THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH

Bibliographic Details
Main Author:	Hong, Chansun
Language:	English
Published:	Cleveland State University / OhioLINK 2018
Subjects:	Public Policy Area Planning and Development Land Bank Spillover Impact Hedonic Model Spatial Hedonic Model Spatial Lag Model GWR Geographically Weighted Regression
Online Access:	http://rave.ohiolink.edu/etdc/view?acc_num=csu1544926509521173

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spelling	ndltd-OhioLink-oai-etd.ohiolink.edu-csu15449265095211732021-08-03T07:09:26Z THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH Hong, Chansun Public Policy Area Planning and Development Land Bank Spillover Impact Hedonic Model Spatial Hedonic Model Spatial Lag Model GWR Geographically Weighted Regression The land bank is a government entity that focuses on the conversion of vacant, abandoned, and tax-delinquent properties into productive use. The object of the land bank is to gain control over the city’s problem properties to make possible their timely and productive reuse. The land bank has become a popular policy measure to control the distressed properties in the neighborhood following the foreclosure crisis across in the United States.The objective of this study is to evaluate the spillover effect of the land bank on nearby properties. The primary research question is as follows: has the land bank public intervention created a positive spillover effect on nearby home sales in the respective neighborhood in the City of Cleveland, Ohio?This is a case study for one city. This study utilized the spatial hedonic model to measure the impact of a two-year land bank acquisition period on nearby property values within two buffers: 500 feet and 1,000 feet. This study also utilized the Geographically Weighted Regression to evaluate the local variation of the effect over the space. The study period is 24 months from September 2012 to August 2014.This study identifies that two years of land bank acquisitions have had a positive effect within the 500 feet buffer from the sale location. The pure effect of two years of land bank acquisitions results in a positive 1.82% impact by OLS estimation and a positive 1.81% impact by ML, 2SLS, and 2SLS-robust estimations. The mean value of the implicit marginal price is $897 over 24 months of sale data from September 2012 to August 2014. This estimated benefit may not have existed if the land bank did not acquire the abandoned properties. The result of this study will support policymakers and practitioners in their decision to expand land bank programs. 2018-12-17 English text Cleveland State University / OhioLINK http://rave.ohiolink.edu/etdc/view?acc_num=csu1544926509521173 http://rave.ohiolink.edu/etdc/view?acc_num=csu1544926509521173 unrestricted This thesis or dissertation is protected by copyright: all rights reserved. It may not be copied or redistributed beyond the terms of applicable copyright laws.
collection	NDLTD
language	English
sources	NDLTD
topic	Public Policy Area Planning and Development Land Bank Spillover Impact Hedonic Model Spatial Hedonic Model Spatial Lag Model GWR Geographically Weighted Regression
spellingShingle	Public Policy Area Planning and Development Land Bank Spillover Impact Hedonic Model Spatial Hedonic Model Spatial Lag Model GWR Geographically Weighted Regression Hong, Chansun THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
author	Hong, Chansun
author_facet	Hong, Chansun
author_sort	Hong, Chansun
title	THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
title_short	THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
title_full	THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
title_fullStr	THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
title_full_unstemmed	THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH
title_sort	spatial spillover impact of land bank properties on nearby home sale values in cleveland, oh
publisher	Cleveland State University / OhioLINK
publishDate	2018
url	http://rave.ohiolink.edu/etdc/view?acc_num=csu1544926509521173
work_keys_str_mv	AT hongchansun thespatialspilloverimpactoflandbankpropertiesonnearbyhomesalevaluesinclevelandoh AT hongchansun spatialspilloverimpactoflandbankpropertiesonnearbyhomesalevaluesinclevelandoh
_version_	1719454788498751488

THE SPATIAL SPILLOVER IMPACT OF LAND BANK PROPERTIES ON NEARBY HOME SALE VALUES IN CLEVELAND, OH

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