quite vital. It was a, you know, a hip place, they had their food hall there and they had their arena there. But it was where most of the homeless services were as well, and homeless housing. That place, which was about 200 acres in size, was making scads of, tens of millions of dollars per year net profit to the city. Meanwhile, comparable places that were high income, you know, primarily white housing districts were being subsidized. The city didn’t know that. They had no idea. They just assumed that the high-end housing districts were making the money. No, they were losing money.

Eve: [00:10:36] And the further out they are, the more suburban they are, the more resources the city has to put into sewer systems and roads and everything that, the infrastructure that serves them, right.

Christopher: [00:10:49] There are 16 infrastructure categories and all of them, you know, there’s sewer, water, roads, police, parks, all of them are cheaper in higher density places. And they are 10 to 20 times more expensive on the per house basis for drivable suburban sprawl. It’s hugely more expensive.

Eve: [00:11:15] So, you studied 35 US metro areas. The 35 that you’ve got all the information for in a recent report I saw called Foot Traffic Ahead, and I wanted to talk about your findings, which was really focused on walkable areas. So, you know, how much of the total landmass of the US is actually walkable, or of those 35 US metro areas?

Christopher: [00:11:42] That was one of the remarkable things that we found for the first time. 1.2% of those 35 metros, 1.2% of their land mass is walkable urban. That’s it. Not much at all.

Eve: [00:11:59] Interesting.

Christopher: [00:11:59] And so, the other 98.8% by definition are drivable suburban. And by the way, it is, in almost all of that 98% of their land mass, it is illegal through zoning to build walkable urban there. So, we have basically ghettoized walkable urban in this very small amount of land. But the amazing thing is, is that 7% of the country’s population live in that 1.2% of those top 35 lands and nearly 20% of the gross domestic product of the country is created in that 1.2% of that land.

Eve: [00:12:41] So, density is a good thing, right?

Christopher: [00:12:43] Very good thing every which way. Density is a very good thing.

Eve: [00:12:46] So, that land, mass and walkability, how does that impact our housing crisis?

Christopher: [00:12:52] It impacts it because walkable urban land and places Being so restricted to that 1.2%, It’s an artificial constraint. As a result, the housing and the office and the retail Is much more expensive. 40 to 45% on a price per square foot basis, more expensive than drivable suburban. And that is primarily due to how much we’re paying for the land in that 1.2%, that the land prices have gone through the roof. It’s just crazy. We have no shortage of land in this country. And yet we’ve artificially constrained walkable urbanism to this 1.2%. And it’s driven up the land prices, it’s made it more unaffordable.

Eve: [00:13:48] So, we need to take the edges of these walkable areas and pull them out and make them bigger, bigger, bigger, right?

Christopher: [00:13:55] Exactly. But, you know, we don’t need to convert single family land into walkable urban. Now with single family land, we should, the only thing we need to do there is make it legal to build granny flats if the owner of the single-family house would do it. That’s not legal either in the vast majority of our single-family zoning.

Eve: [00:14:19] Right.

Christopher: [00:14:20] But we need to take that 1.2% and increase it to 6 to 8%, so we flood the market with land that will drive down the cost of housing.

Eve: [00:14:32] If the single-family housing on the edges of this walkable land, isn’t there some value in saying, okay, the single-family zoning exists today, but in the future we want to have more density on these sites as they become available?

Christopher: [00:14:49] I guess I figure, I’m a pragmatic kind of guy. And if we can solve the housing crisis by increasing the land mass that’s walkable urban from 1.2% to 6% and not take on the millions of people that are very happy in their single-family home. You know why lift that.

Eve: [00:15:15] Why rock the boat? Yeah, yeah, yeah. I get it, I get it.

Christopher: [00:15:16] When you can just focus on a much smaller piece of land.

Eve: [00:15:19] But then, where is that land? How do you find that land?

Christopher: [00:15:21] Oh, there’s plenty of land. There’s plenty of land. Oh, Lord. Keep in mind, I live in Metro DC, which is about 6 million people. And Metro Paris is literally twice the size. So, they have 12 million people. However, Metro Washington occupies four times the land of metro Paris.

Eve: [00:15:45] Right.

Christopher: [00:15:46] So, we’re built at one eighth the density of Paris. And nobody feels sorry for people who have to live in Paris. So, there’s plenty of land. There’s plenty of land. Some of the best ones. And they’ve just made this possible out in California. They’ve upzoned strip retail. And made it so that at the state level they pushed this down to the local governments that you must convert your strip retail into by right zoning that allows for high density residential on top of retail.

Eve: [00:16:22] That makes a lot of sense. So, in other words, zoning can really be like a primary driver for releasing this land and permitting more density where the land already exists. Right. That makes a lot of sense.

Christopher: [00:16:36] Exactly. And it’s going to increase the fiscal health of our cities. It’s going to increase the amount of housing in our metropolitan areas, which will help address homelessness and the housing crisis as far as just sheer affordability. It’ll be, as I said, it’s a number one thing we can do to address climate change. And the thing is, is that the single-family housing around that strip retail, right now, many times that strip retail is dead or dying. And when you create walkable urban places, it increases the quality of life and therefore the price of those homes. Because rather than walking to a strip mall, you could walk to a vital, a walkable, vital place and you’re going to increase your quality of life. We call this the halo impact of walkable urbanism. We have found that single family housing within walking distance of walkable urbanism have a 40 to 80% price premium over a comparable house. That’s not within walking distance of great urbanism.

Eve: [00:17:52] Interesting. So, the price premium, is that likely to go down if walkable areas increase in size?

Christopher: [00:18:00] I hope so. I hope that we can satisfy the market and then do what real estate developers always do. They overbuild the market, hence tanking the price during a downturn.

Eve: [00:18:14] Yeah. Okay. So, right now, what’s the highest ranked walkable city? And you have a group of eight of them, I think.

Christopher: [00:18:21] So, as you would expect, it’s always been New York. This is the fifth time we’ve done this survey and Metro New York is always at the top. Now, major caveat about New York. A, their walkable urbanism is pretty much confined to the city and pretty much confined to Manhattan Island. Everybody goes to New York; they go to Manhattan. Manhattan is 0.3 of 1% of metropolitan New York’s land mass. So, it’s tiny. But everybody has this image of New York based upon that 0.3 of 1%. The rest of metro New York is built at much lower density than metropolitan Los Angeles, much lower density.

