Impact of unfinished residential developments on municipal economic forecasts: Evidence from medium-sized Spanish cities
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Garrido Jiménez, Francisco Javier; Magrinyà, Francesc; del Moral-Ávila, María Consuelo; Delgado-Méndez, LuisFecha
2018-10-24Resumen
The economic impact of each new residential development on the public budget can be very different than expected when, due to the real estate speculation, a poor demand forecast or to unexpected reasons, the dwellings are not built and occupied by their final users within the planned term. To quantify to what extent public costs and revenues are affected in unfinished developments, the economic balance of the public services operation when vacant lots, empty dwellings and dwellings with temporary occupancy are persistent in the long term has been simulated in three theoretical developments under the tax burden and operating cost of a sample of Spanish municipalities. Regardless of the local particularities, the results obtained show a clear stress to public finances when dwellings are not built, and less robust statistical results when said dwellings are built but remain empty or are occupied only temporarily. This leads to a reflection on whether the current tax system, based more on ...
Palabra/s clave
Economic metabolism
Economic sustainability
Empty houses
Public services operating cost
Second homes
Vacant lots