Study proves supportive housing is a good neighbor
NYU Furman Center Study documents positive increase in property value
NY Times editorializes on “Good Neighbors”
For more information!
To read a summary of the full report click here.
To read the NY Times editorial click here.
NYU’s Furman Center for Real Estate and Urban Policy released the first large-scale study of the property value impacts of supportive housing, evaluating the impacts that 123 developments across the city’s five boroughs have had over an 18 year period. These new findings refute frequently asserted fears that supportive housing developments will depress the value of neighboring properties over time. The findings show that the value of properties within 500 feet of supportive housing do not drop when a new development opens and show steady growth relative to other properties in the neighborhood in the years after the supportive housing opens. Properties somewhat further away from the supportive housing (between 500 and 1,000 feet away) show a decline in value when the supportive housing first opens, but their prices then increase steadily relative to other properties in the neighborhood.
The NY Times editorial highlighted what we have said for years; “well run supportive housing can help both formerly homeless citizens and the neighborhoods in which they are built. Politicians and business leaders across the country should pay attention.”
The work of the NJ Advocacy Network to End Homelessness focuses on expanding the supply of permanent, affordable and supportive housing. Hopefully, this study will pave the way for a renewed efforts in all of the counties in NJ. To find out more about our activities click here.