Eve: [00:19:09] That’s interesting.

Christopher: [00:19:10] And they have very little of what’s the development trend of the future, which is the urbanization of the suburbs. Yes, they have Jersey City and White Plains and Stamford and Princeton, but they don’t have it like here in Metro DC, where there’s 30 walkable urban places in the suburbs and growing because that’s where most of the people live. Most of them live in the suburbs and they want walkable urbanism, but they don’t necessarily want to move into the center city.

Eve: [00:19:44] So, who else is at the top of the list and who’s at the bottom?

Christopher: [00:19:48] So, it’s New York and then Boston, Washington, Seattle, Portland, San Francisco, Chicago, and the eighth highest in this highest rank is the only real surprise, and that’s Los Angeles. I used to live in Southern California. And the thing about Southern California that most people don’t know, is that it was built around a very extensive rail transit system back in the early 20th century. By 1945, Los Angeles had the longest rail transit system in the world.

Eve: [00:20:27] Wow.

Christopher: [00:20:28] And by 1962, they ripped it out. And what they’re doing today, they’ve taxed themselves $180 billion. This is primarily local generated funds to put that system back in. There are about 60% there. So, they’re rising in the rank because they’ve invested in.

Eve: [00:20:49] They’re paying attention. Yeah.

Christopher: [00:20:51] With one exception. We also rank these 35 metros based upon their social equity. What does it mean if you’re a moderate to low-income household? Is this a good place to live? And Los Angeles ranked dead last 35 out of 35. And as best we can understand, the reason for that is zoning and NIMBY opposition to building housing. They build all these rail transit stations and then they forgot to upzone to allow the, you know, the industrial locations and the single-family locations around the stations to upzone to build high density so people can walk to the train station.

Eve: [00:21:38] It’s a perfect example of walkability being exclusive, right, for the very wealthy. What a shame. It’s the reverse of what should be happening. You assign three rankings for the cities, the 35 metro areas that you looked at, foot traffic, social equity and future momentum. And I wanted to understand how you arrived at those three rankings and exactly what they mean.

Christopher: [00:22:05] Sure. So, the foot traffic ahead ranking is what percent of your real estate inventory, office, retail, multifamily rental, for sale housing, those were the four that we looked at. What percent of that total inventory, those tens of millions of square feet of space that is in your metropolitan area, what percent is walkable urban and what percent is drivable suburban? And so, those with the highest percentage walkable urban will rank highest, and those that have very little walkable urban, you know, just a few percentage points of their total inventory will rank at the bottom. And those include Phoenix and Orlando and San Antonio and Las Vegas. These places that are absolutely built around the car. And if you want to participate in society in Las Vegas or San Antonio or Orlando, you must, it’s mandated, from on high, you must own a fleet of cars for your family, your household, to participate in society. So, that’s the ranking for foot traffic ahead index.

Eve: [00:23:22] And what about social equity, the second ranking?

Christopher: [00:23:24] So, social equity is an index. So, there’s three different components that go into it. And the most important one is how much does a moderate-income household say, 80% of the area median income. What percent of that household income is spent on housing, the number one category of household spending, and on transportation. And why that’s important is the transportation is the number two household spending category. And so, it really revolves around where do you live and are you forced to rely upon cars?

Eve: [00:24:15] Right.

Christopher: [00:24:15] The average American household spends about 18% of their household income on transportation. If you live in a walkable urban place, you spend 9%, half of that on transportation because you have transit and biking and walking. You can drop cars out of your household. Maybe you only have one, maybe you don’t have any. A low-income drivable suburban household has to spend 25% of their household income on transportation.

Eve: [00:24:43] And I assume it goes up the further out from the city they are and.

Christopher: [00:24:48] Exactly.

Eve: [00:24:48] You know, the more affordable housing now is being pushed further and further out. So, it’s just making the problem worse and worse, right?

Christopher: [00:24:55] Exactly. Basically, our affordable housing strategy in this country has been drive until you qualify. So, just go and drive another ten, 20 miles and you’ll find cheap enough land and cheap enough housing that you’ll be able to afford it. However, you’ll never see your kids and you’re polluting the planet and your public health goes down because we know there’s a causal connection between how much you drive and obesity.

Eve: [00:25:23] Yes. Okay, and then the third one, future momentum, which sounds the most interesting to me. What does that mean? What is future momentum?

Christopher: [00:25:33] The main issue with future momentum? There’s a few different factors, but the main factor is how fast is walkable urbanism’s market share growing? And so, think of this as EVs, you know, electric vehicles. EVs in this country, and I don’t know the exact number right now, but roughly there are 5% of the total fleet is EV. But 10% of new car sales are EVs.

Eve: [00:26:07] So, it’s growing.

Christopher: [00:26:08] So, they’re growing twice as fast as their market share. Same thing is happening with walkable urbanism. All 35 metros, the walkable urban is gaining market share at a rapid rate, almost three times faster than their base market that we looked at in 2017. So, the growth from 2017 to the end of 2021 growing at 2.8 times faster than their market share in 2017. And those metro areas that have high future momentum are ones that have very high market share changes, what we call market share shifts. So, Atlanta, the market share shift is four times faster. You had mentioned Pittsburgh.

Eve: [00:27:02] Well, yeah, Pittsburgh is an interesting example. That’s my hometown. So, fared well in foot traffic and the ninth spot, and then very well in social equity at the sixth spot. And then awfully in future momentum, 33rd, not a lot better than.

Christopher: [00:27:19] No. And that’s because their market share is not growing. That’s one of the lowest market share growths in the country.

Eve: [00:27:27] That’s horrible.

Christopher: [00:27:28] I know it’s a shame because you’ve got great housing stock. Pittsburgh’s been around for years, and they’ve got great, walkable urban. Basically, there’s a cutoff in this country. At about 1940, housing stock built before 1940, almost all of it was walkable urban and that’s where the biggest boom, that’s where all the gentrification is going, is homes that were built prior to 1940 that went downhill economically in the late 20th century. And now young people just say, wow, we got to live in these. My wife and I have five kids between us, all five of them, they’re all married. They all own their own homes. 4 of 5 of them are in pre-1940, housing, tiny lots walkable urban when they were built, and then all the retail went away in the late 20th century, and now all the retail is coming back. So, they have a place to walk to get a quart of milk to go to a restaurant, right.

Eve: [00:28:29] Pittsburgh also has a great walkable downtown. It’s really amazing.

