Philanthropic Gentrification
<p><a href="https://thedavidprize.org/" rel="noopener ugc nofollow" target="_blank">The David Prize</a> brands itself as a no-strings-attached granting program for New Yorkers. Funded by billionaire real estate developer David Walentas, it doles out five $200,000 grants annually to individuals who are creating “a better, brighter New York City.” Walentas, a key developer of Brooklyn’s DUMBO neighborhood has been criticized for accelerating New York City’s gentrification. Now in his 80s, he’s focused on building a legacy through philanthropy.</p>
<p>His eponymous prize reflects an evolving approach to giving. As philanthropy reckons with its roots in a <a href="https://www.theatlantic.com/international/archive/2012/03/the-white-savior-industrial-complex/254843/" rel="noopener ugc nofollow" target="_blank">white-savior industrial complex</a>, it’s beginning to address traditional gatekeeping methods. </p>
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