I’m trying something new this week.
Introducing my 3-2-1 weekly newsletter. It’s still Brick + Mortar, just better. Each week, I’ll share:
3 things from others
2 things from me
1 picture
All focused on placemaking, real estate development, downtown revitalization, and community building.
I’ll continue to share periodic deep dives—like Another Year of the ADU? or Dollar General at the Gates. The 3-2-1 newsletter is just something a little shorter, a little more structured, and a little more regular.
Let me know what you think!
3 THINGS FROM OTHERS
I.
In perhaps the most unsurprising news of the week, it turns out property tax assessments can contribute to wealth inequality.
Joe Minicozzi, owner of data analytics firm Urban3 in Buncombe County, North Carolina, discovered this after investigating his increased 2021 tax bill.
His team found that, on average, lower-valued homes pay a higher percentage in property taxes relative to higher-valued homes in his county.
Minicozzi discovered this by looking at the sale-to-assessed-value ratio, a good metric to keep in mind in communities with tax re-assessments coming up.
Source: The Hidden Problems of Property Taxes
II.
Rural communities don’t have it any easier than cities when it comes to labor shortages. Matt Russell of Coyote Run Farm in Knoxville, Iowa shares his story and opinion on how to alleviate these constraints using immigration reform. (Thanks, Chris, for the link)
Source: Why Rural America Needs Immigrants
III.
Still trying to justify walkability as a factor in making zoning decisions? Just one more reason for promoting walkable, human-scale neighborhoods👇
2 THINGS FROM ME
I.
Billionaire industrialist Andrew Carnegie once said that 90% of all millionaires become so through owning real estate.
His observation is over a century old, but is still used today to showcase a point: in order to be wealthy, you need to own real estate.
The thing is—only 65% of Americans own homes. And, going one step further, only 7% of Americans own rental property.
The benefits of home ownership are well documented and promoted. But fewer options exist for the general population to get involved in real estate investing. Mainly due to a lack of education specific to real estate.
This is especially true in small town communities. If we want our communities to grow their generational wealth, we should be empowering them at the local level to invest in real estate.
II.
Real estate development is not just about building buildings, it’s about creating great places.
Places are where people want to live, travel to, and tell their friends about. They delight, bring joy, and deliver happiness.
Unfortunately, not all real estate developers understand (or care about) this. They get too wrapped up in the IRRs, ROIs, CoCs, and all the other acronyms that communicate profit.
An example of how this plays out is the Bayonne Box—the monstrosity invented in the 1990s that plagues much of New Jersey even to this day.
This is why real estate should be a local game. Developers should be part of the community and be invested in helping it realize its potential as a great place. One full of charm, activity, and life.
Else, we risk losing more of our streets, neighborhoods, and towns to the monotony modeled out and approved in some far off spreadsheet.
1 PICTURE
I.
📍 Burlington, VT | 1960 vs today.
Commuting by feet makes active streets!
That’s it for today. Thanks for reading. If you haven’t yet, go ahead and subscribe here:
About me: I’m Jonah Richard, ex-Accenture Consulting and Columbia Engineering alum. I’m currently building Village Ventures, a real estate development and investment company with $2M AUM. And, along the way, getting my hands dirty bringing human-scale projects to life while studying how great places are born.
More about me here.
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