In 2015, eight years after the start of the Great Recession, average per capita revenue in the nation's largest central cities was 7% below pre-recession levels, a decline that in both depth and duration is the most severe in the post-war period. In this paper, we address the role of the housing market in this decline. We analyze the impact of the boom and subsequent collapse in housing prices and the unprecedented surge in mortgage foreclosures on the finances of central cities. To link city finances to housing conditions, we draw on a specially created data base that takes account of the revenues and spending of all the local governments that provide services to city residents. Our regression analysis, which employs data from 2000 through 2014 for 90 large central cities, finds statistically and economically significant effects of both housing price changes and foreclosure rate changes on property tax revenues. We also find that property tax levy limits dampened the fiscal response to the housing bubble and bust. During the housing bubble period, property tax revenues and capital expenditures rose significantly faster in non-levy limit cities than in cities subject to levy limits, but then fell more sharply during the housing bust period. We estimate that the direct effect of the housing bust was responsible for 21% of the decline in the general revenue of large central cities from 2009 to 2011.

2015 年，也就是大衰退开始 8 年后，全国最大中心城市的人均收入比衰退前水平下降了 7%，下降的深度和持续时间都是战后最严重的. 在本文中，我们讨论了住房市场在这种衰退中的作用。我们分析了房价的繁荣和随后的崩溃，以及前所未有的抵押止赎激增对中心城市财务的影响。为了将城市财政与住房条件联系起来，我们利用了一个专门创建的数据库，该数据库考虑了为城市居民提供服务的所有地方政府的收入和支出。我们的回归分析采用了 2000 年到 2014 年的 90 个大城市的数据，发现房价变化和止赎率变化对财产税收入的统计和经济显着影响。我们还发现，房产税征收限制抑制了对房地产泡沫和破灭的财政反应。在房地产泡沫时期，非限征城市的房产税收入和资本支出增长明显快于限征城市，但在房地产泡沫时期下降幅度更大。我们估计，2009 年至 2011 年大型中心城市一般收入下降的 21% 是由房地产泡沫破裂的直接影响造成的。非限征城市的房产税收入和资本支出增长明显快于限征城市，但在楼市萧条时期下降幅度更大。我们估计，2009 年至 2011 年大型中心城市一般收入下降的 21% 是由房地产泡沫破裂的直接影响造成的。非限征城市的房产税收入和资本支出增长明显快于限征城市，但在楼市萧条时期下降幅度更大。我们估计，2009 年至 2011 年大型中心城市一般收入下降的 21% 是由房地产泡沫破裂的直接影响造成的。