Community Spotlight: Closing the Racial Wealth Gap in Brooklyn

By Kate Sederstrom

We will never forget last summer. The death of George Floyd was a time of profound grief, sorrow and pain for Black members of our community — and a catalyst for long-overdue social change. 

For many of us, last summer was the impetus for advocacy against systemic racism. But it’s critical we honor those who have been working for decades to dismantle it. Bedford Stuyvesant Restoration Corporation is one such organization. 

In central Brooklyn, the median white household has approximately $170,000 of net worth compared to just $17,000 of net worth for the median Black household. Restoration is working to close the racial wealth gap — and has been since 1967.

You may have seen Restoration Plaza over on Fulton Street and Marcy Avenue. What was once an abandoned milk bottling plant now serves as Restoration’s headquarters as well as a hub for business, art and community. The 300,000 square foot plaza is home to the Billie Holiday Theatre, a Super Foodtown, a post office, satellite campus of Mercy College, Bed-Stuy Bike Shop, offices and more — a physical reminder of Brooklyn’s rich history and thriving community. It’s hosting a vaccination site now too.

Since its inception, Restoration has been empowering Black and Brown neighbors in central Brooklyn. Because Restoration has been rooted in the community for over 50 years, their network is expansive, and they offer many services:from cash grants to bike shares, from job support to home ownership help, from tax prep to mental health services. Their vision: a flourishing Brooklyn community with strong businesses and institutions anchored in a culture of equity and inclusion.

Restoration has built and renovated over 2,300 affordable housing units because they believe everyone, no matter their income, should have access to quality housing. 24,000 people found jobs through their Center for Personal Financial Health, a one-stop, multi-service hub designed to facilitate economic self-sufficiency and opportunities for upward mobility. They’ve provided $60 million in mortgage financing to nearly 1,500 homeowners in central Brooklyn so our longtime neighbors can maintain their assets, even amid rampant gentrification.

If you or a neighbor could benefit from rental assistance, job placement or mental health services, Restoration is here to help. Make sure to visit their website to learn more about specific programming. Restoration isn’t just about providing support for neighbors when they need it most; it’s about investing in our neighborhood and empowering families in Brooklyn to be prosperous and healthy. 

Seeing all the good Restoration has done in the community, you might ask: What else can we be doing to help lift up our neighbors and close the racial wealth gap in Brooklyn? 

Of course, one way is by donating to Bed-Stuy Restoration here and/or subscribing to their email newsletter to stay up-to-date on all the latest programming. But there are so many ways we can help foster the community rooted in equity and inclusion that Restoration envisions. So as we remember the one-year anniversary of George Floyd’s death, let’s re-energize ourselves in service to our community — and be mindful as we keep moving forward toward a fairer and more just society.