Impact Investing for Smart Cities
The world’s about to change radically, and with wise and targeted investments, we can make sure those changes solve our greatest challenges.
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Spotlighting innovations in urban sustainability and connected technology
Noting that house prices have been growing three times faster than incomes in the last two decades, OECD found that “housing has been the main driver of rising middle-class expenditure.” Moreover, OECD noted that the largest housing cost increases are in home ownership, not rents.
Housing largely determines the cost of living. For example, in the United States, more than 85% of the higher cost of living in the most expensive US metropolitan areas is in housing. Fundamentally, housing affordability is not about house prices; it is about house prices in relation to household incomes. Housing affordability cannot be assessed without metrics that include both prices and incomes.
OurStreets origins are rooted in capturing latent sentiment on social media and converting it to standardized data. It all started in July 2018, when OurStreets co-founder, Daniel Schep, was inspired by the #bikeDC community tweeting photos of cars blocking bike lanes, and built the @HowsMyDrivingDC Twitter bot. The bot used license plate info to produce a screenshot of the vehicle’s outstanding citations from the DC DMV website.
Fast forward to March 2020, and D.C. Department of Public Works asking if we could repurpose OurStreets to crowdsource the availability of essential supplies during the COVID-19 crisis. Knowing how quickly we needed to move in order to be effective, we set out to make a new OurStreets functionality viable nationwide.
The best nature-based solutions on urban industrial lands are those that are part of a corporate citizenship or conservation strategy like DTE’s or Phillips66. By integrating efforts such as tree plantings, restorations, or pollinator gardens into a larger strategy, companies begin to mainstream biodiversity into their operations. When they crosswalk the effort to other CSR goals like employee engagement, community relations, and/or workforce development, like the CommuniTree initiative, the projects become more resilient.
Air quality in urban residential communities near industrial facilities will not be improved by nature alone. But nature can contribute to the solution, and while doing so, bring benefits including recreation, education, and an increased sense of community pride. As one tool to combat disparate societal outcomes, nature is accessible, affordable and has few, if any, downsides.