Just down the street from my family’s Venice home, workers are smoothing plaster inside a 6,000-square-foot new house whose owners, a young couple from the Bay Area, will soon have a property worth $7 million.
Across from that mansion-to-be is an 11-unit apartment building whose cracked stucco could use a new coat of its mustard-colored paint. The families that live there come mostly from Oaxaca, Mexico, and many of the adults work as employees at restaurants in Venice and Marina del Rey.
Los Angeles is a city historically segregated by race and class. But in our slice of the city, multimillionaires in newly built villas live side by side with the affordable apartments of the people who clean their pools, watch their children and cook their El Pollo Loco orders.
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My family’s neighborhood may be an outlier — or moving inexorably toward full gentrification — but at least for the last three decades, it has also served as vibrant proof that the notion that affordable housing lowers property values is overblown, if not flat-out wrong.
That enduring belief has contributed to widespread not-in-my-backyard opposition that makes building affordable housing in higher-income areas so difficult.
“It is total NIMBYism,” said Adlai Wertman of USC’s Marshall School of Business. “It’s ‘I want to help poor people, just not in my neighborhood.’”
Our neighborhood provides plenty of anecdotal evidence that mixing housing and income levels doesn’t sink property values. In a four-block area, low- and moderate-income apartment buildings and multifamily units are sprinkled among six mega-mansions and older, middle-class single-family homes like ours, which was built in 1924. The lower-income units are not government-subsidized.
In the mustard-colored building, Marin Ceja, a self-employed pool technician, pays $2,000 per month for his two-bedroom apartment, more than $3,000 less than the average for a two-bedroom rental in Venice. Assuming Ceja’s across-the-street new neighbors financed their home with 20% down, they’ll be paying $20,000 per month.
The presence of lower-cost multiunit buildings hasn’t driven down the resale value of homes. The average sale price of homes in Venice has increased by a million dollars in the last 10 years. In the last year, while home prices have declined by 7% countywide, in our neighborhood they rose over 4%.
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Numerous studies show our corner of Venice, east of Lincoln Boulevard and north of Venice Boulevard, is not unique. Low-income housing has a positive impact, or no impact, on neighborhood house values, according to a majority of studies reviewed by A-Mark Foundation, the research and policy nonprofit I lead. Two studies concluded that low-income housing had negative effects on property values in some specific cases.
One 10-year study that looked at property values in the least affordable housing markets in the U.S. — 45% of which were in California — found that newly built low-income housing had no effect on state property values.
That’s been the experience of affordable housing builders too. Loren Bloch, who spent decades developing affordable housing in Southern California, told me that when he insisted on building 22 low-income housing units along with 37 market-rate units in Oxnard in 2001, other developers thought he was crazy.
“But people sucked them up,” he said, “and they lived side by side together.”
Oxnard real estate prices around Bloch’s development have risen by double digits since then.
Tom Safran spent four decades convincing wary, lawyered-up residents that mixed neighborhoods work for everyone, so long as the building quality is high.
After finally winning city approval for 154 affordable units in Del Rey on Culver Boulevard, Safran faced off against a handful of neighbors whose lawsuits delayed construction two and a half years, before they settled on 124 units — which more than 1,800 people applied for in 2013.
His company faced similar opposition to his Thatcher Yard development in Venice, despite bringing in Steve Giannetti, who designed Lady Gaga’s Malibu spread, as architect. Residents fought to scale back the project from 160 units to 98, overruling Safran’s contention that as long as valuable Venice land was available, it should house the most diverse kinds of units, and the largest number of them, that was reasonable.
“Communities work best when they have a range of incomes,” Safran told me. “When people who teach school or do policing or work behind the counter in the dry cleaners don’t have to drive an hour and a half, it creates a more successful society.”
In Los Angeles County, home prices have risen twice as much as wages in the last decade, and the lack of affordable housing drives homelessness, poverty, population loss and glaring income inequality. That’s why Gov. Gavin Newsom and L.A. Mayor Karen Bass have both called for every neighborhood, rich, poor or in-between, to accept affordable housing.
But the more upscale the neighborhood, the more resistance there is. Upper-income residents who stand in opposition wield a variety of excuses — increased traffic (Manhattan Beach), overcrowding (Redondo Beach), or potential harm to migrating mountain lions (Woodside, really?).
“We’ll never get affordable housing in the Palisades,” Wertman said of the upscale Democratic-voting neighborhood. “The world will end first.”
Former President Trump, as he often does, said the quiet part out loud in 2020 when he blocked an Obama-era rule intended to reduce racial segregation in communities. “I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low income housing built in your neighborhood,” Trump tweeted at the time.
But even studies looking specifically at “more affluent” neighborhoods have found the fears of affordable housing tanking housing prices and increasing crime are unfounded. A 2022 UC Irvine study found that on average in such areas in Orange County, home values increased following the opening of affordable housing.
“Overall, the data on actual home sales do not support the claim that affordable housing depresses local home values,” the authors concluded.
A 2019 Stanford University study showed that housing built using low-income housing tax credits led to a decrease in crime in lower-income neighborhoods and “does not increase crime in high-income areas.”
The Stanford study, unlike several others, did find that low-income housing built in higher-income neighborhoods decreased property values by 2.5%. That could be a result of increased housing supply, said Gary Painter, professor of social innovation at USC, or of residents preferring not to live near multifamily buildings. No studies have disentangled the impact of these two possibilities, he said.
Back to my neighborhood, where below-market rents mix with high-dollar mortgages and taqueros live beside techies. The diversity is not the product of planning so much as timing and evolution. It would be hard to replicate now, not least because land costs combined with beachside NIMBYism have made Venice a notoriously difficult place to build new housing of any kind. (The total number of housing units permitted now in Venice is half the number permitted in the late 1950s, according to an analysis by Dario Alvarez, president of community planning firm Pacific Urbanism.)
When I described the neighborhood to Painter, he said there’s a term for the older multiunit buildings around single-family homes like mine: naturally occurring affordable housing. As a building reaches the end of its useful life, it has fewer amenities and is less valued in the marketplace and therefore is more affordable.
But the result, at least for as long as we’ve been living here, is a vision of what L.A. neighborhoods could and should be: economically and racially mixed.
Painter said that to get that ideal citywide, “we need to build units in all areas of the city.” And not just more affordable housing, but more housing of all kinds.
“The reason that’s fair is that if we have more units, they are a lot easier to be made affordable. We need housing everywhere,” he said.
The more we build in every neighborhood, the more we’ll open up opportunities for people of all incomes to live together. Contrary to popular belief, if we do that, the world won’t end — your property values won’t even go down.
Rob Eshman is chief executive of the A-Mark Foundation.
Ahsana Abeza, 9, with her mother, Sophie Mutamuliza, and father, Adam Abeza, at their new home in New Gloucester on Wednesday. The family had been renting an apartment in Portland for many years and was finally able to buy a house through a new program offered by Androscoggin Bank that complies with Sharia law. Sofia Aldinio/Staff Photographer
Sophie Mutamuliza and Adam Abeza came to the United States from Rwanda 10 years ago, eager to pursue the American dream.
By 2016 they had settled in Portland and began saving to buy a house for their growing family. A few years later they were ready to spend their nest egg, but no bank in Maine offered a mortgage that didn’t charge interest, which is haram, or forbidden, by their Islamic faith.
So they had to wait, stuck in a Portland apartment.
Finally, in February, the couple and their four children, ages 2-12, held a housewarming party in the cozy split-level ranch they purchased with a halal, or permitted, mortgage provided by Lewiston-based Androscoggin Bank, the first lending institution in Maine to offer mortgages to Muslim clients that are structured to comply with Sharia law.
“The party was amazing – the dream now came true,” said Mutamuliza, 40, who works from home processing medical records for MaineHealth.
More than that, buying a house has given the family a sense of belonging, said Abeza, 41, who is a social worker with Preble Street, a nonprofit that serves unhoused clients.
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“We were able to complete the transition,” Abeza said. “We are here. We are grounded. Owning a home means a lot.”
Abeza and Mutamuliza are among several Muslim clients who have closed Islamic mortgages with Androscoggin Bank this year, and a dozen more are either under contract and waiting to close or pre-approved and actively searching for homes.
While loans that comply with Sharia law are offered across the country, both online and in states with larger Muslim populations, Androscoggin Bank’s program is seen as a watershed initiative among Maine lending institutions and for the state’s small but growing Muslim community.
Ayra Abeza, 12, in the yard of the New Gloucester home her parents bought in January. Sofia Aldinio/Staff Photographer
Leaders of Maine’s immigrant community have been pushing local banks to offer Islamic mortgages for several years. The loans generally avoid charging interest directly by structuring payments to meet Sharia law and having the bank assume some form of full or part ownership.
Immigrant leaders recognized that many devout Muslim families in Maine were locked out of the U.S. banking system, said Claude Rwaganje, executive director of ProsperityME, a nonprofit that helps immigrants build financial independence.
“Other banks said there wasn’t enough demand for (Islamic) mortgages,” Rwaganje said. “But we said, whatever the demand, there is demand, and Androscoggin Bank stepped up.”
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Androscoggin Bank saw the need for an Islamic mortgage program as an opportunity to continue the bank’s 153-year history of serving immigrants and to fulfill its modern B Corp mission to extend financing opportunities to women and minority populations.
