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The Center for Property Tax Reform (CPTR) is a joint undertaking between long-time collaborators The Robert Schalkenbach Foundation and the Center for the Study of Economics.  Both RSF and CSE share a commitment to increasing understanding and adoption of Land Value Tax (LVT), a form of property tax that differs from the traditional approach because it only levies taxes on land, not improvements.

CPTR works diligently to provide outreach programs, to create customized case studies and impact assessments and incorporates its knowledge and experiences in Pennsylvania and states across the country.  Below is a sample of some of our featured projects, resources, and research – you can view more information on the Center for Property Tax Reform website.

Recent Articles and Research

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.

Read More »

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.

Read More »

Everybody Works But The Vacant Lot: How Speculators Profit From Our Thriving Cities

As academics, advocates, and pundits scramble to explain the rising burden of housing costs in American cities, much has been written about the specter of vacant housing. A symptom of wealthy speculators, vacant units indicate that many investors are happy to park their wealth in real estate and profit from growth in land values without the hassle of actually having to build or rent-out empty units.


This narrative is often paired with calls for a tax on vacant units, which is expected to push these units into being made available for use by tenants. While there are merits to this argument, it misses the forest for the trees, as it entirely fails to identify and fix two other ways in which scarce space within our cities is wasted: through vacant and/or underutilized urban land. Just like vacant dwellings, vacant and utilized lots are held out of use by speculators when they could instead be housing many more people. 


In this article, we will summarize the existing research on the causes and consequences of urban land, which primarily centers on the existence of blighted land in struggling cities.

Read More »

Citadels of Privilege: How LLCs Funnel Land Rents Into the Pockets of Wealthy Investors

As housing costs continue their inexorable climb upwards in cities across the US, concern is mounting about the role played by corporate investors. Referred to as the ‘financialization’ of housing, real estate is being hoovered-up by massive investment funds with names like BlackRock and Blackstone.

While attention is often paid to the institutional investors, one overlooked component of this shifting economic quicksand is the growing presence of limited liability companies (LLCs) in the real estate market. This legal structure is favored by investors looking to profit by grabbing land, avoiding the tax collector, and dodging the ire of the public eye.

In this article we’ll describe how the LLC legal structure became a favorite weapon for real estate speculators, explain how they widen inequality, present our own research into their presence in New York City (NYC), and suggest some policy tools to uproot this pernicious weed ensnaring our cities.

Read More »

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.

Read More »

Everybody Works But The Vacant Lot: How Speculators Profit From Our Thriving Cities

As academics, advocates, and pundits scramble to explain the rising burden of housing costs in American cities, much has been written about the specter of vacant housing. A symptom of wealthy speculators, vacant units indicate that many investors are happy to park their wealth in real estate and profit from growth in land values without the hassle of actually having to build or rent-out empty units.


This narrative is often paired with calls for a tax on vacant units, which is expected to push these units into being made available for use by tenants. While there are merits to this argument, it misses the forest for the trees, as it entirely fails to identify and fix two other ways in which scarce space within our cities is wasted: through vacant and/or underutilized urban land. Just like vacant dwellings, vacant and utilized lots are held out of use by speculators when they could instead be housing many more people. 


In this article, we will summarize the existing research on the causes and consequences of urban land, which primarily centers on the existence of blighted land in struggling cities.

Read More »

Citadels of Privilege: How LLCs Funnel Land Rents Into the Pockets of Wealthy Investors

As housing costs continue their inexorable climb upwards in cities across the US, concern is mounting about the role played by corporate investors. Referred to as the ‘financialization’ of housing, real estate is being hoovered-up by massive investment funds with names like BlackRock and Blackstone.

While attention is often paid to the institutional investors, one overlooked component of this shifting economic quicksand is the growing presence of limited liability companies (LLCs) in the real estate market. This legal structure is favored by investors looking to profit by grabbing land, avoiding the tax collector, and dodging the ire of the public eye.

In this article we’ll describe how the LLC legal structure became a favorite weapon for real estate speculators, explain how they widen inequality, present our own research into their presence in New York City (NYC), and suggest some policy tools to uproot this pernicious weed ensnaring our cities.

Read More »

CPTR Mapping Tools

LLCs in NYC

View underutilized land and lots owned by LLCs throughout New York City.

Tax Shift Explorer

From city council district to individual parcels, explore what a split rate tax could do for your city.

NYC Vacant Land

View more than 28,000 vacant and underutilized parcels found throughout New York City.

RSS Recent CPTR Article Feed: Ongoing Research
  • Carbon Consensus: The Georgist Path to Environmental Unity
    The “debate” should long ago have ended: carbon pricing works. Study after study has confirmed this. Unsurprisingly, when it costs money to emit the greenhouse gasses that damage our climate, emissions decrease. But please don’t take our word for it! To behold the mountains of data demonstrating that carbon pricing does exactly what it’s supposed… Read […]
  • Carbon Market Conversations Must Include Native Voices
    Carbon markets are expanding, with more companies investing in them each year to increase sustainability in their operations. These markets can be highly profitable, considering that revenue from compliance markets and carbon taxes reach nearly $100 billion in 2022. Despite the growth of carbon markets, coalitions advocating for the rights of Native and Indigenous populations… Read […]
  • Understanding Carbon Markets in the Future of Climate Change: Challenges and Key Considerations following COP28
    In the fight against climate change, leaders at COP28 negotiated the creation of a global carbon market that could revolutionize climate economics. Following disagreements about key regulations in an international market, this blog will outline the basics of carbon markets, its challenges, and key considerations. What are Carbon Markets?  There are two types of carbon… Read […]

RSF Staff Contact

Stephanie L. Cullins

Director of External Affairs