#12109. Manufacturing Distress: Race, Redevelopment, and the EB-5 Program in Central Brooklyn

August 2026publication date
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Journal’s subject area:
Sociology and Political Science;
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Abstract:
Gentrification’s racial consequences are garnering increased attention as the process advances into majority-minority urban neighborhoods. This study examines the EB-5 Immigrant Investor Program’s implementation in Brooklyn to ground these trends in policies which gentrification is promoted through. While the program purports to use foreign investment to promote job growth in high unemployment areas, financing of multimillion and billion-dollar development projects facilitates the displacement of longtime residents of the very places the initiative was designed to improve. Numerous EB-5 projects have failed to produce sustainable job growth for existing residents and heightened the growing crisis of unaffordability. The analysis shows how EB-5 projects have enabled investors to use distressed areas disproportionately inhabited by poor and working-class Black communities to qualify for funding while redistributing benefits upward to wealthy developers and affluent residents and consumers. Ultimately, the EB-5 program and other neoliberal, colorblind urban development policies exacerbate existing racial inequalities in urban space.
Keywords:
colorblind racism; gentrification; globalization; immigration policy; neoliberalism; political economy; race and ethnicity; urban development

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