“We felt it was incumbent upon us to ensure this community had an opportunity to participate fully in the economic system,” said Neil Kiely, bank president. “The more we can assist them to participate fully, the more it’s a win for the state of Maine.”
Kiely said it took more than a year to develop the mortgage program, working with ProsperityME, the Greater Portland Immigrant Welcome Center, and an expert in Sharia-compliant loan programs. They held community meetings in Portland and Lewiston. Hundreds of people attended.
“It has been an incredibly rich and rewarding experience,” Kiely said. “The Muslim community in Maine isn’t a monolith. It’s a diverse, talented, and industrious community, and we worked for months to build trust and understanding with them.”
Sophie Mutamuliza, 40, and Adam Abeza, 41, purchased their first home with a Sharia-compliant Islamic mortgage provided by Androscoggin Bank, the first bank in Maine to offer this service to devout Muslims. Sofia Aldinio/Staff Photographer
As part of that effort, Kiely hired Ayesha Baye, an Ethiopian immigrant with nearly 20 years of experience working at Maine banks, to serve as a personal banker to Androscoggin’s Muslim clients. She helps them build credit profiles and take other steps toward buying a home.
BARRIER TO ECONOMIC PARTICIPATION
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“Before this, there was nothing to offer my Muslim clients without compromising their faith,” Baye said. “I have Muslim clients who have been renting for 10 or 20 years, putting money toward rent instead of buying a home. They could have been homeowners by now.”
Many Muslims are not constrained by the ban on charging or paying interest, said Reza Jalali, executive director of the Greater Portland Immigrant Welcome Center. An Iranian-Kurdish immigrant who is Muslim, Jalali has engaged fully in the U.S. banking system, paying interest as a homeowner, landlord and credit card user.
But for devout Muslims, avoiding interest keeps them from accessing a wider economic system where buying a house is a significant step toward financial security. According to the Koran, charging or paying interest is considered exploitative and sinful because it promotes inequality, increasing the gap between rich and poor.
“This is a barrier to a significant number of Muslims in Maine,” Jalali said. “Homeownership is about building individual wealth, generational wealth, and becoming invested in the community.”
Without access to financing through local banks, Muslims in Maine are being excluded from other services provided to customers who receive conventional mortgages, including business loans, retirement programs, and basic financial advice, Jalali said. Many immigrants face a variety of barriers in the economic system, including language differences and cultural prejudices.
“While not intentional, we’re leaving some people behind,” Jalali said. “The banking community and the larger community lose out.”
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Some Muslims choose to borrow from community members, who pool savings and lend without charging interest, a practice Jalali called “underground banking.”
“But that only delays the American Dream, because the community can only buy one house at a time,” Jalali said. “In some cases, they go out of state, purchasing mortgages online, which can be risky and unhealthy because they are not building relationships with banks in Maine.”
There are a few basic types of mortgages that are considered riba, or interest, free under Sharia law. In variations of the most common form, the financial institution is co-owner and the home buyer gradually buys out the bank’s stake in the property. In other forms, the bank buys the property and sells it through lease-to-own arrangements or deferred payments with an agreed profit factored in.
In January, the Abeza family, originally from Rwanda, was able to purchase their first home in New Gloucester. Sofia Aldinio/Staff Photographer
Kiely wouldn’t describe Androscoggin’s program exactly. “Through the use of alternative structures, the bank can work with homebuyers to reach a solution that complies with Islamic financing requirements,” he said. “It maintains the same economic costs and benefits to both the bank and client as a conventional mortgage.”
Non-Muslims also may apply for this mortgage program, Kiely said.
FULLY COMPLIANT PROGRAM
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Kiely notified the Maine Bureau of Financial Institutions and the Federal Deposit Insurance Corp. about the Islamic mortgage program, he said, although neither has the authority to approve the program. Like other lending programs, it will be audited for compliance with state and federal laws.
John Barr, deputy superintendent of the bureau, said Kiely notified the state about the new mortgage program.
“It is common to have discussions with institutions as they develop new products,” Barr said in a written statement. “These discussions indicate to the bureau that the bank is conducting due diligence relative to risks and that the bank is talking to counsel about documentation and disclosure requirements.”
State banks are examined by the bureau or the FDIC every 18 months, at which time examiners have an opportunity to review actual loan documents to assess the loan portfolio and compliance with lending laws, Barr said.
Kiely said Androscoggin Bank will consider expanding its Islamic loan program to meet the borrowing needs of businesses, students, and others.
Rwaganje and Jalali hope other banks follow Androscoggin’s example. So do Sophie Mutamuliza and Adam Abeza.
They’re happy in their three-bedroom home on a wooded lot in New Gloucester, which sold for $395,000, according to several online real estate services. Their children play basketball in the driveway and chase frogs that escape a nearby pond. Now, many of their friends want to buy homes, too.
“They are inspired because they see that it’s possible and it won’t contravene the principles of their faith,” Abeza said.
“Now, we belong in Maine,” Mutamuliza said. “We are here to stay.”
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Court deals another blow to proposed Belfast fish farm
The Jefferson Avenue commercial district in Buffalo, New York, is anchored by a supermarket.
There are dozens of other businesses and services along the 12-block corridor — a couple of bank branches, a library, a coffee shop, gas stations, a small plaza with a dollar store and a primary care clinic and a business incubator for entrepreneurs of color.
But Tops Friendly Markets, the only grocery store on Buffalo’s vast East Side, is the center of activity. More than just a place to buy food, pick up medications and use an ATM, the store is a communal gathering space in a predominantly Black neighborhood that, for generations, has been segregated, isolated and disenfranchised from the wealthier — and whiter — parts of the city.
Which explains how it came to be the site of a mass shooting on a spring day in May of last year. On that Saturday, a gunman, who lived 200 miles away in another part of the state, drove to Jefferson Avenue and went into Tops, and in just a few minutes killed 10 people, injured three and inflicted mass trauma across the community.
It is a scenario that has sadly, and repeatedly, played out in other parts of the country that have experienced mass shootings. But this one came with a twist: The gunman’s intention was to kill as many Black people as possible.
To achieve that, he specifically targeted a ZIP code with one of the highest percentages of Black residents in New York state. All 10 who died that day were Black.
“The mere fact that someone can research, ‘Where will the greatest number of Black people be … on a Saturday morning,’ that’s not by chance,” said Franchelle Parker, a community organizer and executive director of Open Buffalo, a nonprofit focused on racial, economic and ecological justice. “That’s not a mistake. It’s a community that’s been deeply segregated for decades.”
The day of the shooting, Parker, who grew up in nearby Niagara Falls, was driving to Tops, where she planned to buy a donut and an unsweetened iced tea before heading into the Open Buffalo office, which is located a block away from Tops. The mother of two had intended to complete the mundane task of cleaning up her desk — “old coffee cups and stuff” — after a busy week.
She saw the news on Twitter and didn’t know if she should keep driving to Jefferson Avenue or turn around and go back home. She eventually picked the latter.
When she showed up the next day, there were thousands of people grieving in the streets. “The only way that I could explain my feeling, it was almost like watching an old war movie when a bomb had gone off and someone’s in, like, shell shock. That’s how it felt,” said Parker, vividly recounting the community’s collective trauma in a meeting room tucked inside of Open Buffalo’s second-story office on Jefferson Avenue.
Almost immediately following the May 14, 2022, massacre, which was the second-deadliest mass shooting in the United States last year, conversations locally and nationally turned to the harsh realities of the East Side and how long-standing factors that affect the daily life of residents — racism, poverty and inequity — made the community an ideal target for a white supremacist.
Now, more than a year after the tragedy, there is growing concern that not enough is being done fast enough to begin to dismantle those factors. And amid those conversations, there are mounting calls for the banking industry — whose historical policies and practices helped cement the racial segregation and disinvestment that ultimately shaped the East Side — to leverage its collective power and influence to band together in an effort to create systemic change.
The ideas about how banks should support the East Side and better embed themselves in the neighborhood vary by people and organizations. But the basic argument is the same: Banks, in their role as financiers and because of the industry’s history of lending discrimination, are obligated to bring forth economic prosperity in disinvested communities like the East Side.
I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.
Chiwuike Owunwanne, corporate responsibility officer at KeyBank
“Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that,” said The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity, a four-year-old enterprise focused on racial, geographic and economic health disparities. “But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.”
To be sure, banks’ ability to reverse the course of the community isn’t guaranteed — and there is no formula to determine how much accountability they should hold to fix deeply entrenched problems like racism. Several Buffalo-area bankers said that while the Tops shooting heightened the urgency to help the East Side, the industry itself cannot be the sole driver of change.
“There are a lot of institutions … that can certainly play a part in reversing the challenges that we see today,” said Chiwuike “Chi-Chi” Owunwanne, a corporate responsibility officer at KeyBank, the second-largest bank by deposits in Buffalo. “I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.”
A long history of segregation
How the East Side — and the Tops store on Jefferson Avenue — became the destination for a racially motivated mass murderer is a story about racism, segregation and disinvestment.
Even as it bears the nickname “the city of good neighbors,” Buffalo has long been one of the most racially segregated cities in the United States. Of the 114,965 residents who live on the East Side, 59% are Black, according to data from the 2021 U.S. Census American Community Survey. The percentage is even higher in the 14208 ZIP code, where the Tops store is located. In that ZIP code, among 11,029 total residents, nearly 76% are Black, the census data shows.
