The Impact
Changing the paradigm to create long-term sustainability
Through the Rainin Arts Real Estate Strategy, organizations gain a permanent asset, protection from escalating rental prices, financial equity, management training, and the organizational capacity to manage debt and real estate. It’s a win-win because it also establishes permanent residences for core nonprofits in transitional neighborhoods, cementing the valuable presence of artists and cultural spaces.
$60B
The annual national income generated by performing arts organizations in 2015.
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Artists and cultural spaces shape neighborhood identity, encourage social integration, and promote upward mobility, to name only a few of their assets. Over a ten-year period, the 118 metro areas with at least one performing arts organization generated a whopping $60 billion in annual income and more than 500,000 additional knowledge-class jobs—more than 12 percent of all knowledge-class jobs created over that time frame.Creative businesses “have been crucial to the renaissance Brooklyn has experienced over the past decade.”
Carlo Scissura
President and CEO
Brooklyn Chamber of Commerce
Artists have always been central to the allure of cities. From classical Greek sculptors; to Impressionist painters; to the musicians, poets, and artists of the Harlem Renaissance; to the Beats of Greenwich Village and North Beach; artists gravitate to the intensity of cities and to each other. This proximity has created Bohemia—a condition of mind that we associate with cultural innovation and risk. .—Carol Becker, Dean of Columbia University School of the Arts.To preserve the diversity and cultural richness that artists bring, cities of the future need to learn how to stop ‘using up’ artists and then pushing them out.
To do this, they first must ensure that artists can be guaranteed permanently affordable live/work space into the future.
Huffington Post
MoreMixed-use neighborhoods have proven to provide a host of benefits to residents and communities as a whole. As we recognize the critical components to livable communities, culture comes up more and more. We have an opportunity—as development and progress change our cities and communities—to be intentional about the value of culture and preserve its presence. The Rainin Arts Real Estate Strategy removes the affordability argument for why artists and cultural organizations can’t stay in the heart of our cities.$61.1B
The amount New York City nonprofit arts organizations generated in 2010.
20,000
jobs
Full-time employment supported by San Francisco’s arts and culture organizations.
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Interest Rate
Permanently halting the “space chase” for core arts and cultural organizations.
MoreBy and large, small to mid-size nonprofits do not have the capital or expertise to undertake ownership of their facilities. The Rainin Arts Real Estate Strategy allows organizations to essentially buy time through lending them equity at below market interest rates while they aggregate capital and grow their organizational capacity, both of which are permanent assets.Take the next steps
The Kenneth Rainin Foundation is a family foundation that collaborates with creative thinkers in the Arts, Education, and Health.
At the Rainin Foundation, we believe in taking smart risks to achieve breakthroughs. We support visionary artists in the Bay Area, create opportunities for Oakland’s youngest learners, and fund researchers on the forefront of scientific discoveries. We act as a catalyst for exploring new ideas that enhance life.
©2016 Kenneth Rainin Foundation. All rights reserved.