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Recommendation to request City Manager to work with the Department of Economic Development to evaluate the feasibility of establishing a special Economic Empowerment Zone (EEZ) program in the targeted areas of North, Central, and West Long Beach. Furthermore, request a report back on the program in 90 days.
DISCUSSION
Economic development in the City of Long Beach is undergoing impressive resurgence, and furthermore positioned a great priority, as millions of dollars have been invested in infrastructure and resources to support a thriving economy. However, for generations, some communities across the city haven't been able to keep up with the pace, creating a picture of economic segregation and inequity.
The face of Long Beach has changed, as over the past 30 years, the City became home to a majority people-of-color population. Despite people-of-color having a large share of the City's population, disparate outcomes in who can access economic opportunity persist in the everyday lives of Long Beach residents as homeowners, workers, and entrepreneurs. These persistent gaps exist in homeownership rates: where 55% of White residents are homeowners, compared to the 31 % of people-of-color residents that own homes (25% Black, 30% Latinx, and 40% Asian Pacific Islander)". Likewise, in the workforce, people of color earn lower hourly wages than White employee at every level of education. Lastly, as entrepreneurs, "large racial disparities are present in average annual receipts-." Black and Latinx-owned businesses average annual receipts were less than $50,00, compared to the mean receipts for White businesses, which was close to $490,000.
Long Beach cannot thrive unless it's communities and residents thrive. Ensuring equitable access to economic opportunity is not just a moral imperative, but essential to Long Beach's economic prosperity.
The Problem
The communities of North, Central, and West Long Beach are layered with inequities in health, wealth, and ...
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