final video - Made with Clipchamp.mp4
Andre Will: Senior Accounting/Economics Double Major at Loyola Marymount University: https://www.linkedin.com/in/andre-will-356360252/
Reyan Khan: Second year, Sustainable Energy Engineering, Minor: Business https://www.linkedin.com/in/reyan-k-413aa2318/
Shreya Gavande: First Year, Computer Engineer, Minor: Business Essentials
https://www.linkedin.com/in/shreya-gavande/
Vladyslav Gumeniuk: Final Year Finance and Management BSc (Hons) at Loughborough University: www.linkedin.com/in/vladyslav-gumeniuk-27808b251
Lakeforest Mall is being redeveloped at a time when housing costs are increasing, income inequality is growing, and language barriers are becoming more evident in the community. These challenges have raised divisions between lower-income residents, newcomers, and long-time community members, which has limited the spaces for meaningful interaction. Because the mall is a prominent gathering place, its redevelopment will impact who feels welcomed and economically included. If the needs of residents and small business owners are not met, this project will risk worsening the current inequalities and also dividing the community.
Our solution for the newly constructed Lakeforest mall area is to push for a high-density Mixed-income model to avoid historic economic dangers associated with high rental costs, while pushing for more affordable units with tax breaks for people under a certain income threshold. To protect low-income residents and the surrounding city, we propose a localised Municipal Renter’s Tax Rebate, instead of relying on landlords, the City of Gaithersburg would use the newly generated commercial tax revenue generated by the commercial area to subsidise the housing costs of eligible low-income tenants across the city, effectively creating a price ceiling and reducing their rent burden. While also promoting greater inclusivity between the tenants, businesses, and the local government via greater access to goods and services in a plethora of languages — with a potential exemption card for lower-income residents for reduced prices.
Our proposed solution focuses on residents of Gaithersburg that have a low or mixed income but not for all residents of Gaithersburg. We understand that this problem is large and everything cannot be solved at once. While we look to reduce taxes for those that are living in the Lakeforest mall redevelopment area, we cannot assure that every single low-income or mixed income family will be able to benefit from this change.
The solution we have proposed will benefit in the long run but not necessarily in the short as our solution can only be implements once the redevelopment of the Lakeforest Mall begins and is successfully finished. We understand that this may take a long time though we believe once it does, the residents of the area will greatly benefit from it.