Entrepreneur and presidential hopeful Andrew Yang has a new policy proposal that promises to set him apart in the crowded Democratic field. He hopes to address an issue affecting the economic vitality of communities all across the country. Yang wants to save the malls. According to his campaign, some 300 malls will fold over the next 4 years, a number in line with an estimate by Credit Suisse that one-quarter of all malls will close by 2022. — City Lab
In the U.S., the presidential race has already begun with potential candidates showcasing their intended policies and platforms to the American people. Democratic presidential candidate Andrew Yang has created a growing following due to his stance on universal base income and approaching politics with "human-centered capitalism." In learning this, it is no wonder Yang has turned his efforts towards saving dying malls as a means to revive the economy of local communities.
Yang's goal is to implement the American Mall Act. According to a recent CityLab piece by Kriston Capps, the plan is to "devote $6 billion to find new purposes for these dying retail complexes." Yang made this announcement on July 4th weekend in a video as a response to Palmetto State voters and their experience of the retail apocalypse. In his video, Yang expresses the reality of mall upkeep and points out, "it's a massive challenge to try to keep these structures vital and filled."
Full details of Yang's American Mall Act have yet to unravel, however many question if his plan to match grants and provide property incentives will be enough to revitalize malls.
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