The city’s path toward racial segregation started in the early 20th century when a small number of job-seeking Black Americans migrated north to Buffalo, a former steel and auto manufacturing hub at the far northwestern end of New York state. Initially, they moved into the same neighborhoods as many of the city’s poorer immigrants and lived just east of what is today the city’s downtown district. As the number of Blacks arriving in Buffalo swelled in the 1940s, they were increasingly confronted with various housing challenges, including racist zoning laws and restrictive deed covenants that kept them from buying homes in more affluent white areas.
Black Buffalonians also faced housing discrimination in the form of redlining, the practice of restricting the flow of capital into minority communities. In 1933, as the Great Depression roiled the economy, a temporary federal agency known as the Home Owners’ Loan Corporation used government bonds to buy out and refinance mortgages of properties that were facing or already in foreclosure. The point was to try to stabilize the nation’s real estate market.
As part of its program, HOLC created maps of American cities, including Buffalo, that used a color coding scheme — green, blue, yellow and red — to convey the perceived riskiness of making loans in certain neighborhoods. Green was considered minimally risky; other areas that were largely populated by immigrant, Black or Latino residents were labeled red and thus determined to be “hazardous.”
“The goal was to free up mortgage capital by going to cities and giving banks a way to unload mortgages, so they could turn around and make more mortgage loans,” said Jason Richardson, senior director of research at the National Community Reinvestment Coalition, an association of more than 750 community-based organizations that advocates for fair lending. “It was kind of a radical concept and it has evolved over the decades into our modern mortgage finance system.”
The Federal Housing Administration, which was established as a permanent agency in 1934, used similar methods to map urban areas and labeled neighborhoods from “A” to “D,” with “A” considered to be the most financially stable and “D” considered the least. Neighborhoods that were largely Black, even relatively stable ones, were put in the “D” category.
The result was that banks, which wanted to be able to sell mortgage loans to the FHA, were largely dissuaded from making loans in “risky” areas. And Buffalo’s East Side, where the majority of Blacks were settling, was deemed risky. Unable to get loans, Blacks couldn’t buy homes, start businesses or build equity. At the same time, large industrial factories on the East Side were closing or moving away, limiting job opportunities and contributing to rising poverty levels.
“Today what we’re left with is the residue of this process where we’ve enshrined … a pattern of economic segregation that favors neighborhoods that had fewer Black people in them and generally ignores neighborhoods that had African Americans living in them,” Richardson said.
Case in point: Research by the National Community Reinvestment Coalition shows that three-quarters of neighborhoods that were once redlined are low- to moderate-income neighborhoods today, and two-thirds of them are majority minority communities.
Adding to the division between Blacks and whites in Buffalo was the construction of a highway called the Kensington Expressway. Built during the 1960s, the below-grade, limited-access highway proved to be a speedy way for suburban workers to get to their downtown jobs. But its construction cut off the already-segregated East Side even more from other parts of the city, displacing residents, devaluing houses and destroying neighborhoods and small businesses.
As a result of those factors and more, many Black residents have become “trapped” on the East Side, according to Dr. Henry Louis Taylor Jr., a professor of urban and regional planning at the University at Buffalo. In 1987, Taylor founded the UB Center for Urban Studies, a research, neighborhood planning and community development institute that works on eliminating inequality in cities and metropolitan regions. In September 2021, eight months before the Tops shooting, the Center for Urban Studies published a report that compared the state of Black Buffalo in 1990 to present-day conditions. The conclusion: Nothing had changed for Blacks over 31 years.
As of 2019, the Black unemployment rate was 11%, the average household income was $42,000 and about 35% of Blacks had incomes that fell below the poverty line, the report said. It also noted that just 32% of Blacks own their homes and that most Blacks in the area live on the East Side.
“Those figures remain virtually unchanged while the actual, physical conditions that existed inside of the community worsened,” Taylor told American Banker in an interview in his sun-filled office at the center, located on the University at Buffalo’s city campus. “When we looked upstream to see what was causing it, it was clear: It was systemic, structural racism.”
Banks’ moral obligations
As the East Side struggled over the decades with rampant poverty, dilapidated housing, vacant lots and disintegrating infrastructure, banks kept a physical presence in the community, albeit a shrinking one. In mid-2000, there were at least 20 bank branches scattered across the East Side, but by mid-2022, the number had fallen to around 14, according to the Federal Deposit Insurance Corp.’s deposit market share data. The 14 include four new branches that have opened since early 2019 — Northwest Bank, KeyBank, Evans Bank and BankOnBuffalo.
The first two branches, operated by Northwest in Columbus, Ohio, and KeyBank, the banking subsidiary of KeyCorp in Cleveland, were requirements of community benefits agreements negotiated between each bank and the National Community Reinvestment Coalition. In both cases, Northwest and KeyBank agreed to open an office in an underserved community.
Evans Bank opened its first East Side branch in the fall of 2021. The office is located in the basement of an $84 million affordable senior housing building that was financed by Evans, a $2.1 billion-asset community bank headquartered south of Buffalo in Angola, New York.
Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that. But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.
The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity
On the community and economic development front, banks have had varying levels of participation. Buffalo-based M&T Bank, which holds a whopping 64% of all deposits in the Buffalo market and is one of the largest private employers in the region, has made consistent investments in the East Side by supporting Westminster Community Charter School, a kindergarten through eighth-grade school, and the Buffalo Promise Neighborhood, a nonprofit organization focused on improving access to education in the city’s 14215 ZIP code.
Currently, Buffalo Promise Neighborhood operates four schools. In addition to Westminster, it runs Highgate Heights Elementary, also K-8, as well as two academies that serve children ages six weeks through pre-kindergarten. Twelve M&T employees are dedicated to the program, according to the Buffalo Promise Neighborhood website. The bank has invested $31.5 million into the program since its 2010 launch, a spokesperson said.
Other banks are making contributions in other ways. In addition to the Jefferson Avenue branch and as part of its community benefits plan, Northwest Bank, a $14.2 billion-asset bank, supports a financial education center through a partnership with Belmont Housing Resources of Western New York. Meanwhile, the $198 billion-asset KeyBank gave $30 million for bridge and construction financing for Northland Workforce Training Center, a $100 million redevelopment project at a former manufacturing complex on the East Side that was partially funded by the state.
BankOnBuffalo’s East Side branch is located inside the center, which offers KeyBank training in advanced manufacturing and clean energy technology careers. A subsidiary of $5.6 billion-asset CNB Financial in Clearfield, Pennsylvania, BankOnBuffalo’s office opened a month after the shooting. The timing was coincidental, but important, said Michael Noah, president of BankOnBuffalo.
“I think it just cemented the point that this is a place we need to be, to be able to be part of these communities and this community specifically, and be able to build this community up,” Noah said.
In terms of public-private collaboration, some banks have been involved in a deeper way. In 2019, New York state, which had already been pouring $1 billion into Buffalo to help revitalize the economy, announced a $65 million economic development fund for the East Side. The initiative is focused on stabilizing neighborhoods, increasing homeownership, redeveloping commercial corridors including Jefferson Avenue, improving historical assets, expanding workforce training and development and supporting small businesses and entrepreneurship.
In conjunction with the funding, a public-private partnership called East Side Avenues was created to provide capital and organizational support to the projects happening along four East Side commercial corridors. Six banks — Charlotte, North Carolina-based Bank of America, the second-largest bank in the nation with $2.5 trillion of assets; M&T, which has $203 billion of assets; KeyBank; Warsaw, New York-based Five Star Bank, which has about $6 billion of assets; Northwest and Evans — are among the 14 private and philanthropic organizations that pledged a combined $8.4 million to pay for five years’ worth of operational support, governance and finance, fundraising and technical assistance to support the nonprofits doing the work.
Laura Quebral, director of the University at Buffalo Regional Institute, which is managing East Side Avenues, said the banks were the first corporations to step up to the request for help, and since then have provided loans and other products and education to keep the program moving.
Their participation “is a signal to the community that banks cared and were invested and were willing to collaborate around something,” Quebral said. “Being at the table was so meaningful.”
Richard Hamister is Northwest’s New York regional president and former co-chair of East Side Avenues. Hamister, who is based in Buffalo, said banks are a “community asset” that have a responsibility to lift up all communities, including those where conditions have arisen that allow it to be a target of racism like the East Side.
“We operate under federal charters, so we have an obligation to the community to not only provide products and services they need but also support when you go through a tragedy like that,” Hamister said. “We also have a moral obligation to try to help when things are broken … and to do what we can. We can’t fix everything, but we’ve got to fix our piece and try to help where we can.”
In the wake of a tragedy
After the massacre, there was a flurry of activity within banks and other organizations, local and out-of-town, to respond to the immediate needs of East Side residents. With the community’s only supermarket closed indefinitely, much of the response centered around food collection and distribution. Three of M&T’s five East Side branches, including the Jefferson Avenue branch across the street from Tops, became food distribution sites for weeks after the shooting. On two consecutive Fridays, Northwest provided around 200 free lunches to the community, using a neighborhood caterer who is also the bank’s customer. And BankOnBuffalo collected employee donations that amounted to more than 20 boxes of toiletries and other items that were distributed to a nonprofit.
