Land Bank 2.0: an empirical evaluation

Thomas Fitzpatrick () and Stephan Whitaker

No 1230, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: Cuyahoga County created a land bank in 2009 explicitly intended to acquire low-value properties, mitigate blighted housing, help stabilize neighborhoods, and slow the decline of property values. This paper evaluates the effectiveness of the land bank by estimating spatially-corrected hedonic price models using sales near the land bank homes. Homes that sold within 500 feet of a property that would be acquired by the land bank in the next six months show a 3 to 5 percent discount versus observationally similar homes. Homes that sold within 500 feet of a land bank owned home sold at prices approximately 5 percent higher than similar homes. A land bank demolition appears to have a positive externality, which adds 9 percent to the value of a nearby home sale. These results are consistent through a wide variety of specifications, but they are not measured precisely enough to be statistically significant.

Keywords: Housing policy; Housing (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-ban and nep-ure
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Citations: View citations in EconPapers (1)

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Journal Article: LAND BANK 2.0: AN EMPIRICAL EVALUATION (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:1230

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