Why Pittsburgh real estate never crashes: the tax reform that stabilised a city’s economy
by Dan Sullivan, from Fleeing Vesuvius. Pittsburgh and Cleveland have adopted diametrically opposed strategies, with dramatically different results. In Pittsburgh, foreclosure rates are low despite the downturn, home prices are climbing slightly and construction rates are increasing. Cleveland, meanwhile, is struggling to stem a complete collapse of its housing market. The difference lies in the fact that Pittsburgh has had a site-value tax, which steadies the market, and Cleveland has not.
Patrick Andrews qualified as a solicitor in 1988 and spent many years working in the UK and abroad for large corporations, specialising in cross-border transactions. In 2002 he left the corporate world, driven by a concern about its impact on society and the planet. He now teaches and writes about alternatives to conventional ownership and governance structures, and works with business leaders devising new ways of organising. He helped develop a radical financial and governance structure for 