Christopher: [00:28:32] Yes, it is.

Eve: [00:28:33] But what does a place like Pittsburgh do to change that outcome?

Christopher: [00:28:38] A lot of this is going to be well, obviously, we talked about zoning that you’ve got to get the zoning right. You have to make the right thing easy. I’m also a developer. I’m not active with my development company. I started this firm about 20 years ago, but I’m now just a limited partner, and this firm was involved with a conversion of 120-acre golf course to a high density, walkable urban place. Over the years, this golf course got surrounded by freeways. And it’s a half mile from the King of Prussia mall, which is the largest mall on the East Coast. It took us 12 years to get zoning approval, which included a trip to the state Supreme Court. And it became the largest zoning overturn decision in the history of the country. And we kept on writing checks for 12 years with no assurance. And today, after ten years of building it out, we’re 70% built out. It is the downtown. It’s the social center of this part of Montgomery County. People love it. It’s where they go for date nights. It’s where they take their kids for all their birthdays because of all the water fountains and all that stuff.

Eve: [00:29:58] But you know, who has the tenacity to do that?

Christopher: [00:30:01] Or stupidity. We had the stupidity.

Eve: [00:30:04] I think the tenacity. I think that’s pretty remarkable. But yeah, hindsight is pretty easy, right? I bet everyone there is saying, oh, this is wonderful and forgetting the real pain of getting there.

Christopher: [00:30:16] So, that’s number one. But then number two is engaging in place management and place strategic planning. Recognize that each of these places, I liken the place level as the fifth level of governance in our society. We have federal, state, regional, city and then place. And these places that are walkable urban must have a strategy and they must be managed on a day in, day out basis. Tends to take the form of Main Street organizations, could be business or community improvement districts. A lot of private sector developers are just doing it themselves. Boston Properties does this a lot with their major projects like Reston Town Center, and somebody’s got to be in charge and managing 24/7. The safety, the cleanliness, the festivals, the economic development, manage the parking, engage in new economic development strategies, all sorts of things that a mayor would be doing for a city needs to be done at the place level as well.

Eve: [00:31:27] So, then what’s the biggest surprise in all of this research for you?

Christopher: [00:31:31] Well, the biggest surprise was how small the land mass was. We knew it was small, but not 1.2%. I obviously made a apples-to-oranges comparison here with that 1.2% of the land in these 35 metros generates nearly 20% of the country’s GDP. If you took that land and showed what percent of the US land is it? It’s under 0.1 of 1% of US land.

Eve: [00:32:02] Wow.

Christopher: [00:32:02] Generates 20% of the GDP. We didn’t know that.

Eve: [00:32:07] I suppose, in summary, what do you think it will take to move the needle to a higher percentage of workable land?

Christopher: [00:32:14] Well, one thing that’s going to drive even the most resistant person or government official or developer, is that many of our local jurisdictions are in deep trouble fiscally. That, number one, they probably have a pension plan for their workers that is dramatically underfunded. And they’re going to have to increase taxes to pay off the promises they’ve made to their police and fire and to their civil servants because there’s just no money in these pension plans. That’s number one. Number two, though, is their infrastructure, particularly the drivable suburban infrastructure, has been in place for the last 30, 40, 50 years. That’s their effective life. You have to go in and repair them, replace them, and it’s going to cost more to replace them in real dollar terms than to build them in the first place. Because you’re using them while you repair them?

Eve: [00:33:23] Yes.

Christopher: [00:33:24] With roads, you have to, you know, you have to do the work at night and on weekends because you have to keep the road open during rush hour. Yes. And at nights and weekends, you pay two and three times the cost of labor.

Eve: [00:33:40] And you get a lot of complaints.

Christopher: [00:33:42] A lot of complaints. So, our jurisdictions can’t afford their current drivable suburban approach to life. They just can’t afford it. And we have done enough fiscal impact studies, and also our partner in the Smart Growth America has done many, many fiscal impact studies that demonstrate that walkable urban land generates ten to 20 times the positive fiscal impact on cities that drivable suburban generates.

Eve: [00:34:19] So, just to wrap up, what’s next for you? Do you have another report you’re working on?

Christopher: [00:34:26] Yes, working on digging further into the foot traffic ahead study. One of the things that we found out is that the pandemic was a bump in the road for walkable urbanism, that the premiums went down about five percentage points. So, it’s roughly now 40 to 45%, depending on which product, housing or office. And it used to be 45 to 50%. So, that bump in the road, we’ve been isolating it, and the bulk of that decrease in price premiums was due to our downtowns. Not downtown adjacent places, not urban commercial places, not urban university places, not suburban town centers, not the redevelopment of suburban malls. There’s many types of walkable urban place. Most people do think downtown as walkable urban. That’s where the problem is, in our downtowns. And the reason for that is that our downtowns got addicted to office space. Basically, there’s a theory in finance called the portfolio theory that in other words, don’t put all your eggs in one basket. And our cities put all their fiscal future in the office basket. And now downtown offices got crushed in the pandemic. And they’re going to be, continue to be crushed as these office leases roll over because these are five and ten year leases and they’re coming due and people will leave or take much less space. So, we are all obviously focusing on how can we redevelop again, our downtowns. And the obvious example or the obvious direction is to convert offices to residential. Very important that that be done, but it’s going to be very painful.

Eve: [00:36:29] So, that’s happening in Pittsburgh already. There’s already quite a few announcements for building conversions, which has been really interesting to watch. I live downtown, so it’s becoming a bigger neighborhood pretty rapidly.

Christopher: [00:36:42] That’s the important thing. One of the things we learned during this pandemic is that the downtown adjacent places that grew rapidly over the last 20 years. You know, the downtown adjacent places that surround a downtown have been doing so well. Their portfolio profile is, you know, 30, 40% office, 40, 50% residential, 10% support retail, maybe 15% retail, and then some civic functions, stadiums or museums. They have a much more stable portfolio. And they did very well, in fact, better than they did before, because many of the office workers working downtown stayed home.

Eve: [00:37:32] Yeah.

Christopher: [00:37:33] And they went to the restaurants at lunch.

Eve: [00:37:37] Yes.

Christopher: [00:37:37] They just hung around in their downtown adjacent places. So, these downtown adjacent places did better during the pandemic.

Eve: [00:37:43] Yeah, I would believe that.

Christopher: [00:37:43] Downtown has to learn from the downtown adjacent places as to balancing their portfolio.

