Who are the Public Equity Holders? Partnerships for Urban Sustainability in Philadelphia and Baltimore

Abstract

The Great Recession has strained governments at all levels and presented cities, especially formerly industrial cities, with nearly unprecedented budgetary challenges. This paper examines the long-term implications for infrastructure maintenance and service provision of unfavorable economic and demographic trends in Philadelphia and Baltimore. The concept of the public equity holder, which borrows a term for public finance from corporate finance, introduces a category of potential contributors to the capital deficit undermining urban sustainability. The concept is illustrated by a case study of the two cities to explore how candidate public equity holders, including taxpayers, nonprofits, and public employees, may contribute. Resulting from this research are identifiable factors, particularly patience and risk tolerance, which have led to or impeded partnerships promoting urban sustainability and will provide the foundation for broader future study.