The Effect of the Housing Crisis on the Finances of Central Cities PDF Download
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Author: Howard Chernick
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Languages : en
Pages :
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Book Description
Many American central cities are still recovering from sharp declines in revenues resulting from the Great Recession and from a collapse in housing prices and an unprecedented surge in mortgage foreclosures. In this paper, we analyze the impact of the housing crisis on the finances of cities. To link city finances to housing conditions, we draw on a specially created data base that takes account of the revenues and spending of all the local governments that provide services to city residents. Our statistical analysis suggests that the housing price declines and rising foreclosure rates can explain much of the decline in property taxes from 2009 to 2014. The reductions in per capita property tax revenues were reinforced by declining income and reductions in state aid in most cities. The typical city fiscal response to the Great Recession and the housing bust was to implement substantial reductions in spending, with the largest cuts occurring in capital outlays and in operating expenditures for elementary and secondary education.
Author: Howard Chernick
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Many American central cities are still recovering from sharp declines in revenues resulting from the Great Recession and from a collapse in housing prices and an unprecedented surge in mortgage foreclosures. In this paper, we analyze the impact of the housing crisis on the finances of cities. To link city finances to housing conditions, we draw on a specially created data base that takes account of the revenues and spending of all the local governments that provide services to city residents. Our statistical analysis suggests that the housing price declines and rising foreclosure rates can explain much of the decline in property taxes from 2009 to 2014. The reductions in per capita property tax revenues were reinforced by declining income and reductions in state aid in most cities. The typical city fiscal response to the Great Recession and the housing bust was to implement substantial reductions in spending, with the largest cuts occurring in capital outlays and in operating expenditures for elementary and secondary education.
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Languages : en
Pages : 0
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Author: Rob Nijskens
Publisher: Springer
ISBN: 3030116743
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author: Ralph L. Schlosstein
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 84
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Author: Randall Bartlett
Publisher: Routledge
ISBN: 1317457706
Category : Business & Economics
Languages : en
Pages : 305
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Book Description
An original work on American cities and the ongoing "urban crisis". Using the metaphor of the socially constructed organization of space, Bartlett takes a broad view of the evolution of urban America, from its historical roots to the present; he then examines the way in which current policies have responded to, and affected the organization of space (covering housing, transportation, government and other urban problems). He concludes with a look to the future of American cities, how they will impact and be impacted on by changing commercial and labor markets, by the problems of poverty and cultural change. In an epilogue, he explores possible ways to overcome the "social dilemmas", while recognizing the difficulty of this undertaking. A thoroughly unique perspective to the study of cities, this book is about how space is used in America and how it changes as the "logic of location" evolves historically. Starting with the assumption that cities are fundamentally unnatural" phenomena, it unravels the interactions of technological advances that have made them possible and policies that have given them shape.
Author: Craig L. Johnson
Publisher: Edward Elgar Publishing
ISBN: 1800372965
Category : Business & Economics
Languages : en
Pages : 519
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Book Description
This timely Research Handbook explores the handling of city and municipal finances in the 21st century. It examines the impact of the Great Recession and COVID-19 pandemic on cities and municipalities, highlighting strengths, weaknesses, and avenues for future progress in city and municipal financial management.
Author: Sebastian Schipper
Publisher: Verlag Theater der Zeit
ISBN: 3957491088
Category : Social Science
Languages : en
Pages : 356
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Book Description
What started as a mortgage crisis in 2007 and became a global financial and economic crisis in 2008, has transformed into a sovereign debt crisis since 2010. Throughout, cities all over Europe have been at the heart of the turmoil in multiple ways: indebted homeowners have been evicted, masses impoverished, public budgets tightened, municipal infrastructures privatized, and public services downsized. In short, austerity measures have been implemented. In view of the above, this book focuses on an issue that affects most people living in urban regions across Europe: the idea that fiscal austerity is a necessity that politics cannot avoid, no matter how harsh the consequences might be. To bring the effects of austerity politics to the forefront, the authors of this book expose actual urban problems in their spatiotemporal dimensions, discuss regulatory restructurings under a new regime of austerity urbanism, and reflect on the role of urban social movements struggling for progressive alternatives. Barbara Schönig is Professor for Urban Planning and Director of the Institute for European Urban Studies at the Bauhaus-Universität Weimar, Germany. Sebastian Schipper, PhD, is a researcher at the Department for Human Geography, Goethe-University Frankfurt am Main, Germany.
Author: Byron Lutz
Publisher: DIANE Publishing
ISBN: 1437940021
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. The authors identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues, and personal income tax revenues. They find that property tax revenues do not tend to decrease following house price declines. The other four channels have had a relatively modest effect on state tax revenues. These channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2% of total state own-source revenues in 2005. Charts and tables. This is a print on demand publication.
Author: Howard Chernick
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Howard Chernick
Publisher: Russell Sage Foundation
ISBN: 1610441214
Category : Social Science
Languages : en
Pages : 347
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Book Description
The strike against the World Trade Center on September 11, 2001, was a violent blow against the United States and a symbolic attack on capitalism and commerce. It shut down one of the world's busiest commercial centers for weeks, destroyed or damaged billions of dollars worth of property, and forced many New York City employers to slash their payrolls or move jobs to other areas. The immediate economic effect was substantial, but how badly did 9/11 affect New York City's economy in the longer term? In Resilient City, Howard Chernick and a team of economic experts examine the city's economic recovery in the three years following the destruction of the Twin Towers. Assessing multiple facets of the New York City economy in the years after 9/11, Resilient City discerns many hopeful signs among persistent troubles. Analysis by economist Sanders Korenman indicates that the value of New York–based companies did not fall relative to other firms, indicating that investors still believe that there are business advantages to operating in New York despite higher rates of terrorism insurance and concerns about future attacks. Cordelia Reimers separates the economic effect of 9/11 from the effects of the 2001 recession by comparing employment and wage trends for disadvantaged workers in New York with those in five major U.S. cities. She finds that New Yorkers fared at least as well as people in other cities, suggesting that the decline in earnings and employment for low-income New York workers in 2002 was due more to the recession than to the effects of 9/11. Still, troubles remain for New York City. Howard Chernick considers the substantial fiscal implications of the terrorist attacks on New York City, estimating that the attack cost the city about $3 billion in the first two years alone; a sum that the city now must make up through large tax increases, spending cuts, and substantial additional borrowing, which will inevitably be a burden on future budgets. The terrorist attacks of September 11 dealt a severe blow to the economy of New York City, but it was far from a knock-out punch. Resilient City shows that New York's dynamic, flexible economy has absorbed the hardships inflicted by the attacks, and provides a thorough, authoritative A Russell Sage Foundation September 11 Initiative Volume
