Brandon Lee
New York's first land banks were established in 2012 to address the problem of vacant and abandoned properties. Since then, land banks have been working to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties, with the goal of returning them to productive use. This includes converting tax-delinquent and vacant properties into affordable housing. Land banks also aim to improve quality of life for residents, increase property values, and promote economic development. While land banks in New York have achieved success in these areas, it is unclear whether they actively abate nuisances.
| Characteristics | Values |
|---|---|
| Number of land banks in New York | 25 |
| Year of establishment of the first land banks in New York | 2012 |
| Number of properties reclaimed from abandonment and blight | 1,989 |
| Number of properties sold to individuals or nonprofit organizations | 651 |
| Number of unstable structures demolished | 482 |
| Amount of funding awarded to New York Land Banks by A.G. Underwood | $25.9 million |
| Total amount of funding secured by the AG's office for New York State Land Banks | Over $82 million |
| Amount of funding included in the state budget for Land Banks | $50 million |
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What You'll Learn
Land banks help to improve tax revenues
New York's land banks have been instrumental in improving tax revenues. The state's first land banks were established in 2012, and since then, they have played a crucial role in addressing vacant, abandoned, and tax-delinquent properties. By acquiring, stabilizing, and redeveloping these properties, land banks work to return them to productive use, such as affordable housing. This process not only improves the quality of life for residents but also helps grow the community's local property tax base.
The transformation of these properties leads to an increase in property values, encouraging renovation and further enhancing tax revenues. This is evident in the success of various land bank initiatives across New York. For instance, the Buffalo Erie Niagara Land Improvement Corp. and the Finger Lakes Regional Land Bank Corp. have made significant strides in revitalizing their respective communities.
The impact of land banks on tax revenues is also highlighted in the report, "Building An Affordable Future: The Promise of a New York City Land Bank." The report estimates that a land bank could facilitate the development of additional units of affordable housing on tax-delinquent and underutilized properties. This not only addresses the need for affordable housing but also generates tax revenue for the city.
Furthermore, land banks have been effective in combating blight and transforming eyesores into appealing parcels of land, attracting new homeowners and boosting tax revenues. The rehabilitation of "zombie homes" and the revitalization of distressed neighborhoods have played a pivotal role in improving tax revenues for local communities. This is evident in the statements made by local leaders, such as Erie County Executive Mark Poloncarz and Suffolk County Executive Steve Bellone, who have witnessed the positive impact of land banks on their communities.
The success of New York's land banks in improving tax revenues can be attributed to their ability to streamline the removal of vacancy and abandonment. By proactively intervening and taking control of abandoned properties, land banks create a community-driven approach to revitalizing neighborhoods and business districts. This, in turn, encourages economic development and promotes civic capital, ultimately contributing to the growth of local tax revenues.
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They can assist in crime prevention
New York's land banks are designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties, with the aim of returning them to productive use. By doing so, they can assist in crime prevention.
Vacant and abandoned properties can attract criminal activity and be detrimental to the safety of the community. Land banks in New York have been successful in reclaiming such properties and revitalizing neighborhoods. They achieve this by working with nonprofit developers to transform these spaces into affordable housing or community assets such as parks, community gardens, or green stormwater infrastructure.
For example, the New York Land Bank Association's 2017 report outlines that land banks in the state have successfully reclaimed 1,989 properties from abandonment and blight, sold 651 properties, and demolished 482 unstable structures. This proactive intervention helps to improve the quality of life for residents and encourages renovation, thereby improving property values and making the area more attractive to prospective homeowners.
The establishment of land banks in New York has been a response to the increase in vacant properties, which rose by 27% between 2000 and 2010. The transformation of these spaces into productive use supports community priorities and helps to address the need for affordable housing. By reducing vacancy and abandonment, land banks can play a pivotal role in crime prevention and creating safer neighborhoods.
The success of land banks in New York has been recognized, with nearly $26 million awarded to these institutions by Attorney General Underwood in 2018. This funding has been instrumental in turning blighted, vacant homes into welcoming spaces, contributing to the fight against "zombie homes" and revitalizing communities affected by the housing crisis.
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Land banks can help to expand housing opportunities
New York's land banks have been instrumental in addressing the issue of vacant and abandoned properties, with the primary focus of acquiring real property that is tax delinquent, tax foreclosed, vacant, and/or abandoned. This helps to eliminate the harms and liabilities caused by such properties, and also plays a pivotal role in revitalizing and rebuilding neighbourhoods across the state.
Land banks are government-created nonprofit corporations that are designed to convert tax-delinquent and vacant properties into affordable housing or put them to other productive uses. They work with non-profit developers to achieve deeper and more permanent affordability. A land bank could maintain the title to the land through a community land trust model, ensuring permanent affordability by maintaining long-term control of the properties.
