A group of investors have pooled their resources to protect Los Angeles’ historic Little Tokyo neighborhood from gentrification.
The Little Tokyo Community Impact Fund (LTCIF), spearheaded by Bill Watanabe, and made up of retirees, school teachers and local residents, aims to preserve the area’s cultural heritage by purchasing and managing properties. The fund has amassed nearly $1 million and recently acquired its first building, with the goal of keeping rents affordable for tenants.
Watanabe explained the motivation behind the fund, stating, “What we don’t want is some speculating investment group from Beverly Hills or China or whatever and they don’t care about the neighborhood, they just want to make money.” The LTCIF seeks to maintain the legacy of Japanese American family-owned businesses, cultural institutions, and spiritual centers in Little Tokyo, a historic Japantown in the United States.
The fund operates as a social purpose corporation, using community-driven real estate investment strategies to combat rising rents and property values. According to LTCIF’s website, the fund’s board, composed of 12 dedicated members, is working to ensure the neighborhood’s history and culture continue for future generations.
The LTCIF’s efforts have received significant support from the community, with many expressing a desire to preserve Little Tokyo’s unique cultural history. As Watanabe noted, “You’re sitting here because I think you’re more interested not in the highest return but putting money to work that’s going to benefit the community.”
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