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Stephen Hoskins

Privilege in the Wasted Land: How Wealthy Investors Hide Behind LLCs and Speculate on Vacant and Underutilized Land in New York City

Over the past few months, we have published a series of articles which explore the presence of vacant and underutilized land in New York City and the role of Limited Liability Companies (LLCs) in the city’s housing market. Today, we publish our ground-breaking report, Privilege in the Wasted Land, which examines the factors associated with these phenomena and clearly establishes that LLC investors are over-represented among owners of both vacant and underutilized land in NYC.

Squandered Opportunity: The Social Cost of Underutilized Land

In our previous article describing speculation on vacant urban land, we pointed out that the attention paid to vacant housing often overlooks another type of pernicious vacancy: housing units that aren’t even built in the first place. Sometimes this looks like plots of land lying vacant for decades, even in the face of exorbitant rents, earning juicy speculative profits for the owner as their land rises in value. But speculative profiteering doesn’t only occur on wholly vacant land. It also occurs on underutilized land. In this article, we examine the social harms that arise from underutilized land, consider ways of measuring it, and propose policies to discourage it.