The effects of community land trusts on neighborhood outcomes
研究了社区土地信托（CLTs）对周边房价和人口构成的溢出效应，发现其能稳定或提升房价，且未导致居民被迫搬迁。
Abstract We examine the spillover effects of community land trusts (CLTs) on nearby house prices and demographic composition. CLTs are nonprofits that promote affordable home‐ownership by holding the land in trust and selling the dwellings to income‐eligible households. We build a new data set of property acquisitions from 15 major CLTs, combined with data on housing transactions, demographics, and migration histories over the period 2000–2016. Results show that acquisitions stabilize or increase nearby home prices, even as broader neighborhood prices decline, with no detectable effect on resident displacement. Our findings suggest that CLTs can play a role in stabilizing neighborhoods with declining property values.