At the same time, M&T, KeyBank and other banks began financial donations to organizations that could support the immediate needs of the community. KeyBank provided a van that delivered food and took people to nearby grocery stores. Providence, Rhode Island-based Citizens Financial Group, whose ATM inside Tops was inaccessible during the store’s temporary closure, installed a fee-free ATM near a community center located about a half-mile north of Tops, and later put a permanent ATM inside the center that remains there today. And M&T rolled out a short-term loan program to provide capital to East Side small-business owners.
One of the funds that benefited from banks’ support was the Buffalo Together Community Response Fund, which has raised $6.2 million to address the long-term needs of the East Side.
Bank of America and Evans Bank each donated $100,000 to the fund, whose list of major sponsors includes four other banks — JPMorgan Chase, Citigroup, M&T and KeyBank. Thomas Beauford Jr., a former banker who is co-chair of the response fund, said banks, by and large, directed their resources into organizations where the dollars would have an immediate impact.
“Banks said, ‘Hey, you know … it doesn’t make sense for us to try to build something right now. … We will fund you in the work you’re doing,'” said Beauford, who has been president and CEO of the Buffalo Urban League since the fall of 2020. “I would say banks showed up in a big way.”
Fourteen months later, banks say they are committed to playing a positive role on the East Side. For the second year, KeyBank is sponsoring a farmers’ market on the East Side, an attempt to help fill the food desert in the community. Last fall, BankOnBuffalo launched a mobile “bank on wheels” truck that’s stationed on the East Side every Wednesday. The 34-foot-long truck, which is staffed by two people and includes an ATM and a printer to make debit cards, was in the works before the shooting, and will eventually make four stops per week around the Buffalo area.
Evans has partnered with the city of Buffalo to construct seven market-rate single family homes on vacant lots on the East Side. The relationship with the city is an example of how banks can pair up with other entities to create something meaningful and lasting, more than they might be able to do on their own, said Evans President and CEO David Nasca.
The bank has “picked areas” where it can use its resources to make a difference, Nasca said.
“I don’t think the root causes can be ameliorated” by banks alone, he said. “We can’t just grant money. It has to be within our construct of a financial institution that invests and supports the public-private partnership. … All the oars [need to be] pulling together or this doesn’t work.”
‘Little or no engagement with minorities’
All of these efforts are, of course, welcomed by the community, but there is still criticism that banks haven’t done enough to make up for their past contributions to segregating the city. And perhaps more importantly, some of that criticism centers on banks failing to do their most basic function in society — provide credit.
In 2021, the New York State Department of Financial Services issued a report about redlining in Buffalo. The regulator looked at banks and nonbank lenders and found that loans made to minorities in the Buffalo metro area made up 9.74% of total loans in Buffalo. Overall, Black residents comprise about 33% of Buffalo’s total population of more than 276,000, census data shows.
The department said its investigation showed the lower percentage was not due to “excessive denials of loan applications based on race or ethnicity,” but rather that “these companies had little or no engagement with minorities and generally made scant effort to do so.”
“The unsurprising result of this has been that few minority customers or individuals seeking homes in majority-minority neighborhoods have made loan applications … in the first instance.”
Furthermore, accusations of redlining persist today, even though the practice of discriminating in housing based on race was outlawed by the Fair Housing Act of 1968.
In 2014, Evans was accused of redlining by the New York State Attorney General, which said the community bank was specifically avoiding making mortgage loans on the East Side. The bank, which at the time had $874 million of assets, agreed to pay $825,000 to settle the case, but Nasca maintains that the charges were unfounded. He points to the fact that the bank never had a fair lending or fair housing violation, no specific incidents were ever claimed and that the bank’s Community Reinvestment Act exam never found evidence of discriminatory or illegal credit practices.
The bank has a greater presence on the East Side today, but that’s because it has grown in size, not because it is trying to make up for previous accusations of redlining, he said.
“Ten years ago, our involvement [on the East Side] certainly wasn’t what you’re seeing today,” Nasca said. “We were looking to participate more, but we were participating within our means and our reach. As we have grown, we have built more resources to be able to do more.”
Shortly after accusations were made against Evans, Five Star Bank, the banking arm of Financial Institutions in Warsaw, New York, was also accused of redlining by the state Attorney General. Five Star, which has been growing its presence in the Buffalo market for several years, wound up settling the charges for $900,000 and agreeing to open two branches in the city of Rochester.
KeyBank is currently being accused of redlining by the National Community Reinvestment Coalition. In a 2022 report, the group said that KeyBank is engaging in systemic redlining by making very few home purchase loans in certain neighborhoods where the majority of residents are Black. Buffalo is one of several cities where the bank’s mortgage lending “effectively wall[ed] out Black neighborhoods,” especially parts of the East Side, the report said.
KeyBank denied the allegations. In March, the coalition asked regulators to investigate the bank’s mortgage lending practices.
Beyond providing more credit, some community members believe that banks should be playing a larger role in addressing other needs on the East Side. And the list of needs runs the gamut from more grocery stores to safe, affordable housing to infrastructure improvements such as street and sidewalk repairs.
Alexander Wright is founder of the African Heritage Food Co-op, an initiative launched in 2016 to address the dearth of grocery store options on the East Side, where he grew up. Wright said that while banks’ philanthropic efforts are important, banks in general “need to be in a place of remediation” to fix underlying issues that the industry, as a whole, helped create. (After publication of this story, Wright left his job as CEO of the African Heritage Food Co-Op.)
Aside from charitable donations, banks should be finding more ways to work directly with East Side business owners and entrepreneurs, helping them with capital-building support along the way, Wright said. One place to start would be technical assistance by way of bank volunteers.
“Banks are always looking to volunteer. ‘Hey, want to come out and paint a fence? Want to come out and do a garden?'” Wright said. “No. Come out here and help Keshia with bookkeeping. Come out here and do QuickBooks classes for folks. Bring out tax experts. Because these are things that befuddle a lot of small businesses. Who is your marketing person? Bring that person out here. Because those are the things that are going to build the business to self-sufficiency.
“Anything short of the capacity-building … that will allow folks to rise to the occasion and be self-sufficient I think is almost a waste,” Wright added. “We don’t need them to lead the plan. What we need them to do is be in the community and [be] hearing the plan and supporting it.”
Parker, of Open Buffalo, has similar thoughts about the role that banks should play. One day, soon after the massacre, an ATM appeared down the street from Tops, next to the library that sits across the street from Parker’s office. Soon after the ATM was installed, Parker began fielding questions from area residents who were skeptical of the machine and wanted to know if it was legitimate. But Parker didn’t have any information to share with them. “There was no outreach. There was no community engagement. So I’m like, ‘Let me investigate,'” she said. “I think that’s a symptom of how investment is done in Black communities, even though it may be well-intentioned.”
As it turns out, the temporary ATM belonged to JPMorgan Chase. The megabank has had a commercial banking presence in Buffalo for years, but it didn’t operate a retail branch in the region until last year. Today it has four branches in operation and plans to open another two by the end of the year, a spokesperson said.
After the Tops shooting, the governor’s office reached out to Chase asking if the bank could help in some way, the spokesperson said in response to the skepticism. The spokesperson said that while the Chase retail brand is new to the Buffalo region, the company has been active in the market for decades by way of commercial banking, private banking, credit card lending, home lending and other businesses.
In addition to the ATM, the bank provided funding to local organizations including FeedMore Western New York, which distributes food throughout the region.
“We are committed to continuing our support for Buffalo and helping the community increase access to opportunities that build wealth and economic empowerment,” the spokesperson said in an email.
In the year since the massacre, there has been some progress by banks in terms of their interest in listening to the East Side community and learning about its needs, said Nicholas. But he hasn’t felt an air of urgency from the banking community to tackle the issues right now.
“I do experience banks being a little more open to figuring out what their role is, but it’s slow. It’s slow,” said Nicholas. The senior pastor of the Lincoln Memorial United Methodist Church, located about a mile north from Tops, Nicholas is part of a 13-member local advisory committee for the New York arm of Local Initiatives Support Coalition, or LISC. The group is focused on mobilizing resources, including banks, to address affordable housing in Western New York, specifically in the inner city, as well as training minority developers and connecting them to potential investors, Nicholas said.
Of the 13 members, seven are from banks — one each from M&T, Bank of America, BankOnBuffalo, Evans and KeyBank, and two members from Citizens Financial Group. One of the priorities of LISC NY is health equity, and the fact that banks are becoming more engaged in looking at health disparities is promising, Nicholas said. Still, they have more work to do, he said.
“I need them to think more on how to strengthen and build the economy on the East Side and provide leadership around that, not only to provide charitable things, but using sound business and banking and community development principles to say, ‘OK, if we’re going to invest in this community, these are the types of things that need to happen in this community,’ and then encourage their partners and other people they work with … to come fully in on the East Side.”
Some bankers agree with the community activists.
“Putting a branch in is great. Having a bank on wheels is great,” said Noah of BankOnBuffalo. “But if you’re not embedded in the community, listening to the community and trying to improve it, you’re not creating that wealth and creating a better lifestyle for everyone.”
What could make a substantial difference in terms of banks’ impact on the community is a combination of collaboration and leadership, said Taylor. He supports the idea of banks leading the charge on the creation of a comprehensive redevelopment and reinvestment plan for the East Side, and then investing accordingly and collaboratively through their charitable foundations.
