Co-op Conversions “Best Bet for Cultural Preservation

Last year, the disruptions of COVID-19, skyrocketing rents, and boomer owners opting to retire led to the demise of some of Austin’s most beloved businesses. The Austin Cooperative Business Association responded with a report on converting such businesses to cooperative ownership as a better alternative: “By transferring ownership to workers, small businesses can remain open, improve neighborhood continuity in a period of rapid growth, and mitigate the increase of inequality overall by [lowering] ratios between top and bottom salaries.” The co-op model delivers benefits both to workers (increased benefits and job security) and to communities seeking to preserve legacy businesses, mitigate gentrification, and encourage economic resilience.

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