In the journey toward embedding racial equity in real estate development, the 10 Principles for Embedding Racial Equity Development report, published by Urban Land Institute, serves as more than just a set of guidelines—they are seeds of transformation. When thoughtfully planted in the soil of our companies, projects, and communities, these seeds have the potential to grow into something profound: stronger, more equitable systems that uplift everyone.
Like any seeds, though, they require more than just planting. Without intentional care—understanding the climate, enriching the soil, and providing consistent nourishment—they risk remaining dormant or, worse, being prematurely uprooted. Unfortunately, the political and cultural climate surrounding racial equity has undeniably shifted since the report’s publication in 2022. Nationwide, some companies have uprooted their racial equity commitments, often due to political pressure, impatience, or an unwillingness to engage in the challenging and sustained work of cultivating real change. Too often, corporate leaders plant these seeds of commitment without first answering essential questions. Why are we planting these seeds? What do we want to grow? And where do we want to go?
The 10 Principles report spotlights real-world examples of how organizations are applying racial equity principles and practices to grow equitable outcomes. Through their stories, we see the potential of these seeds to reshape the foundations of how we build, operate, and engage with the world around us. The question for each of us is simple yet profound: Are we prepared to do the work needed to make these seeds thrive?
So, as we tend to this garden of equitable development, the 10 Principles report challenges us all to remain vigilant stewards of the change we want to see . . . by creating and cultivating the environment where these seeds of transformation can take root, grow strong, and ultimately flourish into tangible, equitable practices that uplift everyone.
A rising tide doesn’t lift all boats
The familiar adage “A rising tide lifts all boats” evokes a hopeful vision: as the economy grows, everyone benefits equally. In theory, it suggests that economic opportunity and prosperity should reach all corners of society. But what if your boat has a hole? What if it’s structurally unsound? Or worse, what if you don’t have a boat at all? In these cases, the rising tide does not elevate everyone—it leaves people behind.
This metaphor highlights a critical reality: just as plants in poor soil struggle to grow, boats with structural flaws cannot harness the benefits of rising waters. They remain adrift or sink entirely. The 10 Principles for Embedding Racial Equity in Real Estate Development report provides tools to fix such boats, repair their holes, and build strong, inclusive vessels to ensure that everyone has the opportunity to rise with the tide.
The structural inequities creating holes in the economic boats of communities of color have deep historical roots. These disparities have compounded over time, shaped by centuries of systemic exclusion. Despite progress since the Civil Rights Movement, inequities in education, housing, health, wealth, and access to jobs persist, perpetuating a system where some boats rise while others sink.
For decades, land use and real estate practices have operated within a legacy system that excluded communities of color from full economic participation and prosperity. This legacy is evident in the persistent gaps in generational wealth, opportunity, and power that still define much of America today.
A tale of two economic realities
The unequal impact of these inequities is not just theoretical—it’s personal. My own family history reflects the stark contrast between two economic realities. Both of my grandfathers lived in Lynn, Massachusetts. Both were World War II veterans. Both worked for General Electric. Yet their opportunities and outcomes could not have been more different.
My white, Irish grandfather returned from the war and benefited from the GI Bill. He purchased a home, invested in GE stock, and built wealth that he was able to pass down to his six children. By the time of his death, he had created a middle-class legacy that transferred meaningful wealth to the next generation.
In contrast, my Black, Trinidadian grandfather served in the same war, returned to the same city, and worked at the same company, but he was unable to purchase a home or have access the same opportunities. His family lived in public housing, and when he died, there was no home equity, no stock portfolio, and no generational wealth to transfer. His boat was never given the chance to rise.
These stories illustrate the compounding effects of systemic inequities, where the benefits of rising economic tides have been unevenly distributed. And though my story is deeply personal, it is far from unique. It is one of countless stories that remind us of the enduring shadow of legacy systems.
Transforming principle into practice
These inequities challenge the notion that real estate is merely about place. At its core, real estate is about people. It shapes where and how we live, work, and thrive. When we center people in our strategies and decisions, we acknowledge that real estate has the power to transform lives. This work requires us not only to challenge the status quo but also to embrace the opportunity, potential, and power of real estate to drive more equitable and racially just outcomes.
What would a new operating system for equitable real estate development look like? What should it measure? How might it redefine risk and return? These are the transformative questions posed by the 10 Principles for Embedding Racial Equity—an invitation to rethink our approach to building and investing in ways that deliver equitable outcomes.
Shifting the focus from how to why, what, and who
As leaders and practitioners, we often find ourselves consumed by the immediate and daunting question of how to build this future state: How do I diversify my team? How do I implement inclusive procurement processes? How do I attract diverse sources of capital?
Although these “how” questions are important, they are not the place to begin. The answers to “how” emerge from addressing more fundamental gating questions: Why are we doing this? What are we trying to achieve? Who are the people and communities at the heart of this work?
These essential, grounding questions constitute the basis for transformation. Starting with the why, what, and who allows leaders to build a strong foundation and create the intentional momentum—the “flywheel”—that propels change. Without this clarity, even well-intentioned efforts risk stalling before they begin.
The 10 Principles report is not a prescriptive how-to manual. Instead, its contents form a framework designed to spark reflection, action, and sustained progress. Each principle invites leaders to define their unique journey toward embedding racial equity into their business models. The report highlights case studies that offer real-world examples of how organizations are answering their why, what, and who to turn the flywheel of change.
This model represents the essence of transformation: shifting from principles to practice in a way that is deeply aligned with an organization’s mission, values, and opportunities. It’s not about following a one-size-fits-all guide but about cocreating solutions that respond to the specific needs of the communities and stakeholders we serve.
The challenge before us is not just to imagine a better system but to begin building it. With intentionality and collaboration, the future state we envision—one where racial equity is embedded into the very fabric of real estate—is within our reach. The 10 Principles report offers a starting point, but it is up to each of us to ask the right questions, take bold action, and sustain the momentum needed to transform vision into reality.
Understanding equity: a call to action
Cultivating these seeds of racial equity requires more than intention. It demands commitment, care, and an understanding of equity as both a concept and a lived reality. Equity is not static—it is a process and a journey that evolves from diversity to belonging to inclusion, culminating in equity, as described by Darnisa Amante-Jackson, EdLD. Each stage builds on the previous one, requiring deliberate action and accountability.
As we reflect on these principles, I’d like to embolden us not just to imagine but also to create a world where the lives of our children and grandchildren are no longer shaped by inequitable systems that lift some boats and immerse others. The 10 Principles are the seeds for this transformation, but they can only sprout and thrive if we consistently prepare the environment, nurture their growth, and remain vigilant stewards of the change we want to see.
Let us take this challenge seriously—not just as professionals, but as stewards of a better future. Together, we can co-create a world where equity is not just a principle we strive for, but a lived reality for all. The work we do today will shape the lives of future generations. Together, we can build a more inclusive, equitable world where the rising tide truly lifts all boats.