“All of them have these foundations,” Taylor said. “You can either spend that money in a strategic and intentional way designed to develop a community for the existing population, or you can spend that money alone in piecemeal, siloed, sectorial fashion that will look good on an annual report, but won’t generate transformational and generational changes inside a community.”
Banks might be incentivized to work together because it could mean two things for them, according to Taylor: First, they’d have an opportunity to spend money in a way that would have maximum impact on the East Side, and second, if done right, the city and the banks could become a model of the way to create high levels of diversity, equity and inclusion in an urban area.
“If you prove how to do that, all that does is open up other markets of consumption all over the country because people want to figure out how to do that same thing,” Taylor said.
Some of that is already happening, at least on a bank-by-bank case, said KeyBank’s Owunwanne. Through the KeyBank Foundation, the company is able to leverage different relationships that connect nonprofits to other entities and corporations that can provide help.
“I see this as an opportunity for us to make not just incremental changes, but monumental changes … as part of a larger group,” Owunwanne said “Again, I say that not to absolve the bank of any responsibility, but just as a larger group.”
Downstairs from Parker’s office, Golden Cup Coffee, a roastery and cafe run by a husband and wife team, and some other Jefferson Avenue businesses are trying to build up a business association for existing and potential Jefferson-area businesses. Parker imagined what the group could accomplish if one of the banks could provide someone on a part-time basis to facilitate conversations, provide administrative support and coordinate marketing efforts.
“In the grand scheme of things, when we’re talking about a multimillion dollar [bank], a part-time employee specifically dedicated to relationship-building and building out coalitions, it sounds like a small thing,” Parker said. “But that’s transformational.”
The west coast is currently being ravaged by wildfires, including five of the top ten largest wildfires in California history so far. These devastating fires have burned down hundreds of millions of acres of land, resulting in at least 36 casualties and the loss of homes, businesses, and other structures. The entire west coast is experiencing unhealthy air quality, and smoke has reached as far as the east coast and even Europe.
Aside from the immediate consequences in terms of property damage and loss of life, wildfires also have a far-reaching economic impact. From the ongoing costs related to fire suppression and prevention to the loss of revenue, expensive repairs, and insurance hikes that inevitably follow, these fires have lasting financial repercussions.
The current wildfires will have an economic impact on both a local and a national level. While states including California, Oregon, and Washington are some of the most likely to be affected by wildfires, the financial fallout has the potential to be even more widespread.
What’s Ahead:
Fire suppression costs are rising
Battling wildfires is an expensive business, and the cost to fight fires has soared from tens of millions to hundreds of millions in recent years as destructive wildfires have become more and more common.
With 2020 on track to be one of the most devastating wildfire seasons on record, the cost just to get fires under control continues to climb.
You’ll see insurance hikes
As wildfires become more common in areas across the western United States, homeowners insurance and fire insurance is getting more expensive as a result. Some homeowners who live in fire-prone areas are unable to secure insurance coverage at all, with insurance companies canceling policies in high-risk areas.
Those who are able to secure insurance will likely face increased premiums as insurance companies attempt to cover the costs of current and future wildfire seasons.
If you live in an at-risk area for wildfires, you need to make sure you have the right insurance in place to cover all of your bases. Policygenius can help you double-check that you have the right type and amount of coverage for your home – and that you’re paying the best price for it.
Temporary power cuts have affected businesses
Power companies like Pacific Gas & Electric have implemented temporary planned power shutoffs in areas where its equipment is in danger of sparking wildfires. PG&E equipment has sparked over 1,500 fires from 2014 to 2017, and officials expect continued power cuts to be a regular feature of fire seasons to come.
These power cuts can have a negative economic impact when they prevent individuals and businesses from operating as normal. While the company is working toward implementing smaller, less disruptive cuts than the power outages that caused multi-day blackouts in 2018, power cuts will still affect tens of thousands of California residents.
Businesses are also seeing a loss of revenue
The wildfires sweeping across much of the western part of the country also have a severe impact when it comes to the loss of revenue. Many businesses aren’t able to operate normally or at all, and may find it difficult to reopen in the aftermath of the fires while also dealing with other issues such as the pandemic.
Wildfires also decrease the revenue brought in by tourism, which affects everything from restaurants and small businesses to hotels and state parks.
Expensive repairs will be needed
Costly repairs will be necessary for areas where wildfires have burned down buildings and damaged infrastructure. The 2018 wildfire season caused over $40 billion worth of damage, and the 2020 season is on track to cause even more damage.
The cost of the repairs is felt both by individuals whose property has been damaged as well as government agencies responsible for repairing infrastructure and cleaning up debris.
Healthcare costs will rise for those impacted by the fires
Other indirect costs of the wildfires include the healthcare costs associated with treating injuries related to the disaster. This includes treating not only those who were directly injured by the fires themselves, but also those who inhale too much smoke and those who are injured in accidents while evacuating.
Extreme wildfires cause hazardous air quality that can lead to coughs, headaches, and shortness of breath in the short term, and chronic inflammation, heart attacks, and strokes in the long term. Those with preexisting conditions like asthma or compromised immune systems are especially vulnerable.
Economic instability may increase
A report from the Commodity Futures Trading Commission predicts that the increased frequency and intensity of natural disasters like wildfires could result in further economic instability. These disasters can have a negative impact on many disparate areas of the economy including agriculture, infrastructure, residential and commercial property, and the health and wellbeing of American citizens.
Wildfire prevention costs will rise
While strategies implemented to help prevent or curb future wildfires like controlled burns and thinning are necessary, they’re also expensive. California recently passed a bill dedicating $1 billion toward fire prevention over the course of five years, but experts warn that even that amount may not be enough to curtail future fires.
There are many personal costs as well
While it’s not an easy thing to affix a number to, increasingly devastating wildfire seasons also take a tremendous personal toll, from people grieving lost loved ones to those whose houses burned down to those dealing with anxiety and depression caused by the fires.
These losses are often exacerbated by compounding issues like the ongoing coronavirus pandemic, economic inequality, and the effects of climate change.
How to protect your finances from the impact of natural disasters
Experts predict that wildfires and other natural disasters like heat waves and hurricanes will only become more prevalent as climate change continues to accelerate. People all over the world will be negatively affected by these catastrophic events – especially if they live in places with a high risk of fire, floods, or other disasters.
Here are some steps to take in order to prepare for future disasters and keep your finances secure in the face of an increasingly uncertain world.
Make sure you have the right insurance coverage
Insurance coverage for your property is especially important if you live in an area that may be at risk of wildfires. Even if you already have insurance, it’s still a good idea to shop around and compare different policies in order to ensure that you’re getting a good deal.
Again, online tools like Policygenius make it easy to research and compare different insurance options.
Maintain a healthy emergency fund
Experts recommend that you save between three and six months worth of living expenses in an emergency fund. This financial cushion can be a major safety net when it comes to literal emergencies like wildfires as well as other unexpected expenses.
While it can be difficult to increase your savings in a time of increasing economic inequality, it’s a good idea to try to put a little away each month so that you have something to fall back on in case of hard times.
Pack an emergency bag and it keep it up to date
If you live in an area that is prone to natural disasters, you should pack an emergency bag and keep it up to date, including essential such as:
First aid kit.
Drinking water.
Non-perishable food.
A change of comfortable clothes.
Toiletries.
Medications.
Cash.
Mask.
Radio.
Flashlight.
Local maps.
Phone charger and extra battery pack.
Be sure to keep your bag up to date and to swap out any items that are too old or in danger of expiring. You may want to prepare several kits to keep with you at home, in your car, and any other place you spend a lot of time in, such as your workplace or a relative’s house.
Secure important documents
Replacing important documents can be stressful if you have to leave your house during an emergency. You should keep documents in a secure, safe place that you can access quickly if you need to.
Some important documents you may want to take with you include your social security card, birth certificate, passport, and insurance information.
When it comes to other documents like bills and financial statements, consider switching to paperless billing so that you’re able to access them electronically in the case of an emergency.
See if your qualify for tax relief or other forms of aid
If you’ve experienced financial losses due to a federally declared disaster, you may be able to deduct it on your taxes. There are also a variety of wildfire relief funds and resources available, including:
The Disaster Cash Assistance Program for Washington state residents.
Disaster loan assistance for business owners from the SBA.
FEMA Disaster Assistance.
Red Cross shelters for those impacted by natural disasters.
The California Association of Food Banks.
Masks, medicine, and other resources from Direct Relief.
Disaster Unemployment Assistance for California residents.
Summary
Some experts estimate that the damage caused by the 2020 wildfire season will have a direct cost of over $20 billion, not including the many indirect costs associated with the fires, such as insurance hikes and loss of revenue. As wildfires continue to increase due to drought, warmer temperatures, and shorter winters, they are sure to have far-reaching effects on the economy.
While many aspects of natural disasters are beyond your control, you can stay prepared by reviewing your insurance coverage, packing an emergency bag, and building up your emergency fund.
Property values for most Los Angeles County owners increased for a 13th straight year with a 5.91% bump to the 2023 assessment roll, bringing the total value to nearly $2 trillion, the county assessor announced Thursday.
The roll includes all taxable property within the more than 4,000-square-mile county and is valued at a record $1.997 trillion.
