The impacts of tax-foreclosed properties and land bank programs on residential housing values in Flint, Michigan.

摘要

This thesis uses economic theory and econometric methods to investigate the emergence of contemporary land banking and its effects, focusing specifically on the Genesee County Land Bank (GCLB). The GCLB attempts to bring tax-foreclosed property in the City of Flint, and Genesee County, back into productive use. GCLB programs take ownership of tax foreclosed and abandoned properties in an attempt to increase their marketability and positively influence neighborhoods.; Results suggest that abandoned housing does indeed have a negative impact on the values of houses in close proximity, and that GCLB programs ameliorate these negative impacts. The coefficients of the model suggest that an additional abandoned structure within 500 feet of residential housing will decrease property values by 2.27%, within 501--1000 feet by 1.92%, and within 1001--1500 feet by 1.11%. Vacant lot coefficients suggest a negative effect on housing values of 1.5% when the lot is within 500 feet of a home and a significant positive effect of 0.5% between 1001 and 1500 feet. Results translate into the property value impacts from the demolition of an abandoned residential structure, suggesting that homeowners within 500 feet of a demolition will see a 0.75% increase in property values, a 2.0% increase within 501--1000 feet, and a 1.6% increase within 1000--1500 feet of a demolition. Moreover, it is shown that property value increases of an estimated {dollar}112 million in Flint, Michigan can be attributed to the Genesee County Land Bank demolition program.