Homelessness as an Impediment to Urban Revitalization: the Case of Dallas, Texas

Homelessness has long been recognized as a serious problem in many American cities, and Dallas in no exception. What’s more, the homeless tend to congregate in the downtown districts (DD) since most service providers are also located in the urban core. Though homelessness is typically considered a social problem, it also has economic consequences. The latest homeless census for the city of Dallas totaled 6,000, and annual outlays by governmental, non-profit, charitable, and faith-based organizations to provide them with services probably exceed $50 million. This estimate doesn’t include thousands of volunteer hours. But the true economic cost of homelessness is much greater. A survey of downtown business owners found that the presence of homeless persons is having a negative affect on their operations and burdening many of them with additional costs for security and cleaning. A majority of retail respondents report that proximity to the homeless was scaring off customers and reducing their sales. An examination of downtown properties using Dallas County Appraisal District (DCAD) records reveals that average values in the southern sector, where most of the homeless are concentrated, are well below those in the northern half of downtown. Consequently, the City of Dallas, Dallas County, and the Dallas Independent School District are losing$2.4 million per year due to valuation disparities from a lack of development in the southern half of the DD. What’s more, we estimate the southern half of downtown can potentially support almost 2.2 million square feet of additional commercial, office and residential space. This development scenario would create more than 5,000 new jobs and generate about $6.6 million per year for local taxing entities. But the revitalization of Dallas’ DD, an avowed goal of the city’s political and business leaders, will not be fully realized until a comprehensive plan for improving homeless services is developed and implemented. Most importantly, the proposed central intake facility should be located away from—but close to—the downtown district. In this regard, the City of Miami can serve as a model. Miami has significantly reduced the visible homeless count and greatly improved the delivery of services. By creating an umbrella agency to oversee all homeless programs—whether provided by government, voluntary or faith-based institutions—the city has avoided duplication and overlap of services. Significantly, Miami has located both of its central intake facilities, known as Homeless Assistance Centers (HACs), away from their downtown district. Miami’s businesses community has recognized that reducing homelessness is a community and economic development issue as well as a social problem, and to that end they have contributed about$50 million over the past decade. The results are tangible, as evidenced by the construction boom currently underway in Miami’s downtown. As with Miami, an effective approach for dealing with Dallas’ homeless population must include greater participation and support by the region’s business leaders. Homelessness has significant economic as well as social consequences for the City of Dallas. While offering our compassion to the homeless, we should also acknowledge that the overwhelming presence of homeless persons on the streets of downtown has negative economic impacts on individual businesses, the prospects for redevelopment, and the city’s finances.

The persistence and determinants of current account balances: The implications for global rebalancing

This paper examines the dynamics of current account balances with particular focus on the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience local nonstationarity in current account balances, we examine the dynamics of current account balances across a panel of 70 countries. While linear unit root tests fail to reject the null hypothesis of a unit root for a number of countries, a Markov-switching (MS)-ADF econometric framework that allows for regime switches in current account dynamics not only lead us to reject the unit root null hypothesis for a much increased number of countries, but also provide notable cross country differences in the timing and duration of stationary and locally nonstationary regimes. Armed with the structural break dates the MS-ADF testing provides, we investigate the determinants of the different degrees of current account persistence. We find that the lack of trade openness, net foreign assets, and financial development help increase the degree of current account persistence. The type of exchange rate regimes is not found to be a robust determinant of current account persistence, but fixed exchange rate regime is more likely to lead an emerging market country to enter nonstationary current account regime

Multinational lessons from local and regional economic development agencies

This paper discusses the commonalities and differences in local and regional economic development (LRED) across England, Northern Ireland, Australia and the US. The focus is on four themes: the institutional characteristics of the respondents; governance, partners and partnerships; the objectives, regional capacity building and business service activities of responding agencies; and the self-assessment of effectiveness by LRED organisations. Our analysis is based on a survey of LRED agencies in the above-noted countries using a common questionnaire that was slightly adapted for each study area. Using logistic regression, we identify the practices and strategies of local and regional economic development agencies that are associated with higher levels of effectiveness. When all participating nations’ LRED organisations are jointly evaluated, several practices emerge as being positively related to agency performance including being actively involved in industrial estates, labour training and recruitment, marketing the agency’s region to international markets, and promoting industry clusters. Also showing as being positively related to performance are variables identifying whether or not the agency subsidized relocation costs for new businesses, helps local companies access venture capital, engages in education and training programs targeted at youths, and enhances networking opportunities for local business people. Interestingly, we found statistically significant negative relationships between agency effectiveness and engaging in tourism promotion activities, training minority groups, and conducting target industry studies, though this may reflect a correlation between certain activities and problematic economic environments. Though our research methodology of relying on self-assessed performance measures does not allow us to draw sweeping conclusions, we are confident that these findings provide a beginning for identifying a set of best practices that are appropriate for LRED organisations in a multinational setting.

