ECONOMICS UNIQUENESS

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136 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> Th at leverage can be used to encourage or mandate requirements to hire from the available labor pool found in the low-income community. • Low-income housing ownership programs. One of the most eff ective means of integrating long-term tenants into a secure and lasting habitation of a neighborhood is to assist them in becoming homeowners. Th is is a strategy that is necessarily limited to the working citizenry, in that any homeownership program will require proof of employment and regular payments for the mortgage, insurance, taxes, and utilities. However, transforming renters into owners accomplishes two things: (1) households are no longer at risk of being displaced because of rising rents, and (2) households may experience fi nancial benefi t from the long-term appreciation of the neighborhood. 7 • Long-term rental subsidies. Another way to keep low-income tenants in a gentrifying neighborhood is to subsidize rents in private-sector housing developments. While this requires a long-term commitment to funding from the public sector, it is possible that the enhanced tax revenues from the district could be used as a cross-subsidy to support the rent expenditures of the lowerincome households. • New construction of aff ordable housing. In most heritage areas that have deteriorated—both residential and commercial—there is vacant land. Th ese empty parcels might have resulted from the demolition of a structure deemed no longer safe, from land clearance for a speculative development project that was never built, or from fi re or other disaster. Oft en these vacant parcels end up in public hands or can be cost-eff ectively acquired by the public sector. As part of a comprehensive strategy, these parcels can be allocated for redevelopment for low-income or mixed-income housing. However, it should be a prerequisite that there be design guidelines to assure that any new construction on these parcels is compatible with the historic character of the district. • Job training programs. Ultimately individuals and families get out of poverty because they have secured productive employment. Within commercial and residential heritage neighborhoods that are experiencing revitalization, there will be job opportunities. Some of these openings will be for highly skilled artisans for the restoration of heritage buildings; others will be for maintenance jobs for buildings and public spaces. Additionally, new businesses established in the area will seek to hire employees. All of these represent opportunities to provide job training for existing residents so that they become direct and long-term benefi ciaries of the regeneration process. All of the above strategies aim to keep existing residents in the heritage area rather than simply creating new housing projects for them elsewhere. (See box 5.6.)
BOX 5.6 HERITAGE CONSERVATION AND PROPERTY VALUES ■ 137 Lebanon Project Is Mitigating the Impact of Urban Upgrading on Housing for Poor Households Lebanon Cultural Heritage and Urban Development Project (Project number 050529) Total Project Cost: US$61.9 million Total Loan Amount: US$31.5 million Approved: April 2003 – Ongoing The government of Lebanon benefi tted from co-fi nancing from the World Bank and the governments of France and Italy to undertake an extensive project aiming at improving conservation and management of the country’s built heritage, increasing local economic development, and enhancing the quality of life in the fi ve historic city cores of Baalbeck, Byblos, Saida, Tripoli, and Tyre. Two additional loans from the World Bank (US$27 million) and from the French government (€21.5 million) have been approved in 2012, bringing the overall project cost to approximately US$117 million. Among its interventions, the project supports the rehabilitation of historic housing stock in city cores. Since these areas provide the main residential opportunities to the poorest segment of the urban population, measures have been put in place to maintain the inhabitants in the immediate vicinity of their original housing. An illustration of this is the three apartment buildings constructed to resettle about 70 families who were previously living in slum-like conditions in the ancient complex of Khan Al Askar (Tripoli), which was successfully rehabilitated through the project. It is also expected that the rehabilitated Khan Al Askar will provide job opportunities for the local residents. Source: Lebanon Cultural Heritage and Urban Development Project Appraisal Document. It should be noted that not just residents may be displaced as a consequence of the regeneration process; businesses, particularly small businesses, can be aff ected as well. Many of the above strategies can be applied to small businesses as well as households. A heritage building could be redeveloped by the public or NGO sector to house small businesses that are in danger of being priced out of their existing space. Low-interest loans could be provided to small businesses so that they can acquire their business premises. Th e business equivalent of job training can be provided: capacity building and management
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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UNESCO WORLD HERITAGE LIST, TOURISM
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TABLE 7.1 Regional and Historical D
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TABLE 7.3 Benchmark Regressions Fir
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TABLE 7.10 Robustness to Using Diff
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8 Financial Mechanisms for Historic
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FINANCIAL MECHANISMS FOR HISTORIC C
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BOX 8.2 FINANCIAL MECHANISMS FOR HI
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BOX 8.3 FINANCIAL MECHANISMS FOR HI
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TABLE 8.1 Local Financial Tools Use
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FIGURE 8.4 Brownfi eld Concession T
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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