Can Local Housing Ordinances Prevent Neighborhood Destabilization?

Thomas J. Fitzpatrick, Lisa Nelson, F. Richter, S. Whitaker
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引用次数: 2

Abstract

This paper assesses the ability of local housing ordinances to prevent neighborhood destabilization. We evaluate the degree to which vacancy registrations and point-of-sale inspection requirements influenced housing market outcomes following the housing crisis. With comprehensive real property data from Cuyahoga County, Ohio, we measure outcomes that characterize housing market distress including foreclosures, sales below the tax-assessed value, bulk sales, flipping, and property tax delinquency. We compare outcomes across properties in regulated and unregulated municipalities using matching procedures on linked data containing property, loan, and transaction characteristics. We find evidence that vacancy registrations substantially reduce foreclosures. Registrations are also negatively associated with tax delinquency and sales below a property’s tax-assessed value in some specifications. In contrast, we find little evidence that point-of-sale inspections reduce undesirable transactions. Rather, properties in cities with inspection requirements displayed higher levels of foreclosure and tax delinquency relative to the control group during the study period.
地方房屋条例能防止社区不稳定吗?
本文评估了地方住房条例防止邻里不稳定的能力。我们评估了空置登记和销售点检查要求对住房危机后住房市场结果的影响程度。根据俄亥俄州凯霍加县的综合房地产数据,我们衡量了住房市场困境的特征,包括丧失抵押品赎回权、低于税收评估价值的销售、大宗销售、倒卖和财产税拖欠。我们使用包含财产、贷款和交易特征的关联数据的匹配程序,比较了受监管和不受监管城市的财产结果。我们发现有证据表明,空置登记大大减少了丧失抵押品赎回权。在某些规范中,注册也与税收拖欠和低于房产的税收评估价值的销售负相关。相比之下,我们发现很少有证据表明销售点检查减少了不受欢迎的交易。相反,在研究期间,与对照组相比,有检查要求的城市的房产显示出更高的止赎率和税收拖欠率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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