Closing Black and Latino racial gaps surrounding housing, income and education in Fairfield County could lead to billions of dollars in revenue for the area. It could also bolster homeownership by the thousands, according to a recent study.
The study conducted by nonprofit research group, the Urban Institute, analyzed ways Fairfield County could benefit economically by closing racial gaps.
Doing so would result in more than $15 billion in revenue for the county’s economy, according to Tina Stacy, principal research associate with the Urban Institute. The revenue is estimated based on the change in county gross domestic product.
“Business, philanthropy, local and state governments and the general public can all play a role in shrinking these gaps and benefiting the larger community. So really, you know, I think this shows that economic growth is not a zero sum game, right? We all benefit when gaps are closed and everyone thrives.”
The report focused on five main aspects of a community. They were education, wealth-building, health and well-being, housing and workforce development.
Looking for ways to construct housing quicker, cheaper and easier to build will make it more affordable for people to live in Fairfield County, Stacy said.
“Any way we can increase that supply across the income distribution is going to help reduce those inequities,” Stacy said.
If Black and Latino residents in Fairfield County had the same education opportunities and salaries as their white neighbors, it would also result in 33,000 more homeowners in the area, Stacy said.
Connecticut is currently employing several programs that the report commends for increasing homeownership. However, the study found there’s more to be done, including providing down payment assistance for first-generation homeowners.
“Their parents weren't able to purchase a home, and we know from our history of housing in the U.S. that that kind of barrier can be passed down from generation to generation,” Stacy said. “Being able to break that barrier and allow first-generation home buyers to purchase a home and build up that savings and equity can really go a long way towards reducing these inequities.”
Another recommendation was parking reform.
Traditionally, developers looking to build housing complexes were required to include a parking lot for residents’ vehicles. This can be a barrier to development in communities with few available plots or lot size requirements.
Under newly-passed state legislation, developers are no longer required to include on-site parking, opening up development opportunities and pushing for more biking and walking.
The study was done in collaboration with Fairfield County’s Community Foundation and DataHaven, along with an advisory board of leaders from Fairfield County in the public, private, philanthropic and nonprofit sectors.
Mendi Blue Paca, president of Fairfield County’s Community Foundation, said the report paints a clear picture of what is possible for the area.
“When we lift up everyone, we all rise,” said Blue Paca. “This isn’t just the right thing to do, it’s the smart thing to do. The question isn’t whether we can afford to make these investments. It’s whether we can afford not to.”