Homelessness as an Impediment to Urban Revitalization: the Case of Dallas, Texas

Homelessness has long been recognized as a serious problem in many American cities, and Dallas in no exception. What’s more, the homeless tend to congregate in the downtown districts (DD) since most service providers are also located in the urban core. Though homelessness is typically considered a social problem, it also has economic consequences. The latest homeless census for the city of Dallas totaled 6,000, and annual outlays by governmental, non-profit, charitable, and faith-based organizations to provide them with services probably exceed $50 million. This estimate doesn’t include thousands of volunteer hours. But the true economic cost of homelessness is much greater. A survey of downtown business owners found that the presence of homeless persons is having a negative affect on their operations and burdening many of them with additional costs for security and cleaning. A majority of retail respondents report that proximity to the homeless was scaring off customers and reducing their sales. An examination of downtown properties using Dallas County Appraisal District (DCAD) records reveals that average values in the southern sector, where most of the homeless are concentrated, are well below those in the northern half of downtown. Consequently, the City of Dallas, Dallas County, and the Dallas Independent School District are losing$2.4 million per year due to valuation disparities from a lack of development in the southern half of the DD. What’s more, we estimate the southern half of downtown can potentially support almost 2.2 million square feet of additional commercial, office and residential space. This development scenario would create more than 5,000 new jobs and generate about $6.6 million per year for local taxing entities. But the revitalization of Dallas’ DD, an avowed goal of the city’s political and business leaders, will not be fully realized until a comprehensive plan for improving homeless services is developed and implemented. Most importantly, the proposed central intake facility should be located away from—but close to—the downtown district. In this regard, the City of Miami can serve as a model. Miami has significantly reduced the visible homeless count and greatly improved the delivery of services. By creating an umbrella agency to oversee all homeless programs—whether provided by government, voluntary or faith-based institutions—the city has avoided duplication and overlap of services. Significantly, Miami has located both of its central intake facilities, known as Homeless Assistance Centers (HACs), away from their downtown district. Miami’s businesses community has recognized that reducing homelessness is a community and economic development issue as well as a social problem, and to that end they have contributed about$50 million over the past decade. The results are tangible, as evidenced by the construction boom currently underway in Miami’s downtown. As with Miami, an effective approach for dealing with Dallas’ homeless population must include greater participation and support by the region’s business leaders. Homelessness has significant economic as well as social consequences for the City of Dallas. While offering our compassion to the homeless, we should also acknowledge that the overwhelming presence of homeless persons on the streets of downtown has negative economic impacts on individual businesses, the prospects for redevelopment, and the city’s finances

Multinational lessons from local and regional economic development agencies

This paper discusses the commonalities and differences in local and regional economic development (LRED) across England, Northern Ireland, Australia and the US. The focus is on four themes: the institutional characteristics of the respondents; governance, partners and partnerships; the objectives, regional capacity building and business service activities of responding agencies; and the self-assessment of effectiveness by LRED organisations. Our analysis is based on a survey of LRED agencies in the above-noted countries using a common questionnaire that was slightly adapted for each study area. Using logistic regression, we identify the practices and strategies of local and regional economic development agencies that are associated with higher levels of effectiveness. When all participating nations’ LRED organisations are jointly evaluated, several practices emerge as being positively related to agency performance including being actively involved in industrial estates, labour training and recruitment, marketing the agency’s region to international markets, and promoting industry clusters. Also showing as being positively related to performance are variables identifying whether or not the agency subsidized relocation costs for new businesses, helps local companies access venture capital, engages in education and training programs targeted at youths, and enhances networking opportunities for local business people. Interestingly, we found statistically significant negative relationships between agency effectiveness and engaging in tourism promotion activities, training minority groups, and conducting target industry studies, though this may reflect a correlation between certain activities and problematic economic environments. Though our research methodology of relying on self-assessed performance measures does not allow us to draw sweeping conclusions, we are confident that these findings provide a beginning for identifying a set of best practices that are appropriate for LRED organisations in a multinational setting

Incorporating inventories into supply and demand analysis

While the paper lacks a formal abstract, it draws the important distinction between stocks and flows in supply and demand to better understand the business cycle.Inventories; supply and demand; business cycles; stocks versus flows

Incorporating inventories into supply and demand analysis

While the paper lacks a formal abstract, it draws the important distinction between stocks and flows in supply and demand to better understand the business cycle