The New York Land Bank Association's 2017 report highlights that land banks in New York have reclaimed 1,989 properties from abandonment and blight, sold 651 properties to individuals or non-profit organizations, and demolished 482 unstable structures. This has helped to improve the quality of life for surrounding residents, encourage renovation, and increase property values.
By converting underutilized properties into affordable housing, land banks can expand housing opportunities for those in need. A report by the Office of the New York City Comptroller Brad Lander estimates that a land bank could support the development of 4,159 additional units of affordable housing on 247 persistently tax-delinquent, underutilized properties. These potential units span all five boroughs, with the highest numbers in Brooklyn, The Bronx, and Queens.
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They can improve urban schools
New York's land banks have been pivotal in revitalizing and rebuilding neighbourhoods across the state. They have helped transform blighted, vacant homes that dotted communities and detracted from property values. By intervening and taking control of abandoned properties, land banks have improved the quality of life for surrounding residents and helped grow the community's local property tax base.
Land banks can benefit urban schools by improving the quality of life for surrounding residents and increasing tax revenues. This can be done by acquiring, stabilizing, assembling, and facilitating the redevelopment of blighted, vacant, and abandoned properties. For instance, the New York Land Bank Association's 2017 report states that land banks in New York have reclaimed 1,989 properties from abandonment and blight, sold 651 properties to individuals or nonprofit organizations, and demolished 482 unstable structures.
Land banks can also help improve urban schools by expanding housing opportunities and promoting economic development. For example, the establishment of a New York City Land Bank has been proposed to convert tax-delinquent and vacant properties into affordable housing. This can help address the desperate need for affordable housing for millions of New Yorkers. A report by the Office of the New York City Comptroller Brad Lander estimates that a land bank could support the development of 4,159 additional units of affordable housing on 247 persistently tax-delinquent, underutilized properties.
Additionally, land banks can assist in crime prevention, which can create a safer environment for urban schools. By acquiring and transforming blighted and vacant properties, land banks can help reduce criminal activity and improve the overall safety of the community. Abandoned and vacant properties are known to attract criminal activity, and by reclaiming and redeveloping these spaces, land banks can play a crucial role in deterring crime and creating safer neighbourhoods for schools and residents alike.
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Land banks promote economic development
New York's first land banks were established in 2012, following the passage of the New York Land Bank Act in 2011. These land banks are local public authorities designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties, with the aim of returning them to productive use.
Land banks in New York have played a significant role in promoting economic development in several ways. Firstly, they have helped to address the problem of vacant and abandoned properties, which can depress property values, discourage property ownership, and attract criminal activity. By acquiring and redeveloping these properties, land banks have turned former eyesores into appealing parcels of land, attracting new homeowners and revitalizing neighborhoods. This has led to an improvement in the quality of life for surrounding residents and helped to grow the community's local property tax base.
Additionally, land banks have facilitated the development of affordable housing. By maintaining title to the land and working with non-profit developers, land banks can ensure deeper and permanent affordability. According to a report by the Office of the New York City Comptroller Brad Lander, a land bank could support the development of 4,159 additional units of affordable housing on 247 persistently tax-delinquent, underutilized properties. This report also found that a land bank could support the development of 53,116 units of permanently affordable housing on 1,459 vacant, City-owned properties.
Furthermore, land banks have brought significant investment into New York communities. According to the Center for Community Progress, New York land banks have guided more than $130 million in private and public investments into the transformation of vacant, abandoned, and tax-delinquent properties. This has supported community priorities and contributed to the growth and development of local economies.
The success of New York's land banks in promoting economic development has been recognized by state officials. In 2018, Attorney General Underwood awarded nearly $26 million to New York land banks, stating that "Land banks are a pivotal part of revitalizing and rebuilding neighborhoods across the state." This funding was secured through settlements with large banks for misconduct that contributed to the housing crisis.
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Frequently asked questions
Land banks are local public authorities designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties. They are government-created nonprofit corporations that convert tax-delinquent and vacant properties into affordable housing or other productive uses.
The primary focus of land bank operations is to acquire real property that is tax delinquent, tax foreclosed, vacant, and/or abandoned, and to use the tools of the program to eliminate the harms and liabilities caused by such properties. They help communities facilitate the return of these properties to productive use.
Yes, land banks can help to remove public nuisances. By acquiring and redeveloping blighted and abandoned properties, they can transform former eyesores into welcoming parcels that are attractive to new homeowners, thereby revitalizing and rebuilding neighborhoods.
Land banks provide numerous benefits to communities, including:
- Improving quality of life for residents
- Enhancing local property tax bases by increasing property values
- Benefitting urban schools
- Improving tax revenues
- Expanding housing opportunities
- Assisting in crime prevention
- Promoting economic development
As of 2024, there are 25 to 31 land banks across New York State, depending on the source. The first land banks in New York were established in 2012, and they have since become an essential tool for reclaiming vacant and abandoned properties.