From that valuation, the county assessor’s office estimates $20 billion in property taxes will fund public services, including schools and medical care.
Property owners will see only a standard 2% tax increase, due to Proposition 13, unless their properties were reassessed because of new construction or other reasons.
Some cities saw jumps significantly higher than the county’s 5.91% rate.
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Industrial hamlet Irwindale led all cities in gains with a 10% increase in property values, which beat out Burbank and Cudahy, which both finished with a 9.7% boost.
Conversely, La Verne saw the smallest hike, increasing by 2.3%, which was a little less than Whittier (3.5%) and Bell Gardens (3.6%).
“Most local governments rely on property taxes as a source of revenue to support the provision of local government services,” said Eric J. Heikkila, a professor at USC Price School of Public Policy.
“When property values increase, the same tax rate can yield more revenues for those purposes,” said Heikkila, author of the book “The Economics of Planning.”
In terms of property assessment, no city was close to the $819.7 billion valued for Los Angeles parcels. Long Beach was the next highest at $74.8 billion, followed by Santa Monica ($49 billion) and Beverly Hills ($45 billion).
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Bradbury is the lone city in the county valued at less than $1 billion. The town of less than 1,000 nestled at the doorstep of the San Gabriel Mountains is valued at a mere $879,383 million. Cudahy and Avalon follow in valuations, finishing at $1.08 billion and $1.1 billion, respectively.
The county assessments are handled annually and provide “insight into the state of the real estate market as well as the local economy,” the county assessor’s office said.
“Our analysis does indicate property value growth at this time and that’s certainly good news for property owners and for local governments,” County Assessor Jeff Prang said.
He added: “However, the real estate market began more robustly in 2022 than it ended, and we will not be surprised if the sluggish market continues into the coming year.”
Online real estate broker Redfin reported that the median sale price in June for an L.A. County home was $860,750, which marked a 3.3% decrease year over year. The price peaked above $900,000 in June 2022. Redfin also noted that 4,874 homes were sold by June, a 20.7% decrease from this time last year.
“To say this has been a challenging couple of years is an understatement,” Prang said.
Heikkila said property assessments are only one tool in determining the strength of an economy that includes employment levels, inflation and GDP growth. He also said that “measures of inequality need to be considered.”
The county assessor’s office noted that single-family homes “produced a marked increase in property transfer assessments,” which netted the biggest increase — $67.4 billion — to the roll.
There were also increases due to inflation ($36.7 billion), personal property and fixtures ($10.4 billion) and new construction ($5.6 billion), along with $2.5 billion in decline-in-value reductions.
In total, there were 2,391,198 taxable property parcels, 200,969 business properties, 33,871 boats and 2,952 aircraft assessed.
In our latest real estate tech entrepreneur interview, we’re speaking with Garret Flower from ParkOffice.
Who are you and what do you do?
My name is Garret Flower, I’m the co-founder and CEO of ParkOffice – the parking software for smart offices. I’ve been an entrepreneur for almost as long as I can remember. I started my first business at 15 and have progressively been getting more and more ambitious ever since.
Currently I split my time between New York City and Dublin where I’m managing the rapid growth of ParkOffice in both Europe and the US. We started out a couple of years ago with ParkOffice with a very simple concept – employee parking was broken and we wanted to fix it.
Our progress in such a short space of time has been really energising, we’ve developed an industry leading product which is trusted by 6 Fortune 500s and countless SMEs in 13 countries across the globe.
What problem does your product/service solve?
Office parking is dysfunctional on so many levels.
The end experience is often incredibly frustrating as employees arrive at offices to find parking lots unexpectedly full or worse, they pay for parking off-site and walk to the office through a half-empty car park.
The management experience isn’t much better, facilities managers often complain that managing parking is the most time intensive part of their job and that no matter how hard you try you will still be inundated with complaints from disgruntled employees.
From a community perspective, according to research from UCLA, every time someone sits into a car and doesn’t know if they have a space at work or not, they will spend an extra 800m cruising at their destination looking for somewhere to park. This causes massive traffic issues in neighbourhoods close to large offices.
ParkOffice gives a fully automated solution which allows companies to solve all these problems while also reducing costs and carbon emissions in the process.
What are you most excited about right now?
When you look at the figures there is almost as much space in the USA dedicated to office parking as there is to office buildings. However, in most cases, it is a massively under-utilized piece of real estate.
The average company who believes they don’t have enough parking space actually have up to 40% of their parking spaces empty during the working day. This is often caused by people working from home, being off-site at meetings or being on holidays. What a waste of space and money.
In a world where our cities are running out of space, I’m incredibly excited about how technology can be used to park cars more effectively, freeing up whole swathes of space for cities across the world to grow.
We’ve just adapted our product to tackle the issues surrounding COVID-19. Over recent years our key focus has been on supporting companies to reduce their employees car dependency.
With COVID-19 changing the business environment for companies all over the world, we knew we had to innovate to thrive. By altering our product slightly we can now help companies return to the office safely sooner. With public transport a no-go area for many people who are worried about the virus, employee parking is going to be under greater pressure than ever. Our automated solution can monitor parking availability in real-time and assign spaces to those in most need – think of it like hot-desking but for parking spaces. The beauty is that we can increase parking availability by up to 40% for companies.
What’s next for you?
The USA is a massive focus for us – we’ve been lucky to pick up a few big clients over there but we’re opening up a full-time office over there in the next 6 months to accelerate our growth.
What’s a cause you’re passionate about and why?
Racism really angers me. I feel strongly that all people were created equal, and this world is unfortunately structured in a way which disadvantages swathes of people because of their gender and race. As half-American, half-Irish, I’m acutely aware of the disadvantages many of my ancestors had to overcome to lay the foundations for me to thrive. I’m always looking for ways in which I can pave a path for minorities to lay the way for their communities to flourish. It is my job as a CEO and a leader of ParkOffice to encourage an environment of inclusion to learn how to implement policies that will correct this inequality.
Thanks to Garret for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
While Millennials are delaying or forgoing parenthood at higher rates than previous generations, they’re also leading the way when it comes to adopting pets. During the pandemic, this trend accelerated with 50% of Millennials considering fostering or adopting a pet.
I’m not exempt from the statistics: this past year, I headed down to my local animal shelter and returned home with two senior cats, Annie and Hailey. Annie likes long naps in the sun and Party Mix, and Hailey likes tuna fish and waking me up at six in the morning. At least in my case, there’s a simple reason behind pet ownership: pets can help to make our day to day lives a little bit happier, especially during uncertain times.
What’s Ahead:
Are Millennials adopting pets instead of having children?
Millennials trail behind previous generations when it comes to achieving traditionally “adult” milestones, including purchasing a home, getting married, and having children. According to data from the National Vital Statistics System, in 2019 the general fertility rate in the United States declined to 58.3 births per 1,000 women aged 15 to 44. When Millennials do have children, they tend to be older than first-time parents of previous generations and have fewer children overall.
One statistic where Millenials do lead the way, however, is pet ownership. 27% of Millennials own a pet, and many more have plans to adopt a furry friend in the future. During a time when having children may seem risky or financially out of reach, pet ownership can be a way to approximate the experience of starting a family.
Are Millennials adopting pets at higher rates?
Millennials are adopting pets at a higher rate than previous generations, and they’re also less likely to have children of their own. The causal effects between parenthood and pet ownership aren’t so clear cut, however: many Millennials who adopt pets plan to have babies in the future, with some even considering pets as a trial run for potential children.
In most cases, adopting furry friends isn’t a zero-sum game. Millennials who might not be ready for the financial burden of parenthood may choose to adopt an animal in the meantime, whether they plan to have children in the future or not. They may also view pet ownership as more compatible with other short-term goals, like travel or career advancement.
Thinking about adopting a pet? Here’s what it will cost
Whereas other traditionally adult milestones, like purchasing a home, getting married, and starting a family, can seem frustratingly out of reach, pet ownership is a more affordable and accessible option for many Millennials.
That said, it still comes with a variety of costs and expenses, with an average of $681 for cats and $1,201 for dogs (CNBC) per year. If you’re thinking of adopting a furry friend, you should be sure that you’re in a good financial position to do so.
Are pets cheaper than children?
The short answer is that, yes, pets are much less expensive to raise than children. For young adults who may still be getting their footing financially, adopting a pet is a much lower-cost endeavor than choosing to have a child.
Raising a child can cost tens of thousands of dollars a year for a middle-class family, while caring for an animal may only cost a few hundred. Some of the most significant costs related to raising a child, like increased housing costs and food costs, won’t apply to a pet, since your furry friend doesn’t need their own bedroom and will be perfectly fine eating kibble.
Adoption fees
Adoption fees can vary widely depending on what type of animal you adopt, whether you get them from a breeder or a shelter, and where you live. Purebred dogs can cost hundreds of dollars, while adopting a senior cat from a shelter may cost as little as $25.
Supplies
You’ll need some basic supplies for your pet. If you’re adopting a dog, you’ll need:
Dog food and bowls.
A leash and harness.
A dog collar to start.
A dog crate (depending on the temperament of your new puppy).
Training supplies.
If you’re adopting a cat, you’ll need:
Cat food and bowls.
A litter box and cat litter.
Toys.
Cozy beds for them to sleep in.
Treats and snacks.
