Content Distributed by NYC Newswire
Founded as a public benefit corporation, EquityCoin, Inc. created the first digital token on the blockchain backed by affordable housing. The company provides apartments for those in danger of becoming homeless while helping community-members build generational wealth through fractional real estate ownership.
According to EquityCoin founder and CEO Vernon J., “on any given night in America, there are over 500,000 people sleeping on the streets even though studies show that increasing access to permanent housing has the potential to reduce homelessness by 50%. This is the crisis of our time, and we need more public and private programs that can directly address this basic necessity.”
Vernon, a commercial real estate professional and investor with over 16 years of experience, and over $150 million in transactions, launched EquityCoin in January of 2021 after renting out one of his units in the East New York neighborhood of Brooklyn, NY, to a mother and son who were living in a shelter.
“I saw tears of joy in her eyes when I handed her the keys to her new unit. Never before that moment had I felt such fulfillment. From that point on, my purpose was clear – to help thousands of families in need of affordable housing,” says Vernon. “When landlords step up to provide housing to the underserved, everyone wins. The tenant receives essential permanent housing, the city keeps families off the streets, and property owners guarantee their cash flow through government rent vouchers.”
According to statistics from the Urban Institute, real estate is the single investment type that has created more wealth than any other asset class, while minorities in America often get excluded from this wealth-generating asset class.
“By marrying blockchain technology and affordable housing, we will revitalize urban areas from coast to coast, building a more healthy, livable, and sustainable society. It’s not only important to do the work, but also to have the cultural empathy to provide a holistic approach to community-building,” states Beatriz Durant, EquityCoin, Inc.’s Director of Property Management.