Vacancy and property values in shrinking downtowns: a comparative study of three New England cities

摘要

When a city loses people and jobs, downtowns tend to face high vacancy rates and diminished tax collections due to property abandonment. With fewer resources and structures in poorer condition, these shrinking downtowns become less and less attractive for investors. This paper tackles this paradox by examining overall patterns of decline and downtown change in three New England (USA) cities. Specifically we ask, how does the process of urban decline impact occupancy, building conditions and property values in downtown districts? We found that statistically significant relationships emerge between property valuations and occupancy patterns, though these relationships vary among the three cities.