By Ryan Goss: For More Info, Go Here…
Cities can have an inclusive economic recovery after the coronavirus, but to do so, public and private investment will need to work together.
AS BUDGET DEADLINES loom, local governments are grappling with how to allocate funds to respond to the coronavirus and catalyze economic recovery. While the need for public dollars in the next fiscal year will be widespread, the source and volume of support is uncertain. Federal relief funds are draining at a rapid pace. States are implementing austerity measures. Mayors are sounding the alarm for more resources. Our cities will be strapped for cash and the impacts on residents could be devastating.
As cities submit next years’ budget proposals, they must launch an inclusive economic recovery, one that both addresses the inequalities present long before the pandemic and those exacerbated because of it. But governments do not have to go it alone. In fact, they shouldn’t. Our economic future will rest on the ability of public and private investment to work together toward a shared vision of renewal. It will require investors to realize the economic potential of historically disinvested places and actualize this potential by replacing their short-term mindset with a commitment to generating returns in the long term. It will require public officials to recognize their unique role in ensuring new investment goes where it is needed most.