Why Pittsburgh real estate never crashes: the tax reform that stabilised a city’s economy

Jun 02, 2011 No Comments by

In this week’s chapter from Fleeing Vesuvius, Dan Sullivan describes how Pittsburgh and Cleveland have adopted diametrically opposed strategies, with dramatically different results. In Pittsburgh, foreclosure rates are low despite the downturn, home prices are climbing slightly and construction rates are increasing. Cleveland, meanwhile, is struggling to stem a complete collapse of its housing market. The difference lies in the fact that Pittsburgh has had a site-value tax, which steadies the market, and Cleveland has not.

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