Eve: [00:37:49] Well, thank you very much. Thanks for joining me. And I can’t wait to see the next report. I love the work you’re doing, and this is really important work, I think.

Christopher: [00:37:58] Great. Thank you, Eve. Okay. Good to see you.

Eve: [00:38:00] Okay. Thank you very much.

Christopher: [00:38:02] Okay, bye bye.

Eve: [00:38:10] I hope you enjoyed today’s guest and our deep dive. You can find out more about this episode or others you might have missed on the show notes page at RethinkRealEstateforGood.co. There’s lots to listen to there. You can support this podcast by sharing it with others, posting about it on social media or leaving a rating and review. To catch all the latest from me you can follow me on LinkedIn. Even better, if you’re ready to dabble in some impact investing yourself head on over to wefunder.com/smallchange where you can invest directly in Small Change and our mission to democratize capital formation to create impact in commercial real estate development. A special thanks to David Allardice for his excellent editing of this podcast and original music, and a big thanks to you for spending your time with me today. We’ll talk again soon. But for now, this is Eve Picker signing off to go make some change.

Image courtesy of Christopher Leinberger

Fix Development.

April 5, 2023

Juli Kaufmann believes in a quadruple bottom line return. Her company, Fix Development, applies this philosophy to each and every real estate project in their portfolio, prioritizing economic stability, environmental stewardship, social equity, and cultural continuity.

Juli founded Fix Development in 2009, and has since developed more than $25 million in real estate projects in Milwaukee. While Fix Development operates as a “for-benefit” company, Juli’s focus is on businesses that generate earned income but give top priority to social mission. The Aux Evanston, a project to be owned 100% by the community, is a great example of this.

Juli is also the managing member of Riverbee Collective, a collective of over 40 investors who all own a piece of a Milwaukee building formerly known as the Cream City Hostel. This building was redeveloped by Fix Development, and the Riverbee Collective is currently transitioning the building into a housing cooperative meant to support people dealing with losses and uncertainty such as jobs, instability and landlord challenges. She is also a founding member of Fund Milwaukee, an investment group that seeks to match unaccredited local investors with opportunities to support local entrepreneurs, all while focusing on impact. The effort has raised over $1 million in local capital to date. Juli is also a founding member of Bublr Bikes, Milwaukee’s bike sharing system. She also consults on impact-based commercial real estate development projects, providing guidance on real estate and financing development strategies.

Awards include the 2020 Milwaukee Magazine Betty Award, which honors remarkable women in the community: 2018 Woman Executive & Executive of the Year by BizTimes Milwaukee;  2017 Biggest Neighborhood Impact Award by the Milwaukee Business Journal: and a 2013 AIA Top Ten Green Projects in the Nation, for The Clock Shadow Building, in Milwaukee.

Read the podcast transcript here

Eve Picker: [00:00:19] Hi there. Thanks for joining me on Rethink Real Estate for Good. I’m Eve Picker and I’m on a mission to make real estate work for everyone. I love real estate. Real estate makes places good or bad, rich or poor, beautiful or not. In this show, I’m interviewing the disruptors, those creative thinkers and doers that are shrugging off the status quo in order to build better for everyone. And speaking of building better, I’m very excited to share that my company, Small Change, is now raising capital through a community round that is open to the public. Small Change is a leading equity crowdfunding platform for impact investment in real estate. For as little as $250, anyone 18 and over can invest in Small Change, helping to fuel our growth as we disrupt the old boys club of capital that routinely ignores so many qualified people and projects. Please visit wefunder.com/smallchange to review the full details of our raise and to make an investment if you can. And remember, investing is risky. Don’t invest more than you can afford to lose.

Eve: [00:01:59] People, planet, profit and place. This is the return that Julie Kaufmann believes all real estate should achieve. Less than that is simply not good enough. Julie founded her company, Fix Development, with this explicit goal. She applies the philosophy to each and every project in her portfolio, prioritizing economic stability, environmental stewardship, social equity and cultural continuity. One recent example is The Aux in Evanston, Illinois, a vacant warehouse destined to be converted to a black owned business wellness hub. The goal is for the community to own and manage the building, with investors contributing through a crowdfunded capital raise, and Julie has orchestrated this in the background.

Eve: [00:02:58] Hi Julie, it’s really great to have you on my show.

Juli Kaufmann: [00:03:01] Hi Eve. Good to see you.

Eve: [00:03:04] So, you’ve said that the driving force behind the fixed development business model is your quadruple bottom line philosophy, and I wanted to learn about that. What is that?

Juli: [00:03:16] The quadruple bottom line is sort of a morphing of what’s more commonly referred to as a triple bottom line for people, planet and profit. I think that’s language that got some traction in recent years. I in my work really just, personally in my life really, just care you know a lot about people, a lot about planet and I understand we live in a world where profit or money drives basically everything. So, for me, it was always just more about finding pathways that had to do, had impact beyond just my pocketbook. But the fourth element really is about place or culture. So, people, planet, profit and place, recognizing that, you can’t just drop in something that’s beautiful for the environment and good for a few people. It really has to be of the fabric of place to be meaningful in a way that I think transcends time. And I try to integrate that fourth bottom line in the work I do as well.

Eve: [00:04:17] So, how did you build your development company around that idea? That’s a lot.

Juli: [00:04:24] Yeah, I mean, it’s a lot. It just I think it makes sense in hindsight when people are like, what do you do? Try and creating a framework to make sense. But what I really like to say is I built my company and I called it Fix Development because I was just an individual who was an activist and wanted to fix shit. If I can say that in your podcast.

Eve: [00:04:41] Of course you can.

Juli: [00:04:42] So, I was like, I shortened it to Fix Development to be a little more appropriate. But I think that I’ve evolved as a human, as an activist, it’s my nature. And that started back in college, you know, protesting and being activist around a number of topics, including climate change. We didn’t even call it climate change back in those days. But nonetheless, thinking about, how do I be the change I want to see in the world? And eventually I found my way to entrepreneurship only because I was living in neighborhoods all the time and concerned about what I saw in my own neighborhoods. Why were there toxic brownfields? Why was there disinvestment? Why were there lack of things that I wanted to go to like ice cream shops in my neighborhood? And what can I do as an individual to make that look differently? And so, it really is just around that activism background and a do-it-yourself mentality that the world is not going to change for us and the systems are increasingly morphing against us, if you will, us being the euphemism for the individual and our own self-determination. And so, through that lens, I started to think about what I wanted my little corner of the world to look like, and development became the vehicle I used.

