Predictive analytics can facilitate proactive property vacancy policies for cities

Sheila U. Appel, Derek Botti, James Jamison, Leslie Plant, Jing Y. Shyr and Lav R. Varshney

Technological Forecasting and Social Change, 2014, vol. 89, issue C, 161-173

Abstract: Is it possible for a city to understand, analyze, predict, and therefore prevent vacant properties? In this paper, we demonstrate the feasibility of using techniques from machine learning and data mining to determine the future vacancy risks for individual properties and for neighborhoods using a variety of structural, demographic, socioeconomic, and city activity features with high accuracy. Within a larger systems-of-systems framework that we develop, these predictive analytics will allow a city to move from decision-making based on ‘educated anecdotes’ and reactive strategies aimed at the most urgent need, to policy development based on informed, holistic insight and proactive interventions that prevent and reverse decline. A demonstration of the use of predictive analytics within the sociotechnical system is provided using data from Syracuse, New York.

Keywords: Property vacancy; Systems of systems; Predictive analytics; Urban planning (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:89:y:2014:i:c:p:161-173

DOI: 10.1016/j.techfore.2013.08.028

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