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Policy Briefs contain useful information on territorial planning policies and national strategies of Korea and other countries.
|TITLE||Shared-Ownership of Community Asset to Manage Gentrification|
Shared-Ownership of Community Asset to Manage Gentrification
Choi Myung shik Associate Research Fellow
Korea Research Institute for Human Settlements
1. (Definition) Gentrification is a phenomenon of rapid changes in certain areas because of influx of both wealthier class and capital, which causes improvement of physical environment along with involuntary displacement of the existing residents(merchants).
2. (Causes) Speculative movement of capital in a situation that few individuals own a large majority of land, and further, can use their property rights exclusively.
3. (Response) While Korea focuses on improving the rights of commercial tenants and promoting voluntary agreement among landlords, the Cleveland Model in the U.S. facilitates building community assets through a network between shared-equity enterprises and cooperatives, which are related to local major anchor institutions.
4. (Shared-ownership of community assets) Enacting commons, which is a distinct type of ownership beyond public and private ownership, is required to build community assets, and can be realized by citizen ownership and/or social ownership and/or shared-ownership.
5. (Strategy) The integrated system including CT, CFI, and CDC should be established with institutional support.
1. The citizens and local communities should build community assets by themselves through pioneering commons, which are involved with the distinct type of ownership beyond public and private ownership.
2. Building community assets can be realized by establishing community assets funding platform based on three fundamental components of CT, CFI, and CDC.
3. In order to support CDC, establishing commons trust, raising fund for commons, and building systems for commons using social entrepreneurs are required with institutional support.
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