Eve: [00:05:55] So, you know, then Fix Development, what needs to be fixed in development? I sprung that one on you, right?

Juli: [00:06:04] What doesn’t need to be fixed? Yeah. I mean, I think what you focus on in your podcast, are these themes are very common for us change agents in this work and it’s really the financial systems and real estate systems themselves. They’ve been, the architecture of those systems, are built around white male dominance and that’s not always bad but it’s exclusionary and we’re a diverse, multicultural world. And in my community, that’s certainly applies. And in my neighborhood that applies. And when you don’t have all those voices and perspectives and ideas at the table, it changes what the world looks like. And it’s not always for the better. And when you’re increasingly driven by solely economic profit of singular profit, financial profit as a bottom line, it’s no surprise that there’s toxic waste dumps all around us and that people are marginalized in decision making because they’re not valued. And so, I even forget the question, but I think all of that needs to be fixed.

Eve: [00:07:05] All of that needs to be fixed. Yeah, yeah, yeah. And it goes really deep, doesn’t it? Because that filters into zoning and all sorts of things that impact the physical world around us. But what led you to launch Fix Development? What were you doing before?

Juli: [00:07:21] You know, my background is, I started in corporate America. I worked for Procter and Gamble, and I sold like Downy fabric softener. You know, gross right? Sort of sucked the soul right out of me. But it’s useful, I have a business degree background and I think it’s useful as a training to understand the mindset of a lot of smart people in the world and how they apply their intellect. And I didn’t view it as meaningful. And I eventually worked my way through some nonprofits thinking mission driven work would be a solution. But you find very quickly that all sectors of the world have systems that are oppressive and dominant paradigms that are part of the problem and not the solution. And so, you know, I found my way, like many entrepreneurs, to entrepreneurship. And I think the reason real estate was my calling had more to do with just neighborhood activism. Like I could see places and wanted to see places look differently. I don’t have formal training in real estate development.

Eve: [00:08:19] Oh, who does?

Juli: [00:08:20] Yeah, right. I mean.

Eve: [00:08:21] That’s why so much of it is bad.

Juli: [00:08:24] Amen, sister. I think that partly that I recognize that, like, there were a lot of bros in my community who were like, doing some stuff. They just had access to money. And I was like, oh, what are you doing that for? You know, because they can, I guess. And so, what’s beautiful about it is, the flip of it is because, quote unquote, anyone can do it, but can do it badly. Anybody can also do it and do it well, was my belief and I did put that to the test. And so, I do use this DIY strategy in all of my work now, do it yourself. I learned it myself. And then I said, you know, I’m nothing special. Why can’t I collaborate with other neighbors in other parts of my city and teach them alongside me as I’m learning, and we learn together and do it ourselves?

Juli: [00:09:11] So, a big part of the Fix Development model is this co-development model, bringing together spheres of expertise that aren’t necessarily developers but that know communities are, you know, community leaders who are opinion leaders, who can rally neighbors around an idea, bringing together folks who just have lived there forever, who know the real estate and are like, oh, that building is such an important asset in our community. Here’s why. Those kinds of values are critical to successful development. And so, it’s been a mechanism I continue to use now, is just working with quote unquote average neighbors to raise up real estate.

Eve: [00:09:49] Interesting. So, it must be really difficult to balance each project’s financial return on investment to reach that quadruple bottom line goal. What does that look like for you?

Juli: [00:10:03] Every project is different because every project is such, you know, that cultural resonance that being embedded in of the community is so critical that each community defines the project for us and therefore they’re never the same. So, I have projects where, you know, Black leadership, Black equity, Black ownership is a critical social impact of the project, and other projects I have a real driving force around climate change and minimizing environmental impact and celebrating resilience. And those aren’t mutually exclusive. But, you know, in each project, a different set of values emerges as kind of the leading set. And that’s fun. It keeps it interesting. And, you know, in an ideal world, all of the bottom lines are represented, and they are to some degree, just some have different priorities, I guess I would say.

Juli: [00:10:52] And it’s just being true to that and bringing that as a through line, through everything, weaving together those priorities in each decision. So, for example, a project I have in Illinois right now, African American equity is the critical driving factor. And so, they are making decisions at every step. And for example, we’re hiring a Black architect, we’re hiring a Black general contractor, we’re hiring a Black graphic designer. So, it’s not just, you know, who the tenants are, who the leaders are, what the project looks like, who owns it at the end. It’s every step in between where that priority is paramount. But at the end of the day, we’re making strong environmental decisions. It’s going to be a cultural icon and there will be a positive bottom line financially. So, each project is a different tapestry. And so, therefore they’re all extremely hard and take a lot of work. And it’s not easy to cookie cutter these.

Eve: [00:11:41] Well, I’m going to dig into one aspect of it. You mentioned this project that is really all about building an asset for Black people, for African Americans. So, you know, you seen the statistics on investments in Blacks and in women, and they’re like shockingly low. 1% of all venture capital invested goes to Black-owned companies. So, in real estate, that must be really hard. If you’re putting together a project where Blacks have ownership and are the driving force, what does that look like when you go to a financial institution or try to raise money for that project?

Juli: [00:12:17] Yeah, you don’t go to financial institutions because you get what, you know you get, which is no. Or patronizing maybe that’s eventually a no. Or you’re doing it wrong, here’s the way to do it. And I think that for me, in my work, I’m white, but I’m a woman. And when I started, I happened to be a bit younger, too. So, those were a couple strikes against me anyways. You know, people just pat you on the head and say, oh, isn’t that cute? It’ll never work. And I think now I’ve done my work for over ten years, you know, I still get no, but I’m less patronized because I have examples I can show. And in this case, we don’t bother to just waste time on it anymore. We go to a contingency of the willing. And increasingly there are more of us. There are platforms like Small Change that you’ve helped lead that bring together like-minded compatriots. I’m often asked the question, who else out there is doing the work you do? And for the longest time I said, I have no idea. I’m sure there are brilliant people.

Eve: [00:13:13] Yeah.

