IFS Green Budget 2021

Britton, Jack; Erve, Laura van der; Waltmann, Ben; Xu, Xiaowei

doi:10.1920/re.ifs.2021.0199

Cited by 1 publication

(11 citation statements)

References 1 publication

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“…During the pandemic, a New York State moratorium on foreclosures and evictions prevented land banks from acquiring properties. This had a major effect on land banks' inventory as foreclosures "comprise the vast majority of properties acquired by any land bank in NYS" (Zaranko 2022). Another State source of funding for land banks, the NYS Attorney General Grant Community Revitalization Initiative was depleted during the course of the pandemic.…”

Section: Case Studiesmentioning

confidence: 99%

“…Fortunately the NY Land Bank Association and all of our partners were able to secure $50 million in designated funding from NYS in the recent state budget and we have begun to see reinvestment. The moratoriums have also expired and now we are bracing for the backlog of properties to wash across communities throughout the state (Zaranko 2022).…”

Section: Case Studiesmentioning

confidence: 99%

“…The ACLB acquires virtually all properties that Albany County has foreclosed upon. Since 2014, the ACLB has acquired over 1,250 properties, disposed of over 900, and completed more than 100 demolitions (Zaranko 2022). ACLB's portfolio reflects the broader geography of disinvestment in the county as illustrated in a spatial analysis of data to the year 2018 (Figure 2).…”

Section: Albany County Land Bankmentioning

confidence: 99%

“…For higher quality properties, this typically means that the land bank has a number of offers from various buyers. In these cases, the board has favored a homeowner applicant over an investor intending to rent the property in order to provide an opportunity "for someone that a normal real estate market would… just box out" (Zaranko 2018).…”

Section: Albany County Land Bankmentioning

confidence: 99%

“…According to Zaranko, this helps the land bank avoid the operating costs of maintaining additional properties while allowing the land trust to work toward its affordable housing mission (Cotner and Zaranko 2017;Albany County Land Bank 2018b). Although the focus on promoting affordable housing may ultimately reduce its own revenue, Zaranko maintains that ACLB's mission extends beyond just maximizing revenue and offers an improvement to the land management regime previously administered by local government (Zaranko 2018). In other words, the land bank is more flexible and able to address properties on a case-by-case basis rather than simply selling properties to the highest bidder like the county government.…”

Section: Albany County Land Bankmentioning

confidence: 99%

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Do Land Banks Mean Progress Toward Socially Equitable Urban Development? Observations from New York State

Small,

Minner

2023

Urban Affairs Review

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Local governments view land banks as an improvement to the municipal management of foreclosed property. Critics contend that land banks wield too much power, concentrate demolitions in poor and majority neighborhoods of color, and have unfortunate parallels to the flawed, top-down policies of mid-twentieth century urban renewal. Examining land banks through a lens of social equity and reparative planning, this research asks “To what extent do land banks in New York state work toward equitable urban development?” Interviews with land-bank leaders, property acquisition and disposition data, and spatial analysis of neighborhood dynamics were triangulated in a comparative case study of three land banks in New York state communities. Although land-bank leaders show an awareness and desire to address issues of equity, the authors observed that more community engagement, expanding partnerships with nonprofits, and shifts in approaches to demolition could provide more equitable outcomes in disinvested communities. Some land banks had clearly adopted policies aimed to acknowledge and address the role land banks can and should play in addressing historical inequities. Whether that commitment to equity will remain strong into the future remains an open question. In a COVID-19 context, land banks were operating with significantly reduced inventories and resources. More resources could be provided to land banks from Federal and State sources to support equity initiatives. But those resources should be provided under the condition that land banks become vehicles for repairing past White supremacist and structurally racist policies that created the uneven landscapes that land banks were created to address.

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Section: Case Studiesmentioning

confidence: 99%

Section: Case Studiesmentioning

confidence: 99%

Section: Albany County Land Bankmentioning

confidence: 99%

Section: Albany County Land Bankmentioning

confidence: 99%

Section: Albany County Land Bankmentioning

confidence: 99%

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