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2024 promises to be a momentous year for democracy—locally, nationally, and globally. Over 4 billion people are living in countries with major elections this year. In the United States, we will also face familiar but obstinate challenges, including the dearth of local news and youth disaffection with voting and institutions. We will also face challenges that are new in this digital era, namely disinformation turbocharged by generative AI that has enormous power to deceive voters, undermine trust, and destabilize our information ecosystems.

In this second session of the Foundations of Racial Equity Series, we explore racial capitalism, which describes the current economic system of extracting social and economic value from people of color. Racial capitalism is based on the theft, exclusion and exploitation of the land, labor, and capital of people of color. Philanthropy—as a social, political, and economic strategy of society’s wealthiest people, mostly white men, and institutions that “do good” while moving wealth without tax exposure— upholds racial capitalism.

Over the next 20 years in the U.S., $35–70 trillion in wealth will transfer from one generation to another in the largest generational wealth transfer in history, mostly moving within wealthy white families. The policies that make possible this protection and accumulation of wealth are situated within the legacy of land theft, genocide of Native people, enslavement of Black people, and exploitation of natural resources. This context of racial capitalism has also given rise to wealth accumulation that, in part, birthed the philanthropic sector.  Paradoxically, many of us working within philanthropy aim to contribute to changes in systems, structures, and outcomes that address the harms of interconnected systems like racial capitalism that favor some at the expense of others and the planet.  

In the last year alone, Californians have experienced the impacts of multiple climate disasters including severe drought, extreme heatwaves, earthquakes, catastrophic wildfires, and now several back-to-back Atmospheric Rivers. Climate change will only continue amplifying the risk that Californians face from natural hazards. We can’t keep doing business as usual philanthropy to meet the scope of our current reality.

In the November election, we can advance statewide policy in California that is truly transformative for our communities. The scale of the housing crisis we're facing means our efforts need more scale, and local voters need more power to address the affordable housing and public infrastructure needs in their communities. Proposition 5 empowers local voters to approve bonds for affordable housing, critical public infrastructure, and emergency response in our communities with a 55% vote – if those bonds have strict accountability and oversight.

Leveraging the unique perspectives, energy, and visions of young people can transform philanthropy into a more powerful force for change. Across California, funders are stepping out of their traditional roles to deconstruct the power dynamics that exist in philanthropy and utilize participatory approaches that bring together young people and funders to make decisions on grants. As we reimagine what grantmaking can be, learning directly from young people and those involved in the work is crucial in
being able to contribute to the landscape constructively. It informs funders what the vast needs of the ecosystem are and how their work can contribute.

No matter where you start, success in life starts at home for all ages and all people. When we have safe, secure places to live – whether you rent or own – parents earn more, kids learn better, health and well-being improve, and our communities are strengthened. To build this future, we need to bring the Bay Area’s capacity for innovation and problem-solving to the challenge of preserving our pre-existing affordable housing. The constant loss of affordable units to the speculative market is accelerating the
displacement of working class and poor families - shedding our region of its diversity, vibrancy, and equity of opportunity.