Accessing capital is the most significant hurdle facing emerging small-scale Black, Indigenous and other people of color (BIPOC) real estate developers, and much of that challenge is rooted in the legacies of systemic racism.

Cities are not homogeneous by race and ethnicity, however, with some neighborhoods still majority non-Hispanic white. Nor are changes within these neighborhoods consistent; for example, those that have experienced gentrification – or the in-migration of higher-income households into traditionally low-income communities – likely have different patterns of racial change than non-gentrified neighborhoods, given inequalities in income distributions across households by race and ethnicity.