The Impact of Supportive Housing on Surrounding Neighborhoods: Evidence from New York City
Type
Policy Brief
Description
This 8-page policy brief is a summary of the Furman Center’s research on the effects supportive housing has on the values of surrounding properties.
...findings show that the values of properties within 500 feet of supportive housing show steady growth relative to other properties in the neighborhood in the years after supportive housing opens. Properties somewhat further away (between 500 and 1,000 feet) show a decline in value when supportive housing first opens, but prices then increase steadily, perhaps as the market realizes that fears about the supportive housing turned out to be wrong. The city, state, and providers of supportive housing must continue to maximize the positive effects of supportive housing and ensure that supportive housing residences remain good neighbors. But the evidence refutes the frequent assertions by opponents of proposed developments that supportive housing has a sustained negative impact on neighboring property values.
The full study is available at http://furmancenter.nyu.edu.
...findings show that the values of properties within 500 feet of supportive housing show steady growth relative to other properties in the neighborhood in the years after supportive housing opens. Properties somewhat further away (between 500 and 1,000 feet) show a decline in value when supportive housing first opens, but prices then increase steadily, perhaps as the market realizes that fears about the supportive housing turned out to be wrong. The city, state, and providers of supportive housing must continue to maximize the positive effects of supportive housing and ensure that supportive housing residences remain good neighbors. But the evidence refutes the frequent assertions by opponents of proposed developments that supportive housing has a sustained negative impact on neighboring property values.
The full study is available at http://furmancenter.nyu.edu.
Subject
Permanent Supportive Housing
Coverage
New York -- United States
Language
English
Format
PDF
Collection
Citation
Furman Center for Real Estate & Urban Policy, New York University, “The Impact of Supportive Housing on Surrounding Neighborhoods: Evidence from New York City,” I4E: Housing4All Digital Library, accessed April 24, 2024, https://i4e.omeka.net/items/show/9.
Comments