Local mayors are committing to improving diversity, equity and inclusion in the real estate business by signing a compact that pledges a historic 25% DEI evaluation criteria in public and private projects.
That criteria can be met by contracting with minority and women-owned businesses, partnering with diverse equity investors, offering space for community use and retail or creating diverse internships and talent pipelines.
Mayors in Boston, Lynn, Somerville, Cambridge and Salem signed onto the compact.
"We're a diverse city and we want to make sure that our population is included in the benefits from all this work," said Lynn Mayor Jared Nicholson, speaking on Greater Boston.
Colleen Fonseca, executive director of the Builders of Color Coalition, said one year from now she hopes to see that the pilot program has facilitated access to more diverse developers, and that valuable data can be used to further the program.
Watch: Local mayors unite to improve diversity in public real estate projects
