Many recent events have culminated in the rise of and popularity of land banks in the United States. Perhaps the most notable catalysts were the deindustrialization of many of America’s once-booming manufacturing cities, as well as the more recent financial crisis and burst of the housing bubble. Evidence of the impact of these events lies in the sheer number of vacant properties across the country. Estimates by the United States Census Bureau put that number around 14 million in 2013.
It is now well-established that land banks can play a pivotal role in redeveloping some of our country’s most degraded areas. Due in part to the implementation of policies that help land banks quickly acquire tax delinquent properties, these entities are able to support programs that can transform local areas through demolition and redevelopment practices that meet local community needs.
Questions? Contact Adriann Murawski at 202-383-1068.
The opinions expressed in this report are those of the authors and do not necessarily represent the opinions or policy of the National Association of REALTORS®, its members or affiliate organizations.