A racial wealth gap and discrimination that sets a higher bar for would-be developers seeking loans have contributed to the lack of representation.
“Out of roughly 112,000 real estate development companies in the United States, about 111,000 of them are white owned. Those numbers are bad, but at the top of the market, they’re even worse: Of 383 top-tier developers that generate more than $50 million in revenue annually, one is Latino; none is Black, according to a new report.”