HOPE VI: An Analysis to Determine the HOPE VI Program's Influence on Home Sales

Brown, LaTanya

doi:10.1080/15575330902918980

Cited by 10 publications

(3 citation statements)

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“…We identified only two prior studies of the effect of HOPE VI investments on real estate prices that, like this study, had a quasi-experimental design, and we did not find any HOPE VI study that examined the effect of the HOPE VI investment on commercial prices. Among the two quasi-experimental design studies, Brown (2009) found positive effects of the HOPE 1 The source of HOPE VI facts is HUD's HOPE VI website accessed on October 12, 2017 at https://www.hud.gov/program_offices/ public_indian_housing/programs/ph/hope6. 2 A working definition of mixed-income development is the "deliberate effort to construct and/or own a multifamily development that has the mixing of income groups as a fundamental part of its financial and operational plans."…”

Section: Prior Research About Hope VI Effects On Local Real Estate Pricesmentioning

confidence: 99%

Does Large-Scale Neighborhood Reinvestment Work? Effects of Public–Private Real Estate Investment on Local Sales Prices, Rental Prices, and Crime Rates

Baird

Schwartz

Hunter

et al. 2019

Housing Policy Debate

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During the 1990s, the U.S. Department of Housing and Urban Development awarded more than $6 billion in competitive grants called HOPE VI to spur neighborhood redevelopment. We add to HOPE VI research by examining the impacts of a large set of public-private real estate investments, including HOPE VI, made over a 16-year period in a distressed Pittsburgh neighborhood called the Hill District. Specifically, we estimate the effects of the $468 million additional public-private investments that Hill District received compared to a demographically similar neighborhood on sale prices, rental prices, and crime. We find large and statistically significant impacts of the public-private investments on residential sales prices, commercial sales prices, and on rental prices, but only a marginally significant yet meaningful decline in non-violent arrests. For each additional $10 million of public-private investment, we find a 0.95 percent increase in residential sales prices, 2.7 percent increase in commercial sales prices, and 0.55 percent increase in rental prices. Because there was an accumulated difference over 16 years of $468 million in the amount of public-private investment across the two neighborhoods we examine, these percentage increases amount to large changes in real estate prices over that time. Commercial real estate investors and homeowners benefited the most, followed by residential landlords. Our analyses imply cities should anticipate the potential impacts of major neighborhood investment on low-income households, especially unsubsidized renters that most directly experience the brunt of rising rents.

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Section: Prior Research About Hope VI Effects On Local Real Estate Pricesmentioning

confidence: 99%

Does Large-Scale Neighborhood Reinvestment Work? Effects of Public–Private Real Estate Investment on Local Sales Prices, Rental Prices, and Crime Rates

Baird

Schwartz

Hunter

et al. 2019

Housing Policy Debate

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“…In this way, affected neighborhoods serve as their own counterfactuals by extrapolating the pre-intervention trends in the outcome indicators of affected neighborhoods in the post-intervention period. This approach helps to reduce errors from variation between the affected and control neighborhoods and has been used to evaluate the impact of community development initiatives on home prices (Brown 2009; Galster et al 2004; Galster, Tatian, and Accordino 2006).…”

Section: Natural Disasters and Neighborhood Changementioning

confidence: 99%

The Impact of Natural Disasters on Neighborhood Poverty Rate: A Neighborhood Change Perspective

Lee

2018

Journal of Planning Education and Research

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Neighborhoods change over time through an underlying systematic mechanism. Natural disasters change the socioeconomic characteristics of neighborhoods by causing physical damage, after which outside resources are brought in to support recovery efforts, thereby impacting the natural processes by which neighborhoods change. This study examines the impact of a natural disaster on neighborhood poverty rate and its differential impacts according to neighborhood socioeconomic characteristics. The results show that natural disasters cause a shift in the pattern of the neighborhood poverty rate trajectory and that disasters’ impacts on neighborhood poverty rates are differential across neighborhoods. In particular, natural disasters impact the poverty rates of low-income neighborhoods most adversely.

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“…Prior research focuses on the demolition of US' most problematic projects, which resulted in a large, negative supply shock and its partial replacement with mixed-income housing through private subsidies. 3 Demolitions led to large house prices increases (9-20%) nearby (Brown, 2009;Zielenbach and Voith, 2010;Blanco, 2022;Blanco and Fournier, 2022), sizeable crime decreases (Aliprantis and Hartley, 2015;Sandler, 2016), and neighborhood socioeconomic composition changes (Tach and Emory, 2017). 4 We examine a new setting in which redevelopment as mixed-income housing was achieved by preserving the amount of public housing and expanding market-rate housing supply.…”

Section: Introductionmentioning

confidence: 99%