Make sure your pet is covered by pet insurance
Some of the most significant costs you’ll face as a pet owner include vet and health-related expenses. These can range from a few hundred dollars spent on vet visits and checkups each year, to thousands of dollars for emergency treatment.
Because pet health costs can be pricey for life-saving procedures, pet insurance is something you don’t want to skimp on when adopting a pet. This insurance helps to make sure that you’re covered if your pet has a medical emergency, and can save you money in the long run when it comes to expensive vet bills and related fees.
Lemonade pet insurance
Lemonade’s pet insurance covers diagnostics, procedures, medications, accidents, and illness. If you choose to add on additional wellness coverage, you’ll save on routine and preventative care like wellness exams, heartworm and fecal tests, bloodwork, and vaccines. So really, most treatments your pet requires should be covered through Lemonade!
Prices start at as low as $10 (yup, you heard that right!), and you can save an additional 10% if you also purchase home or renters insurance through Lemonade. The application process is super simple, and you can complete it online or through their mobile app, with no phone call or in-person visit required (perfect for phone-averse Millennials).
Another nice added bonus when it comes to Lemonade is that the company is a public benefit corporation. This means that they donate a portion of their profits to charities like the Progressive Animal Welfare Society and the Humane Society of the United States.
Embrace pet insurance
Embrace covers up to 90% back on vet costs, as well as coverage for accidents, illness, and preventative care.
One unique perk of Embrace, though, is that they reduce your deductible by $50 each year you don’t receive a claim payment. Unlike some other pet insurance providers, Embrace also automatically covers all your pet’s exam fees, which can be a nice benefit if you make frequent trips to the vet.
As for pre-existing conditions, Embrace does distinguish between curable and incurable conditions and will cover curable ones after your pet is symptom-free for 12 months (this is unique in the pet insurance industry).
Pumpkin pet insurance
Pumpkin offers pet insurance with perks like an optional preventative care package, up to 90% reimbursement, and no upper age limit. With Pumpkin, you’ll get coverage for everything from an annual wellness exam to lab tests and screenings for intestinal worms, heartworm, and tick diseases.
An insurance policy from Pumpkin also includes coverage for accidents and illnesses, diagnostics and treatment, prescription medicine, emergencies, surgeries, and specialized care. You can rest assured that your pet will receive all the care they need to stay healthy, without having to worry as much about the cost.
Speaking of cost – Pumpkin will offer big discounts for folks with large pet families who insure multiple pets.
Pumpkin Advertiser Disclosure: Pumpkin Pet Insurance policies do not cover pre-existing conditions. Waiting periods, annual deductible, co-insurance, benefit limits and exclusions may apply. For full terms, visit pumpkin.care/insurancepolicy. Products, discounts, and rates may vary and are subject to change. Pumpkin Insurance Services Inc. (“Pumpkin”) (NPN #19084749) is a licensed insurance agency, not an insurer. Insurance is underwritten by United States Fire Insurance Company (NAIC #21113, Morristown, NJ), a Crum & Forster Company and produced by Pumpkin. Pumpkin Preventive Essentials is not an insurance policy. It is offered as an optional add-on non-insurance benefit. Pumpkin is responsible for the product and administration. Pumpkin Preventive Essentials is not available in all states. For full terms, visit pumpkin.care/customeragreement.
Why Millennials may opt for pets over children
There’s no one-size-fits-all reason why anyone chooses to have children or adopt a pet. However, there are some widespread factors that may be contributing to the trend.
Financial instability
Thanks to the effects of the Great Recession, Millennials are likely to accumulate less wealth than previous generations, with real median household income increasing only slightly over the past several decades. Meanwhile, the costs of raising a child have skyrocketed. Middle-class families are projected to spend an average of $233,610 to raise a child born in 2015, with housing, food, and childcare making up a large portion of those costs.
For Millennials worried about affording basic expenses like rent and healthcare, adding a child to the mix can seem financially irresponsible, if not impossible. Many young people may prefer to wait to have kids until they’ve achieved enough financial stability to be able to provide for their children.
When compared with a price tag in the hundreds of thousands of dollars, pet ownership can seem downright affordable. And while pet owners may splurge on accessories for their animals or have to foot the occasional vet bill, pets remain much, much less expensive than children.
An uncertain future
Even for Millennials who are able to make ends meet and save a little for the future, starting a family can seem like a risky move during an uncertain time. According to a recent study by Morning Consult, 17% of Millennials without children are delaying starting a family because of the COVID-19 pandemic. 15% indicated that they are reconsidering having children at all.
For Millennials worried about the current pandemic, as well as other looming concerns like climate change and growing economic inequality, parenthood can appear particularly fraught. In the same study, 18% of Millennials listed the political and economic climate as a major reason why they haven’t had children, while 13% listed climate change. A significant 38% cited cost as a major reason for not having children.
In contrast, pet parenthood is way up since the start of the pandemic, with 50% of Millennials considering adopting or fostering a pet. In a stressful world full of unprecedented challenges, a furry friend can provide comfort, companionship, and purpose. Especially for young people who have experienced increased isolation as a result of the pandemic, adopting a pet can be a way to cope with loneliness and stress.
Changing cultural expectations
While it’s certainly true that it’s more expensive for Millenials to have children than for past generations, economic and political uncertainties aren’t the only reasons young people may be delaying becoming parents. While marriage and children might have been expected for earlier generations, Millennials may feel less pressure to follow a set path and achieve particular milestones by a certain age.
Instead, they may be more inclined to advance their careers, travel, or pursue personal goals. Young people who might not be ready for the responsibility of raising a child may look at pet parenthood as a low-stakes way to reap many of the same benefits of fulfillment and companionship, while also preparing to have a child in the future.
Summary
With more Millennials delaying kids or opting out of parenthood altogether, pet ownership has emerged as an alternative way to enjoy many of the rewards that come with starting a family. Owning pets isn’t exactly like becoming a parent, but the process does share some similarities: animals can provide comfort and companionship regardless of how many children you might have.
Most people adopt pets simply because it makes them happy and improves their quality of life. That’s definitely true in my case. It brightens my day to have my two little companions follow me from room to room, taking long naps in the sun and never leaving my side for long. For many people, owning pets is one of the unmitigated joys in life, and that’s something to celebrate, even during challenging times.
There are three levers that can help to ease housing affordability heading forward: Falling mortgage rates, falling home prices, or rising incomes. Due to financial market volatility, mortgage rates are always the lever that can have the biggest impact in the short-term.
A new housing report put out by Morningstar expects mortgage rates will indeed be the primary lever that helps to ease housing affordability.
As of Friday, the average 30-year fixed mortgage rate tracked by Mortgage News Daily stands at 7.14%. Morningstar expects that’ll trend down in the second half of the year, and we’ll average 6.25% for 2023. Morningstar’s forecast model then expects mortgage rates will average 5.00% in 2024 followed by 4.00% in 2025.
“The Fed has engineered a massive increase in interest rates in order to combat high inflation. We expect it to cut the federal-funds rate aggressively in the coming years, driving the [Federal funds] rate down from 5% currently to below 2% by 2025,” wrote economists at Morningstar. “Once the Fed wins the battle against inflation, its priority will shift to jump-starting economic growth, which will require much lower interest rates, in our view.”
Long-term, Morningstar expects mortgage rates to remain low. They cite factors like an aging population and slowed productivity growth that’ll put downward pressure on long-term rates, like mortgage rates.
“Regardless of what happens in the next few years, we expect interest rates to ultimately settle back down at the low levels that prevailed before the pandemic. The low-interest-rate regime will resume once the dust settles from the pandemic economic volatility,” wrote Morningstar. “Our long-term interest-rate projections are driven by secular trends. Factors such as aging demographics, slowing productivity growth, and increasing inequality have acted to push down real interest rates for decades, and these forces haven’t gone away.”
Economists over at Morningstar also expect the other two levers to help out: rising incomes and falling home prices.
“Our revised home price forecast now projects new- and existing-home prices to decline 6% and 4% over 2022 to 2024, respectively,” wrote economists at Morningstar. They call their prediction a “mild correction,” adding that a steeper decline in home prices would be prevented by the fact that “inventory of existing homes for sale remains below pre-pandemic levels.”
Among forecasters, Morningstar is on the low side when it comes to mortgage rates. Heading forward, the Mortgage Bankers Association and Fannie Mae expect the average 30-year fixed mortgage rate to end 2023 at 4.9% and 5.6%, respectively. Moody’s Analytics expects mortgage rates to drift down to 6% by late 2024, and to 5.5% by the end of 2025.
On the price front, Morningstar is on the bearish side. Firms like Zillow and CoreLogic think national house prices will rise 5.0% and 4.6%, respectively, over the coming 12 months. Moody’s Analytics doesn’t think the bottom is in, and expects a peak-to-trough decline of around 8% for national house prices.
When it comes to mortgage rate and home price forecasts, it might be best to take them with a grain of salt. Uncertainty in the economy makes it hard to predict both mortgage rates and house prices.
Want to stay updated on the housing market? Follow me on Twitter at @NewsLambert, or on Threads at newslambert.
Afro-pop music has been growing in popularity worldwide over the past few years, and Nigeria has been a hub for some of the genre’s most talented artists. In this article, we’ll take a closer look at some of the best Afro-pop musicians from Nigeria. From Burna Boy’s socially conscious lyrics to Yemi Alade’s activism and advocacy work, these artists have contributed to the rise and success of Afro-pop music in Nigeria and beyond.
