Incorporating NY Land Banks into the Delinquent Property Tax Enforcement Processes
New York Zoning Law and Practice Report, Vol. 15, No. 5, 2015
12 Pages Posted: 7 Mar 2015 Last revised: 28 Apr 2015
Date Written: March 27, 2015
This article argues that New York municipalities should integrate land banks into the tax enforcement process to break the unhealthy cycle perpetuated by real estate and lien speculators. By transferring all tax liens and foreclosed properties to local land banks, municipalities can generate an important funding source that will help cover land banks' operations while simultaneously maximizing land banks' ability to reinvest lien proceeds and equity into redeveloping or demolishing properties with little or no value. If New York municipalities use their Land Bank Act powers fully, local and regional land bank efforts can become a vital tools for planning and implementing community revitalization programs.
Keywords: Land Banks, Vacant Properties, Community Revitalization, Municipal Planning, Tax Foreclosure
JEL Classification: H11, H70, H71, H72, H77, H79, K11, O18, O20, P40, P41, P43, R14, R50, R51, R52, R59
Suggested Citation: Suggested Citation