Black residents of Pittsburgh have been suffering economic woes for years, resulting in a significant number leaving for greener pastures. However, a black venture capitalist seeks to remedy this issue using free-market principles to create a thriving black middle class there. After years of living in other cities and investing in tech companies, entrepreneur David Motley has a plan.
Pittsburgh Losing Black Residents
Over the past ten years, Pittsburgh’s black population has been steadily declining. As in other major cities such as Chicago, African American residents are relocating because of rising living costs associated with gentrification and other issues. Indeed, the city has become a nascent hub for technology and business.
The Wall Street Journal reported:
“In the past decades, Pittsburgh has lost 9% of its Black population, and it is losing that population at a much faster annual rate than other cities such as Chicago. As the city began attracting more tech companies in the early 2000s and neighborhoods were gentrified, in some cases Black residents could no longer afford to stay. Many moved to outlying suburbs with lower housing costs. Meanwhile, the white population in Pittsburgh has stabilized after 70 years of decline.”
According to WSJ, “Pittsburgh ranked among the worst for a range of economic and social indicators for Black residents. It had the fourth-lowest annual median income for Black households at $33,121. The city was fifth-worst for rates of deat...