1. Burna Boy
Burna Boy is a Nigerian Afro-pop singer, songwriter, and musician who rose to fame in 2012 with his debut album “L.I.F.E.” His music often addresses political and social issues, and he is known for his powerful vocals, socially conscious lyrics, and unique sound. Burna Boy has received several accolades for his music, including a Grammy nomination, and he is also involved in philanthropic activities through his organization “Reach.” He has collaborated with many international artists and is one of the most successful Afro-pop musicians of his generation.
2. Yemi Alade
Yemi Alade is a dynamic Nigerian singer/songwriter who took the music world by storm. Alade’s fame came in 2014 with her chart-topping single “Johnny,” which catapulted her to stardom and earned numerous accolades. Yemi Alade’s music is a mix of Afro-pop, R&B, and highlife with lyrics addressing love, relationships, and the meaning of life. Her hit albums include “King of Queens” (2014), “Mama Africa” (2016), and “Woman of Steel” (2019). But Yemi Alade is also an actress, with appearances in several Nigerian films and shows. Alade is a philanthropist too, and advocates for gender equality, working with organizations that support women and girls in Nigeria and across the globe. Alade has received countless awards and nominations for her music, including the Best Female West Africa at the 2015 African Muzik Magazine Awards and the Best International Act at the 2016 BET Awards. In 2020, Yemi Alade was honored with the ELOY Awards for Female Artist of the Year and the African Entertainment Legend Awards for Female Artist of the Year. Yemi Alade is an exceptional artist and activist who is using her talent to promote African culture and female empowerment.
3. Rema
Rema, whose birth name is Divine Ikubor, is a Nigerian singer, rapper, and songwriter hailing from Benin City. He developed a passion for music at a young age and began creating music in his teenage years. In 2019, Rema became a sensation with the release of his self-titled debut EP, which featured chart-topping hits like “Dumebi,” “Iron Man,” and “Corny.” His distinctive blend of Afrobeat, trap, and pop propelled him to stardom in Nigeria and beyond. Since then, Rema has released several successful projects, including “Bad Commando EP” (2019), and the “Rema Compilation” (2021). He has also collaborated with numerous international artists, such as Becky G, Manny Norté, and Skepta. Rema’s music frequently addresses themes of love, youth, and success. He is recognized for his catchy melodies, smooth delivery, and versatile style. His seamless blending of various genres and distinctive approach to music have earned him praise. Rema is also engaged in various charitable efforts. He has leveraged his platform to advocate for better education and healthcare in Nigeria.
4. Simi
Simisola Kosoko, professionally known as Simi, is a Nigerian singer, songwriter, and actress, and she began her career as a gospel singer before transitioning to mainstream music and gaining fame with her hit single “Tiff” in 2014. Simi’s music combines afrobeats, pop, and R&B, with lyrics touching on themes of love, relationships, and societal issues. Apart from her music career, she is also an accomplished actress, having appeared in various Nigerian movies and TV shows. Simi has won numerous awards for her music, including Best Female Vocal Performance at the 2018 Headies Awards and Album of the Year at the 2019 Headies Awards, and has been actively involved in philanthropic activities supporting education and healthcare in Nigeria.
5. Fireboy
Fireboy, a Nigerian singer and songwriter, was born Adedamola Adefolahan in Abeokuta, Ogun State. After studying English language at Obafemi Awolowo University, he signed with YBNL Nation in 2018, founded by rapper Olamide. Fireboy’s music blends Afrobeat, R&B, and soul, exploring themes of love, heartbreak, and self-discovery. He gained recognition with his debut album “Laughter, Tears, and Goosebumps” in 2019, featuring hit songs like “Jealous” and “What If I Say.” Fireboy has won awards for his music and supports philanthropic causes like education and healthcare, making him one of Nigeria’s best artists.
6. Tiwa Savage
Tiwa Savage is a Nigerian singer, songwriter, and actress. Tiwa began her music career as a backup vocalist for international artists such as George Michael and Mary J. Blige, before moving to Nigeria to pursue her own music career. She gained mainstream success in 2010 with her debut single “Kele Kele Love” and has become an influential female artist in Nigeria. Tiwa’s music is a blend of afrobeats, R&B, and pop, with lyrics that explore themes of love, relationships, and female empowerment. She has released a lot of successful work, including “Once Upon a Time” (2013) and “Sugarcane” (2017). Tiwa has won several awards and nominations for her music, including the Best African Act at the 2018 MTV Europe Music Awards. She has also been recognized for her involvement in the #EndSARS protests against police brutality in Nigeria in 2020.
7. Davido
Davido, born David Adedeji Adeleke, is a renowned Nigerian singer, songwriter, and record producer. He was born in Atlanta, Georgia, USA, but grew up in Lagos, Nigeria. He comes from a wealthy family: his father was a successful businessman. Davido began his music career in 2011 and gained fame with his debut single “Back When” in 2012. He is known for his blend of afrobeats, hip-hop, and pop, with lyrics celebrating success and wealth. Some of his popular songs include “Dami Duro,” “Fall,” “Assurance,” and “Fem.” He has won numerous music awards, including the Best International Act at the 2018 BET Awards and the Artist of the Year at the 2018 Headies Awards. He has also collaborated with local and international artists such as Chris Brown, Meek Mill, and Nicki Minaj. Apart from music, Davido founded Davido Music Worldwide (DMW) record label, which helped launch the careers of many Nigerian artists. He also supports charitable causes such as education, healthcare, and youth empowerment.
8. Wizkid
Wizkid, whose real name is Ayodeji Ibrahim Balogun, is a Nigerian singer, songwriter, and record producer. He started his music career in 2001 and gained recognition in 2010 with the release of his debut album “Superstar.” Wizkid’s music is a blend of afrobeats, reggae, and hip-hop, and he is known for his unique voice, catchy hooks, and infectious beats. He has collaborated with several artists, including Drake, Beyonce, and Skepta, and has won numerous awards for his music, including the Best International Act at the 2017 MOBO Awards and the Best African Act at the 2016 MTV Europe Music Awards. Wizkid is also involved in philanthropic activities and has used his platform to support causes like education and healthcare.
9. Tems
Tems is a Nigerian singer, songwriter, and producer known for her alternative R&B, soul, and afrobeats sound. She gained recognition with her debut single “Mr. Rebel” in 2018 and has since released successful projects like “For Broken Ears” and “If Orange Was A Place.” Tems has collaborated with several local and international artists and has won awards for her music. Tems’ music is also characterized by her powerful voice and soulful delivery, which have earned her comparisons to iconic singers like Nina Simone and Lauryn Hill. Her distinctive sound and artistic vision help her standout in Nigeria’s vibrant music scene, and she is poised for success in the years to come. She is also involved in philanthropic activities and advocates for social justice and human rights.
10. Falz
Falz, born Folarin Falana, is a multi-talented Nigerian artist who has made an impact on the music and entertainment industries, and the legal profession. His music blends afrobeats and highlife, and has been praised for lyrics that address corruption, inequality, and police brutality. Falz is also an accomplished actor, starring in several Nigerian movies and television shows, and a qualified lawyer, with a law degree from the University of Reading in the United Kingdom and a barrister and solicitor of the Nigerian Bar Association. Falz’s impact on Nigerian society extends beyond his artistic and legal achievements. He has been recognized for his involvement in the #EndSARS protests against police brutality in Nigeria in 2020. He has also been vocal about issues such as women’s rights and better governance in Nigeria. Falz has won numerous awards for his music and acting, including Best Supporting Actor at the 2015 Africa Magic Viewers’ Choice Awards and Best Rap Album at the 2016 City People Entertainment Awards. He has also been named one of the most influential young Africans by Forbes Africa and included in the annual “30 Under 30” list by Forbes Magazine.
11. Kizz Daniel
Kizz Daniel is a Nigerian singer, songwriter, and performer, whose real name is Oluwatobiloba Daniel Anidugbe. He gained mainstream success in 2014 with his hit single “Woju.” Daniel’s music is a blend of afrobeats, highlife, and contemporary R&B, with lyrics that focus on love and relationships. He has released several successful albums, including “New Era” (2016) and “No Bad Songz” (2018), and has collaborated with several local and international artists. Kizz Daniel has won numerous awards for his music and is considered one of the most popular and successful musicians in Nigeria today.
12. Patoranking
Patrick Nnaemeka Okorie, also known as Patoranking, is a Nigerian reggae-dancehall singer and songwriter. Born on May 27, 1990, in Lagos, he started his music career in 2009 but achieved mainstream success in 2013 with the hit single “Alubarika” featuring Timaya. His music addresses themes of love, social justice, and personal struggles and has won him numerous awards, including the Best African Act at the 2015 MTV Europe Music Awards. Patoranking is also known for his philanthropic work, including the Patoranking Scholarship Programme, which supports underprivileged children’s education in Nigeria.
In conclusion, Afro-pop music is a genre that continues to grow and evolve, with countless talented artists contributing to its rich and diverse soundscape. From the socially conscious lyrics of Burna Boy to the infectious rhythms of Yemi Alade, these 12 musicians have made an indelible mark on the Afro-pop world. There’s no doubt these artists will continue to captivate audiences with their music, activism, commitment to promoting African culture.
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