CityTalk Live Webinar
5 Key Takeaways
1. Main streets are essential community hubs
Main streets are crucial for social interaction, community identity, and economic activity. They go beyond mere commerce and play an integral role in maintaining cultural heritage and social services. Speaker Sameer Patel spoke to this saying, ” It’s about 85% of the population who lives within proximity to a Main Street. And, because our main streets, you know, they’re there, they’re fairly viable. I think we forget what would happen if they sort of started turning into vacant strips. And what we’re trying to do with DiverCities is to sort of raise the flag in terms of the benefits that main streets offer, not just in terms of community health, but also mental health benefits and research, trying to tie it to other areas.
2. Vacancy and speculation are co-related
Vacant storefronts and increased property costs are concerning trends, leading to the loss of independent businesses. Speculative real estate practices often leave spaces vacant, with landlords waiting for high-value development deals rather than leasing to smaller, local businesses. Taylor Aikin spoke to this within the context of his city saying, “I think that the two primary forces are the real estate market only gets more efficient, and that the physical infrastructure is bound by a zoning resolution that was designed to reflect a market condition that was a moment in time, but it’s very different from where we are now. So there is a massive misalignment between physical infrastructure and human behavior in New York City.
3. Community land trusts may help solve displacement
Community land trusts (CLTs) can preserve affordable spaces for both residents and businesses. By removing properties from the speculative market, CLTs can ensure stability for long-standing communities, particularly in culturally significant areas like Little Jamaica in Toronto. Anyika Mark spoke to this vehicle remarking, “A CLT can make sure that the integrity of the neighborhoods, so whether that’s cultural or, you know, a local ecosystem – business, commercial, I guess essence that, you know, members of the community want to maintain, a community land trust allows people living there to protect that.”
4. Need for Policy Innovation and Investment
There’s a pressing need for innovative zoning, policies, and funding focused on main streets as essential infrastructure. Public and private sectors must consider main streets as central to community health, akin to green spaces and parks, and invest accordingly to keep them vibrant, accessible, and reflective of the local culture.
5. E-Commerce is compounding the issues and needs to support main streets
The growth of e-commerce and food delivery services is reducing foot traffic to main streets, which impacts local businesses that rely on in-person interactions. This shift is transforming main streets, often leading to a concentration of fast-food outlets instead of diverse retail options.