💸💪🏾Moneda Moves (01): Because $1.5 trillion is a BIG deal
¿Que tal, mi gente? Say you subscribed to Moneda Moves because you're interested in learning more about Latinx's relationship with money. Or maybe you're just looking for more Latinx representation in American business news. In any case, thanks for investing your time here (and shout-out to Cardi B for the name inspo).
$1.5 trillion dollars in Latinx buying power is a big deal, and that's why this newsletter exists. Moneda Moves is here to connect the dots between Latinx entrepreneurs, business owners and consumers across the country and provide context to our crucial role in the American economy. If you like what you see, do me a favor and share with your friends -- tus socios. Start a conversation.
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Con poder,
Lyanne
Let's keep tabs/cuentas on what happened last week in the world of Latinx in business. We review studies, features and news updates as they relate to our community and underrepresented communities at large.
What happens when there's food gentrification?🤔 That's a question WNYC's "The Takeaway" with Tanzina Vega tackled last week. When gentrification meets food, "once affordable and staple ingredients can become trendy, and costly, and ultimately out of reach for poorer communities who once depended on them." The term, coined by writer and feminist, Mikki Kendall, affects more than 41 million Americans living in food-insecure households. The segment runs only about seven minutes but packs a punch. It takes a look at how this process affects folks who rely on food stamps, small businesses and the role "urban pioneers" play in it (aka when urbanites "discover" Salvadorian, Korean, or soul food, make profit and move on).
Millennials, especially Latinos and blacks own fewer homes 🏠: Between student debt, being rent burdened and career goals, home ownership may not be top of mind, and as it turns out -- you're not alone. Millennials, especially those who are Latino and black are less likely than generations past to be homeowners, according to digital lender Better Mortgage and non-profit Urban Institute. The article is from NBC Latino's Nicole Acevedo, who writes the study's authors are especially concerned since this trend could increase wealth disparities among white millennials in comparison to the Latino and black counterparts. There is a silver lining: year-over-year Latinx homeowners are actually increasing, per this CityLab report from Martín Echenique.
Oh, and Latino and black millennials are also rent burdened 😬: Meaning, they spend more than 30% of their income on housing. The piece comes from Alcynna Lloyd, a reporter at HousingWire. Per HUD standards, we shouldn't be spending this much on rent to begin with because then we have trouble affording the basics like food, clothing, transportation, and medical care. But in 2016, Curbed reported more than half of renters nation-wide were paying more than 30% of their pre-tax incomes in rent. Meanwhile, nationwide rent has jumped to an all-time high of $1,400. By HUD measurements, Latino households maximum budget is $1,205, and black households max out at $991, per Zillow. Yikes. Could explain some of that decreased homeownership for you.
Get to know the powerful/potentes Latinx and up-and-comers in business.
First Costa Rican company goes public on a major U.S. exchange, Nasdaq 🇨🇷: ¡Vamos Ticos!
Establishment Labs Holdings, which focuses on breast implant manufacturing, is now trading under ticker symbol $ESTA at Nasdaq. A big deal since its the first from Costa Rica listed on the second largest U.S. exchange. The company which started in a garage in San José, has more than 30 years of experience in its field. CEO and founder, Juan José Chacón-Quirós, joined me at Nasdaq for an interview to tell us what all of that means to him. Find a write up in English from the Costa Rica Star here.
Put your money/monedita where your mouth is! These are Latinx entrepreneurs, business owners and thought leaders to consider backing this week.
Rebuilding lives and business post-Hurricane Maria: The hurricane, which devastated Puerto Rico last fall resulted in food shortages and thousands of deaths. Meanwhile, FEMA estimates the cost of the 2017 hurricane season to have totaled in a $265 billion in damage, but all of that is still only part of the losses. The U.S. territory also grappled with broken families and businesses, like that of Janet and Victor Morales. Andrea González-Ramírez, a reporter at Refinery29, has been tireless in her coverage of Puerto Rico. She spoke with the Morales family about its restaurant, El K'rajo, and their road to recovery as Paramount Network's show, Bar Rescue has become involved. Bar Rescue: Operation Puerto Rico premiered on Sunday, July 22 at 10pm ET/PT on Paramount Network.
Casa Adela, 66 Ave C New York, New York 🇵🇷: Here's one more from "The Takeaway" with Tanzina Vega. She promises this place cooks "some mean pasteles," one of her favorite recipes from her childhood. Much like tamales, pasteles are a holiday treat filled with savory meat and enveloped in plantain masa and wrapped with a big banana leaf. If that doesn't make your mouth water, then you may consider a chicken soup, sancocho, or any of the other delicious Puerto Rican recipes Casa Adela offers. The family establishment has been open since 1976, by Adela Fargas who passed on cooking traditions to family members who now run the establishment.
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