The scale of the COVID-19 crisis has become better understood—akin to an economy-wide hurricane that leaves physical infrastructure intact—and the federal government has responded with $350 billion for small businesses in the CARES act.

The COVID-19 crisis has severely impacted small businesses, especially in downtown areas and commercial corridors. In cities like Erie, Pennsylvania, local businesses have been struggling to survive, with some reducing operations or laying off workers. Erie, which has worked hard to revive its downtown over the past decade, now faces the risk of losing much of the progress made.

Pete Buttigieg’s rise in the 2020 presidential race showcases his intelligence, empathy, and experience as a mayor and his work revitalizing South Bend positions him to address urban and rural challenges. Buttigieg's focus on local solutions reflects a shift towards cities in national governance, offering a fresh approach to federal policy.

The West Philadelphia Skills Initiative (WPSI), created by the University City District, addresses unemployment by connecting residents to jobs with local employers. Since its 2011 launch, WPSI has placed 95% of graduates in full-time positions, significantly reducing turnover and enhancing community wealth. Its innovative approach focuses on tailored training, strong employer relationships, and flexible funding, serving as a replicable model for other cities.

Founded in 2012, the West Philadelphia Skills Initiative (WPSI) connects under-resourced residents with employers in sectors like healthcare and education. WPSI has successfully placed 530 graduates, with a 97% employment rate for 2019 graduates and significant wage increases. The program fosters diversity, reduces turnover, and contributes to regional economic growth. Key takeaways for other cities include focusing on in-demand jobs, partnering with anchor employers, and maintaining local partnerships.

Ensuring inclusive growth and community wealth in Opportunity Zones requires a data-driven approach that connects market potential with social impact. Key insights include leveraging geographical patterns to scale success, adopting place-based investment models, and prioritizing employment centers to maximize community benefit.

A redevelopment project in Philadelphia's Wayne Junction neighborhood transformed a historic industrial site into a mixed-use development. The project utilized Opportunity Zone incentives, New Markets Tax Credits, and other financing tools, serving as a model for equitable urban revitalization.

Opportunity Zones (OZs) have primarily attracted real estate investments, with limited business investment. Realizing the Transformative Potential of Opportunity Zone Business Investing highlights this gap and proposes regulatory changes to unlock OZ potential. Recommendations include clarifying rules for IP-focused sectors, easing improvement requirements, and extending working capital timelines. Stronger reporting and safeguards are urged to ensure OZs create jobs, build community wealth, and support equitable economic growth in distressed areas.

The United States is undergoing a quiet revolution in revitalizing distressed urban communities, where poverty, low social mobility, and wealth disparities persist. The private sector has often ignored the potential of these communities, contributing to income inequality.

However, in recent years, a new approach—"Community Wealth"—has emerged, representing a shift toward more effective, inclusive private capital investment in underserved neighborhoods.

The Illinois Medical District (IMD) in West Chicago is a major urban medical hub driving economic growth and innovation. Positioned in a distressed area, it leverages Opportunity Zones, strategic partnerships, and zoning control to attract investment, promote inclusion, and ensure equitable benefits for surrounding communities.

Mayors gathered in Copenhagen for a C40 summit focused on urgent climate action. Cities, especially Copenhagen with its goal of carbon neutrality by 2025, were seen as leaders in addressing climate challenges through innovative solutions in policy, products, and processes.

Opportunity Zones have transitioned from concept to reality, addressing the capital gap in underinvested areas by supporting long-term, socially impactful projects. The incentive encourages investment in diverse developments like mixed-income housing and revitalized commercial spaces. While it fosters responsible investment, careful planning is essential to avoid misuse and ensure lasting community improvement.

Eighteen months into the Opportunity Zone initiative, investments in distressed neighborhoods are driven by local communities focusing on projects like workforce housing and small businesses, rather than just capital gains incentives. While the national discourse often fears gentrification, local efforts are fostering long-term growth with coordinated capital.