Abstract
AbstractIn the presented paper, we estimate the impacts of three distinct housing policy interventions to deal with distressed and abandoned residential properties: leaving vacant buildings in their current state, remodeling/rebuilding residential structures, and razing vacant structures. We show that vacant structures negatively impact nearby housing up to 4.1%, but when demolition is followed by complete reconstruction, neighboring housing can be appreciated by as much as 14.1%. In addition, negative spillover effects from foreclosures and vacant buildings are primarily observed in low‐income and middle‐income Census tracts, whereas positive spillover effects generated by remodeling are seen in high‐income Census tracts.
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