Citizen Capitalization for Sustainable Local Revitalization

“Citizen Capitalization” means reconstructing the common area by combining citizen and asset. It refers to citizens rather than privatization own a particular resource such as land and buildings. “Capitalization” includes the process of sharing here. From this point of view, it is broadly linked to the Commons movement.

Citizen Capitalization is considered as an attractive way to promote sustainable local revitalization in the way that the local community plan and operating real estate themselves, and share the result and responsibility by becoming owners.

It has recently emerged as an alternative to the resident alienation and gentrification phenomenon that occurs in urban restoration.

An abandoned area in Siheung City was about to be developed as a sightseeing area close to the center city, but due to its failure, shops have started to close, and the residential environment around there was getting worse.

Two years ago, a startup company, which is by seven young people, settled down in the area. The company wanted to make an area where residents can work together and promoted urban restoration projects.

The vice representative of the company said,

“we aimed to make the area where the locals need and want to visit instead of just developing here as a touristic place.”

Then the company launched a brunch restaurant for locals where parents can have time with their kids. After that, they opened a place where people can enjoy book, flower, and cafe at the same time.

Last July, they opened the 3rd space which is an indoor playground for kids. Unlike the first and the second spaces, it is the first example of a “citizen capitalization” project of Siheung City.

Siheung city and the company agreed in sustainable regional development against gentrification.

The former mayor of the city started to run a study group with experts, government officials, and young people while looking for the way that the citizens secure and operate their community assets. The city plans to operate the space by leasing to the company for five years, and then the local community will buy the space and make it a citizen asset later.

The vice representative said, “We were offered to lease property of the city for a long period but thought we would better to make a case first, so we promoted a profit model. We will operate the playground well and activate the local community to make them buy the area and manage it by themselves.”

Reference: http://www.mygoyang.com/news/articleView.html?idxno=48273