Juli: [00:13:14] I’m no different in some ways, and there are probably people just like me so frustrated everywhere in this country and beyond. But I’m too busy trying to get this job done to know. But I knew of you a little bit. So, now I think there are mechanisms through the World Wide Web where we’re finding each other, and that means investors too. So, I don’t generally use banks. I can’t. They don’t want to party with me, so I don’t party with them. But we have to find more angels. It’s still the case that a lot of projects that I work on and folks like me and entrepreneurs like me, we’re not just trying to build in suburbs, in affluent neighborhoods and then layer on it something we’re trying to solve way more than that. And we recognize, we want to be in the urban community because density is important to climate change. We want to be in the urban community because equity is important to human existence and there are lack of projects in certain communities. So, we’re already layering on to our developments, so many barriers that most of our traditional colleagues don’t have. So, we still need subsidy if you will. We need angels and impact investors.

Eve: [00:14:14] You know, you need subsidy basically, because the world thinks that Blacks and women are not investment worthy.

Juli: [00:14:21] Right. And that has built up a system of, that the real estate won’t get appraised, even if I can show you that I have a business model that will work, you’re not going to value my piece of real estate in a certain neighborhood because of all the other systemic racism and oppression and all those things. I mean, of course, all real estate development projects have subsidy. They just call them different. They call them tax incremental financing, or they call them, you know, the government will give $1 million handout to our very successful corporation in our town because they asked for it. When we ask for it, we have to do a song and dance all day to the end of the moon. But I think it’s worth it when you see the impact of these projects once they’re built. They are transformative in people’s lives, truly. And now we have ten years of experience in my company where you see the impact of the jobs that have been created, the companies that have been formed, the commercial corridors that have been catalyzed to greater impact, neighborhoods that have become more stable. I mean, it’s very real and very tangible.

Eve: [00:15:19] Can you tell me about 1 or 2 of your very favorites?

Juli: [00:15:23] They’re all my Children and none are my favorites, Eve.

Eve: [00:15:25] Okay, well, 1 or 2 of your children then. You know, I suppose a couple of projects that best exemplify this quadruple bottom line and what you can get out of it.

Juli: [00:15:38] Yes. I have a wonderful project in a neighborhood called Walker’s Point. It’s a historic neighborhood in Milwaukee, one of the three founding neighborhoods of the city. And it was my first project. So, that’s probably why I love it. It’s a very hard-core example of my philosophy in action. I lived kitty corner from a toxic waste dump in my neighborhood, and that just infuriated me. And on that site, I ultimately built my first huge project. It’s an $8 million building called the Clock Shadow Building, and it has a urban creamery on its first floor, and then it has health related businesses on the top three floors. It’s a smaller set of investors. It was my first project before crowdfunding was really even going. It’s over, it’s now 12 years old this year and it had had incredible impact. And now that neighborhood is actually quite transformed. And what I’m proud of is we set the standard and I think we helped catalyze change in that neighborhood. And now it’s actually outpacing, it’s one of the few neighborhoods where change is outpacing the rest of the community.

Juli: [00:16:35] And so, we set rents back in the day that are now renewable in long term leases that are affordable. So as the tides raise all ships, our ship is staying anchored. And those tenants remain viable and have a growing base of customers because the neighborhood has grown up around it and it has won international awards for its climate impact, we use rainwater to flush the toilets, we have a farm on the rooftop. So, it’s demonstrated a lot in terms of environmental impact, it’s generated returns for its investors every year, and it has thriving nonprofit and for-profit tenants. So, I’m really proud of that project. And it’s one of my first.

Eve: [00:17:10] Let me ask you about that. You have this anti-gentrification strategy. How does that work?

Juli: [00:17:14] It’s, first of all, it’s community owned, right? So, our neighbors, our owners aren’t looking to flip and get out and make a big profit. They would like a return on their investment, but by definition, they are neighbors who own our real estate and therefore their vested interest is in their neighborhood staying great for them. And they don’t want Applebee’s, you know, they want a local coffee shop. They don’t want all these mega chains come and taking the soul out of their neighborhood. They want our local neighbor who opened a ice cream shop to continue to thrive with that ice cream shop. That’s a literal example. It’s called Purple Door Ice Cream that we got into one of our projects in this neighborhood. So, I forgot the question.

Eve: [00:17:50] No, that’s good. That’s a great answer. Because it’s community owned, it’s community controlled, and decisions are made that keep the project full of the sorts of businesses the community wants. Right?

Juli: [00:18:02] And it comes, those owners have a philosophical alignment with the quadruple bottom line. So, they’re getting a financial return. They’re not looking to increase those rents every year just because they can. They’re looking to ensure those tenants stay. They keep getting return, but they get those cultural, social and environmental impacts as part of their valued return. And if we were to forgo those returns, sure, we could recruit different tenants at this point. But that’s really critical. And I think without owners like this working in combination with tenants, you don’t have that kind of outcome.

Eve: [00:18:34] Right. So, how do you find the projects or how do they come to you?

Juli: [00:18:39] Yeah, there’s an overabundance of brilliance and opportunity and properties in all of our communities that could be developed. So, there’s sort of some special magic and sauce. I started by working my own neighborhood and picking off projects that were meaningful to me. As the model grew and more neighborhoods were attracted to it working in their neighborhoods, I’ve partnered with Co-developers. And so, I usually look to find somebody who’s extremely motivated, who has time and capacity to give to the project that is a recognized leader, and they may not have the business model fleshed out, but they know a lot and they will come as a co-equal to the table minimally. And then we build the project together. And at this point, I’m not taking on any more because I have way too much on my plate.

Juli: [00:19:25] But most of my projects have been in different neighborhoods throughout the greater Milwaukee area, and I now have a, I was recruited to a project in Illinois which I resisted for quite some time because, I mean, it’s so hyperlocal, the work we do. You know, it’s knowing your community that really matters. But in that particular case, there are five other co-developers. So, it’s a really strong local team and I’m able to just bring the real estate experience that that team did not have and add it to their expertise. So, the common threads are that there’s passionate co-developers, that there’s a really cogent idea. In the case of the Illinois project, it’s a coalition of tenants focused around wellness and racial equity. So, they have a common theme they want to get after and that’s it. Then we just build it from the ground up. We do it ourselves. Each one’s different.

Eve: [00:20:10] Have any disappointed you, any of these co-ownership models?

