A plan to eliminate a tax loophole on more than 10,500 vacant lots across New York City could help contribute to the mayor-elect's affordable housing goals.
Bill de Blasio is seeking to implement an idea he introduced in April: to increase the assessed value of vacant residential properties in order to "force owners either to put it to use and build housing or to sell it to those who will," reports Joe Anuta. "By increasing the cost of inactivity to prohibitive levels, the hope is that more land can be put back into use and much-needed housing can be built."
"It would drive the price of land down and increase development, to the extent the tax increases are significant," predicted Robert Knakal, chairman of Massey Knakal Realty Services. "The more expensive [vacant land becomes to hold], the less of it you will get—that's Economics 101."
"Some observers believe, however, that such a move carries big risks," notes Anuta. "For openers, it could discourage developers from patiently assembling large blocks of property needed for big developments by effectively driving up their property costs. That could, perversely enough, limit new housing production."
Read the full story: De Blasio tells lot owners to put up or pay up
Santa Fe Collects First Payments From Tax on Million-Dollar Homes
The 3% tax on home sales of $1 million or more has elicited a lawsuit and backlash from local realty groups.
What’s in a Name? Investors vs. Speculators
We don’t often make a clear distinction between investors and speculators, which makes it harder to identify harmful behavior — and to find solutions for it.
Breaking NYC’s Housing Speculation Cycle
When wealthy investors treat homes like poker chips, it is the tenants who end up losing. How do we interrupt the vicious cycle of speculation and displacement?
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
‘Going backwards:’ Baltimore mayor, students rally against state's transit funding plan
Maryland's proposed six-year plan provides no funding for Baltimore’s BMORE bus program and reduces its road maintenance funding.
Detroit to transform waterfront with $2.2 billion investment
Developers will convert about 18 acres of unused parking lot space into civic spaces.
U.S.-Iran war may have ‘devastating’ impact on cost to warm homes
Vermont and Maine residents may see a 76% increase in the cost of warming their homes this winter.
Senate bill would ‘overhaul’ environmental permitting laws
Under the proposed act, government agencies would also not be able to suspend or rescind permits after granting them.
Exemption applications for NYC’s pied-à-terre tax see 55% success rate
The city sent nearly 40% of its initial pied-à-terre tax warnings erroneously.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
One Hundred Miles
County of Mendocino
planning NEXT
The Architects Foundation
University of Cincinnati Online
Montrose County
Northern Illinois Transit Authority (NITA)
The Pocatello Development Authority