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Public lands in urban areas can make up substantial parts of a city and hold significant economic value. In a new paper, SGA Director of Research Michael Rodriguez demonstrates how developing these public parcels could greatly benefit municipalities. By using a variety of methods, including an inventory of public assets, statistical analysis, and advanced machine learning techniques, the analysis of Richmond, Virginia, reveals that a surprising portion of land is undeveloped and underutilized.

The research demonstrates the untapped fiscal potential of urban public lands. In Richmond, the analysis finds that developing these lands could raise property values by approximately $530 million, increase tax revenue by $6 million annually, and have additional positive effects on nearby private properties.

Overall, the report highlights the importance of public lands in city planning and provides valuable insights for policymakers on how public assets can be leveraged to harness the potential of public assets for the greater good, revitalize cities, and improve fiscal stability. It suggests that careful and strategic development of these lands can bring in much-needed revenue while ensuring sustainable and fair use of urban spaces.

This study is especially useful for cities facing financial challenges and demonstrates how public lands can be a key resource for urban renewal and economic growth.

You can read the full working paper here