Juli: [00:20:15] Yeah, that’s a great question. I would say the one thing that’s been beautiful and not disappointing me, but it’s restored my hope is that there have been so resilient through pandemic that because of that local ownership, there is such a strong base of community support that buys into these tenants that goes and shops there even during the hardest times or where experts from the ownership community come in and help them pivot from a brick and mortar model to a virtual model so that most of our tenants not only survived but thrived during pandemic. That was an upside. A downside, a hard thing I learned, I guess, one project I’ve had was a hostel project. It’s the first hostel in Milwaukee and we partnered on that project, we had about 80 community owners. We still do. But it was a single tenant project.

Eve: [00:21:01] 80.

Juli: [00:21:01] Yeah. I mean, I think that was that’s one of my larger ownership groups, 80 owners. All in the neighborhood, really excited about the hostel concept. And then it opened right before pandemic.

Eve: [00:21:10] Oh.

Juli: [00:21:12] Hostel is like the worst possible business to have.

Eve: [00:21:15] Oh yeah, that’s pretty bad. How do you pivot from that?

Juli: [00:21:16] So, it died. It died, and then it was our only tenant, so then we had a real tough challenge. We were able to pivot. But the learning there is diversify your revenue streams.

Eve: [00:21:28] Yes. Yes, So.

Juli: [00:21:31] But not too many. Not too many.

Eve: [00:21:32] What are some other influences on your work? Maybe that’s enough. You sound to me, I’m an introvert, you sound incredibly brave for taking on this sort of vast array of new people and always sort of putting them together in this big jigsaw puzzle of development projects. 80 investors in a little project is significant.

Juli: [00:21:56] It’s such an astute insight, Eve. I’m also an introvert, and when people who meet me learn that they’re stunned because you have to cultivate your extroverted and I think I’m shocked by you telling me that as well. I’d say who inspires me are ironically, people. It’s such a hard thing to explain to people who aren’t like us in terms of introversion, but I really don’t want to spend a ton of time with people, yet awe inspired by all of them. And they are the reason the work happens. But I just would like to go away from all of them. And it’s not because hate people so much as it sucks the soul out of me sometimes.

Eve: [00:22:26] It really does. Yeah, I taught for a while and it was just exhausting, and it took me a few years to figure out why because, you know, I gave it my all, but I was so exhausted afterwards, it would take me the whole next day to recover.

Juli: [00:22:40] Yeah, exactly.

Eve: [00:22:41] And other people get energy from that. And we were sucked dry, right. So…

Juli: [00:22:48] Yes, but I think it’s an important point to say that these projects, this work that we do, it requires people with incredible passion and energy and commitment and perseverance to lift such hard things and believe in them for so long. And part of the reason I stand in my two feet and come and be present all the time is because I do see how many people are moved by it. And one by one we turn minds and hearts and I just keep telling others, you can do it too. Please do it.

Eve: [00:23:17] Yeah, yeah, yeah.

Juli: [00:23:18] So I can take a nap.

Eve: [00:23:19] Yeah. No, I feel exactly the same way. So, the big question is, and we know the answer, is this kind of real estate development harder than developing a market rate building?

Juli: [00:23:32] Isn’t that hysterical? It’s a hysterical question.

Eve: [00:23:35] But it’s an important one because, you know, sometimes it’s actually really hard to get to that magical 21% internal rate of return that, you know, deep pocketed investors are looking for. That’s hard.

Juli: [00:23:45] Never get to that. Never get to that. But I guess I will say in fairness, I don’t think I’ve ever done a traditional real estate development. So, what do I know how hard they are? What came to mind to me right now is like what people say to you when they haven’t had children, and then once they have children, they’re like, I had no idea.

Eve: [00:24:02] It’s true.

Juli: [00:24:02] Traditional development is really hard. I get it. I’m sure that it is. Now layer on all these other things and try and do it. You’re really just trying to change systems in this kind of work, and I think people can all understand how hard that is. And what for me at this point in midlife is difficult, is looking backwards and thinking, wow, so many of these things have been amazing. And then while I’ve been doing them, I’ve felt so proud, and I’ve seen the impact. And yet at the same time, it’s crushing to see how little the world has changed.

Eve: [00:24:34] Completely crushing.

Juli: [00:24:36] That’s where I have to look to the next generation for hope and inspiration, because I’m short of it. I feel like I do feel proud of what I’ve accomplished. Yet, I’m just so dismayed at how little progress as a society we’ve made and.

Eve: [00:24:49] We actually seem to have stood still. I think we’re working in this little corner of it, and it feels like progress. But then when I look outside this little corner, I realize there really isn’t any progress at all and that is, it is crushing.

Juli: [00:25:01] Yes, the end. Thank you for coming to our depressing podcast.

Eve: [00:25:06] Well, if you’re going to listen to two women developers, this is what you get.

Juli: [00:25:11] Reality sucks. We’re in it.

Eve: [00:25:14] Yes. My first really significant project downtown. When I went to the first banker, I approached, I got, oh, honey, no one’s going to live downtown. And that was, that just motivated me to go to the next one.

Juli: [00:25:28] Right. I mean, I do think, like, there’s a point at which it motivates you, right Because we’re so wired to not take no for an answer because we can see the vision. And I think that’s the power of continuing to do the work, is helping others continue to see that there is an alternative. It’s like when we had the first Black president in the United States. I know how meaningful that is. One of my other favorite projects we didn’t talk about is called the Sherman Phoenix. What happened in Milwaukee was police shot a Black man, there was an uprising. A ton of buildings got burnt down. One was a bank, and me, together with co developers, redeveloped that into a hub for 30 black owned businesses. All to say, I now get to lead tours where all kinds of folks, not just Black people, come and walk and say, and you can literally see the tears in their eyes saying, I’ve never seen a place like this in my world. And these are Milwaukeeans who live in predominantly Black neighborhoods, who have never seen a marketplace where the business owners and the building owners look like them. And it is literally transformative.

Eve: [00:26:30] That’s really fabulous.

Juli: [00:26:31] Yeah,

Eve: [00:26:32] Will you conduct an Eve Picker podcast tour?

Juli: [00:26:36] Yes.

Eve: [00:26:37] For all our listeners, that’s really fabulous.

Juli: [00:26:39] Of course.

Eve: [00:26:39] So, then how do people perceive you and how do they respond to the work that you do?

