Ex-Homeless Housing No Problem for Property Values


NYU's Furman Center for Real Estate and Urban Policy have released a study that says "supportive housing" (for formerly homeless folk or those who rely on a multitude of services) doesn't chip away at nearby property values. "Looking at 123 supportive housing developments between the 1980s and 2003, the study found neighboring properties between 500 and 1,000 feet away from the housing see values drop at first before rising, but values increase over time compared with other properties further away in the same neighborhoods," writes the New York Observer. The authors of the study hope the findings will change neighborhood attitudes and policy alike. "The city, state, and providers of supportive housing must continue to maximize the positive effects of supportive housing and ensure that supportive housing residences remain good neighbors.” Good news for projects like Morris Manor, at 1247 Flatbush Avenue, that opened last month.
Study: Housing for Ex-Homeless No Big Drain on Property Values [NY Observer]

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