One of the most common arguments put forth by opponents of affordable housing is that it will reduce property values and increase crime. The Center for Urban and Regional Analysis at VCU just released a study that answers this concern. The verdict? Homes built for modest-income households have no impact on surrounding property values or crime rate.
Property values around Foxwood Apartments in Richmond were not negatively impacted by the construction of affordable housing.
Researchers looked at six affordable communities, both apartments and for sale townhomes, in the City of Richmond and three surrounding counties. Property values, sales prices, and crime rates were studied for at least the previous three years and up to ten years after construction. VCU concluded that there is “no evidence” that these affordable communities had “any significant impact on property values, sales prices, or crime rates in the immediately surrounding neighborhoods.”
Don’t want to miss a post? Sign up here to get the microblog delivered directly to your inbox every Thursday.