Juli: [00:26:44] I think you have to ask them, right? My sense of it is people like you and I have fans and haters, I’m sure. I don’t know. I mean, you don’t get to this point in Systems Change work without ruffling a few traditional feathers. I speak truth to power all the time. It’s increasingly easier for me to do that in rooms where I look different than the audience I’m talking to because I have the power to do that. I try in every speech I now give to talk about my white privilege. I talk about white men, and it’s not an attack. It’s just a statement of reality that we need to keep saying out loud. I date a white man and sometimes I can see how uncomfortable he gets with that conversation. It’s not personal, it’s reality. And until you. When you’re the dominant paradigm, you don’t see it. You don’t see how it affects those of us who aren’t in it. So, I think that that makes people less comfortable with me sometimes. But certainly, I know that there’s plenty of people who view this work as inspirational and I hope that they’ll replicate it in their little corners of the world.

Eve: [00:27:52] Yes. So, I’ve heard you say that much of your work has less to do with construction and more to do with advancing social entrepreneurship and developing new models for social investing. What does that mean and how has that played out in your life?

Juli: [00:28:09] Yeah, I think really real estate is just the vehicle. You know, it’s a tool, but what’s really important is how we change. I don’t even like to say change the narrative, but actual change the reality of the corner of the world. It happens to be through brick and mortar, but the real power of the model starts with co-development. Teaching neighbors that this is a skill set and a power they have that they can access and that they can take control of in their own little corner of the world. That’s number one. Number two is that then you can imagine not only leading a project, but populating a project with your friends and neighbors who have brilliant ideas, who never had access.

Juli: [00:28:48] That guy down the street who makes this new thing he calls a spring roll, but that he bakes, not fries. And it has sweet potato and black beans in it because that culturally feels more acceptable, that idea is brilliant. And it doesn’t have to be that you go to a big bank and get a big loan, your neighbors can pull together and help you start that little business in this little building that’s on your main street. That’s all possible. And guess what? Those banks won’t finance it. Well, that’s great. You know why? Because we don’t want that kind of system oppressing us any further. Look what they’ve done to put us in this position. Let’s do it ourselves together and own this building. So, when I started, there weren’t mechanisms to self-fund and do it ourselves. I mean, learning how to do real estate was somewhat possible because I did it in places where nobody gave a crap, to be honest. And so, there were so many opportunities that we could just take.

Eve: [00:29:33] That’s exactly what I did. Yeah.

Juli: [00:29:35] Get buildings for free here, please take this building for free. And then, oh, no, only a crazy person would do that. And then, right. You know.

Eve: [00:29:43] Oh I know exactly.

Juli: [00:29:44] And then you do it. But then you feel so proud because you did it together and you have this amazing thing that exists in it and it’s a powerful beacon. When we started, there wasn’t sort of a mechanism, there wasn’t crowdfunding, there weren’t crowdfunding laws, believe it or not. I mean, the Internet did exist, but not much more. So, we formed a group called Fund Milwaukee, which in many ways is a precursor to what you have as Small Change or many other platforms that aren’t real estate focused now. But we just looked to a lot of local living economies across the state and country and said, how are you pulling your assets and resources as neighbors to get things to happen? And we built off of that. So, we built our own little micro funding mechanism in Milwaukee. It’s now been supplanted mostly by some of these platforms, but it still works because we’re all volunteers, so we don’t layer on any fees which any platform needs to survive.

Eve: [00:30:37] Yeah, absolutely. Yeah.

Juli: [00:30:39] You can’t do this for free forever, even though we do a lot of it for free. And then it’s because people give to people, right? And so, people like us, who don’t look like the power structure, who don’t have the right language, come to a safe environment and say, I have this idea. I don’t even know how to put it into a business plan. It’s a group that wraps around and helps and says, here’s why this might work or here’s why it wouldn’t. We’re not going to reject you because you didn’t have a good business plan. We’re going to help you. It’s a supportive environment. So, all of that is meaningful and has impact. And at the end of the day, yes, there’s a building, but what we’re left with is people whose lives have been changed and whose skill set has been expanded. And that can be adapted and replicated and expanded in their families and in their neighborhoods and in wherever they go next. And that’s intrinsic wealth.

Eve: [00:31:25] And that’s an amazing legacy to leave behind, which is only, because you’re pretty young, it’s only going to get better. It’s pretty fabulous.

Juli: [00:31:34] I’m pretty young. I’m trying to retire soon.

Eve: [00:31:38] That’s young. It’s just a state of mind.

Juli: [00:31:40] Fair enough, right. I need another lifetime to hike for a while away from everybody.

Eve: [00:31:46] Yes. So, I have one last question. And that’s what keeps you up at night?

Juli: [00:31:51] You know, it’s what we touched on earlier. It’s not anything specific to my projects. It’s specific to the world. And, you know, will we survive climate change? Will my kids survive climate change and wealth inequality? Those are the two main disparities that I see just getting worse. And I am very scared that we’re not substantively making progress in the right direction. I see, there’s very few women world leaders, and I think it matters when we have them and they’re stepping aside because they’re exhausted from the work. And I think we need more people with bold and just profoundly transformative disruptions at this point.

Eve: [00:32:31] Yes, the New Zealand prime minister stepped aside, which was really sad for exactly that reason. Yeah.

Juli: [00:32:37] So, I hope, I want to stay hopeful, but I have to say it’s hard to see how we get to the other side of wealth inequality and climate change. And those are the two things that I think really are spiraling us out of control these days.

Eve: [00:32:51] Yeah, well, I want to believe that there’s a lot of people like us out there squirreling away in their little corner, making things happen because, you know, there’s got to be, right. I wish I lived in your little corner of Milwaukee. It sounds fantastic. Thank you so much for joining me today. It’s a great conversation and I want to come visit.

Juli: [00:33:13] Well, thank you and thank you for Small Change. We are raising for my projects on your platform, and it’s been an incredible vehicle to do that and it’s transformative in the work that I do to have platforms that advocate the same values. So, thank you.

Eve: [00:33:46] I hope you enjoyed today’s guest and our deep dive. You can find out more about this episode or others you might have missed on the show notes page at RethinkRealEstateforGood.co. There’s lots to listen to there. You can support this podcast by sharing it with others, posting about it on social media or leaving a rating and review. To catch all the latest from me you can follow me on LinkedIn. Even better, if you’re ready to dabble in some impact investing yourself head on over to wefunder.com/smallchange where you can invest directly in Small Change and our mission to democratize capital formation to create impact in commercial real estate development. A special thanks to David Allardice for his excellent editing of this podcast and original music, and a big thanks to you for spending your time with me today. We’ll talk again soon. But for now, this is Eve Picker signing off to go make some change.

Image courtesy of Juli Kaufmann

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