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Articles by Eric Hangen
The Promise and Pitfalls of the Washington, DC, Region’s Strong Capital Flows
Home to the nation’s capital and millions of people who live and work in the area, the Washington, DC, region has both significant wealth and economic disparities. The area’s growing population has brought increased investment to the District and its surrounding Maryland and Virginia suburbs, but that investment—and the benefits that come with it—has not been evenly distributed across the region, limiting economic opportunity for residents and pricing many out of their communities.
Exploring Capital Flows in Chicago
How investment patterns vary across neighborhoods in the Windy City Like many cities across the US, Chicago has been facing an economic whiplash over the past decade. After the Great Recession, investment growth in the city rebounded in subsequent years only to stall and reverse during the pandemic-related economic downturn. But there isn’t just one story of investment trends in Chicago. Depending on where you look, Chicago can be highly invested and affluent or it can be disinvested and declining.
Will a new EPA fund serve low- and moderate-income people? Five principles to promote success
On August 16, President Biden signed the Inflation Reduction Act, federal legislation that invests nearly $400 billion over 10 years in renewable energy generation, clean vehicles, building decarbonization, and other efforts to mitigate greenhouse gas pollution. A key part of the package is a $27 billion Greenhouse Gas Reduction Fund at EPA, with $15 billion of that money set aside to serve low-income and disadvantaged communities.
Neighborhood Investment Flows in the City of Milwaukee
Capital has flowed inequitably to communities across the US for decades, often with a racialized motivation or a racialized effect. This report analyzes investment flows in Milwaukee from 2005 to 2019, studying what kinds of money have been flowing, and for what purposes, into the city’s neighborhoods. The report builds on previous investment flow studies we have conducted in other cities, such as Baltimore, Chicago, Detroit, and Minneapolis and Saint Paul, as well as national studies.
Despite the Pandemic’s Hit to Sales, Small Businesses Aren’t Experiencing Dramatically Higher Delinquencies. But Will That Trend Last?
A year ago, the American economy was in a free fall. As large parts of the country went into lockdown and a national emergency was declared, small businesses began an arduous journey to survive the COVID-19 economic crisis. Falling sales forced many businesses to close and to lay off workers, leading to a spike in unemployment claims.
An Early Assessment of Opportunity Zones for Equitable Development Projects
Opportunity Zones (OZs) are gaining momentum, and now that the rules regulating them are clearer, investors, local officials, developers, and businesses have been engaging with the incentive. In the two years since the Tax Cut and Jobs Act of 2017 created the incentive and Treasury-designated Zones, hundreds of Qualified Opportunity Funds (QOFs) have been created, and OZ investment was beginning to flow until the COVID-19 crisis began.
Neighborhood Disparities in Investment Flows in Chicago
Capital has flowed inequitably to communities across the US for decades, often with a racialized motivation or a racialized effect. This report analyzes investment flows for Chicago from 2011 to 2017, studying what kinds of money have been flowing, and for what purposes, into the City’s neighborhoods. Looking at these data by neighborhood race and poverty rate reveal stark investment disparities.
"The Black Butterfly"
Looking at per household trends among big cities in investment in multifamily, commercial, and industrial properties, Baltimore is in the middle of the pack. It is ahead of some larger cities, like Los Angeles and San Antonio, but stands at just 36 percent of DC’s per capita investment levels. Investment across Baltimore is uneven—fragmented by race, income, and geography.
Tracking the Unequal Distribution of Community Development Funding in the US
There are clear winners and losers in the competition to attract this capital, including resources coming from the federal government, with some areas drawing more capital than others, even after adjusting for relative needs. Using our recently developed tool, Community Development Financial Flows, we measured flows of federally sponsored or incentivized community development capital to all US counties with more than 50,000 residents.
Commercial Investment in Detroit
Since the end of the most recent economic recession, Detroit has seen a resurgence of investment in commercial, multifamily, industrial, and institutional real estate. Across Detroit, the dollar volume of construction and rehabilitation investments in these properties more than doubled from 2011 to 2015. Mission-oriented lenders and government subsidy programs have played a critical role in Detroit’s resurgence.
Mission Finance in the Motor City
Mission-oriented lenders seek both financial and social returns. Mission lenders extend riskier loans to developers, offer flexible underwriting and loan features, use debt financing to leverage mainstream and private capital, facilitate the provision of grant and tax credit subsidies, and also provide technical assistance to developers.
Coming Back from the Brink
Detroit has been characterized by a declining population, increasing poverty and unemployment rates, and increasing vacancy rates. But the city has experienced modest economic growth in the job and real estate markets in recent years. Property sales, sales price per square foot, and investment and permit activity in commercial, industrial, multifamily, and institutional properties have all been increasing, yet are far from their peak.
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