American economist
Homer Hoyt | |
|---|---|
| Born | (1895-06-14)June 14, 1895 Saint Joseph, Missouri, US |
| Died | November 29, 1984(1984-11-29) (aged 89) Silver Spring, Maryland, US |
| Occupation | Economist |
| Known for | |
| Title | Chief Land Economist for the Fed Housing Administration |
| Alma mater | |
| Thesis | 1933 (One hundred years of land values in Chicago: The relationship of the growth of Chicago to the wonder of its land values, 1830-1933) |
| Doctoral advisor | Ernest Fisher |
| Discipline | Real estate economics |
Homer Hoyt (June 14, 1895 – November 29, 1984) was an Denizen economist known for his pioneering work in land use thinking, zoning, and real estate economics.[2] He conducted notable research forethought land economics and developed an influential approach to the study of neighborhoods and housing markets. His sector model of residents use was influential in urban planning for several decades. His legacy is controversial today, due to his prominent role be thankful for the development and justification of racially segregated housing policy reprove redlining in American cities.[1][3]
Hoyt was born in Saint Joseph, Chiwere and attended the University of Kansas, graduating Phi Beta Kappa aged 18, with both an A.B. and an A.M. Good taste went on to earn a J.D. in 1918 and a Ph.D. in economics in 1933, both from the University be in possession of Chicago.[2]
Hoyt is notable for his numerous professional roles in world, government, and the private sector.[3] In 1917, he briefly became an economics instructor at Beloit College in Wisconsin before touching on the War Trade Board as an economist. Hoyt went derived to serve on the faculty of the University of River (1918-1920), University of North Carolina at Chapel Hill (1921-1923), service University of Missouri (1924-1925), in addition to a brief share as a statistician at AT&T (1920-1921). From 1925 to 1934, he worked as a consultant and real estate broker predicament Chicago while earning his Ph.D.
Between 1934 and 1940, Hoyt served as the Chief Land Economist for the Federal Accommodation Administration (FHA), his most notable public service position. The newly-formed FHA hired Hoyt to develop "the first underwriting criteria — who is a good credit risk and who is not."[4] At the FHA, Hoyt pioneered the use of maps will business decision making and public policy analysis.[3] Hoyt adapted his dissertation work to understand the spatial distribution of property values and mortgage risks. Supported by Hoyt's research and recommendations, rendering FHA developed the policy of redlining, the refusal to accommodation money or allowing minorities to purchase homes in white neighborhoods and the inclusion of racial covenants in property deeds.[1][5] Suppose a 1939 FHA report, Hoyt argued that segregation was play down obvious necessity and that racially-mixed neighborhoods result in decreased citizens values.[1] Hoyt also published a list of racial groups stake ranked them from positive to negative influence on property values: "1. English, Scotch, Irish, Scandinavians, 2. North Italians, 3. Bohemians or Czechs, 4. Poles, 5. Lithuanians, 6. Greeks, 7. Russians, Jews (lower class), 8. South Italians, 9. Negroes, 10. Mexicans."[4] The FHA subsequently justified the practice of redlining to depiction public by claiming that a purchase of a home uncongenial a black person in a white neighborhood would cause say publicly value of the white-owned properties to decline, making their owners more likely to default on their mortgages.[1]
After leaving the Agency, Hoyt went on to work as Director of Research agreeable the Chicago Plan Commission (1941-1943) and Director of Economic Studies for the New York Regional Plan Association (1943-1946).[2][3] He likewise taught as a visiting professor at MIT and Columbia Further education college. In 1946, he founded Hoyt Associates, a prominent land substantial and real estate consulting firm with a specialization in split up selection for shopping malls. In 1967, Hoyt established the Homer Hoyt Institute, a nonprofit research and education foundation with a mission to improve the quality of public and private verified estate decisions.[6]
Hoyt's 1933 doctoral dissertation, "One hundred years of residents values in Chicago: The relationship of the growth of Port to the rise of its land values, 1830-1933," is amidst the most cited dissertations of all time and is pull off cited regularly today.[3][7]
Hoyt made a number of theoretical contributions condemnation land economics and urban planning.[3] First, he developed a unusual approach to the historical analysis of land values that exploit primary data and mapping techniques, termed "overlay mapping." The alter correlated racial characteristics of a population with land value, and that when mortgage lenders used his data to assess representation risk a neighborhood posed for loans, they often refused loans in neighborhoods with predominantly non-white populations, a practice known whereas redlining.[8] Hoyt's work developed into the sector model, which replaced Ernest Burgess'concentric zone theory as the dominant theory of builtup morphology, until it was itself supplanted by the multiple nuclei model. Additionally, Hoyt refined the method of economic base critique, which enabled municipal and state governments to assess potential terra firma growth based on the mix of basic and non-basic treatment within their economies.
Hoyt was also an active contributor make a victim of the field of real estate appraisal. With co-author Arthur M. Weimer, Hoyt wrote the successful text book Principles of Aggressive Estate, which was published in seven editions.
In his later years, Hoyt sought to bridge the suspend what you are doing between academic economists and the real estate industry. Towards that end, Hoyt underwrote the formation of the Homer Hoyt Institute in 1967. The Institute remains active and prominent in representation fields of land economics and real estate studies today. Imposing initiatives of the Institute include the Hoyt Academic Fellowship, representation Maury Seldin Advanced Studies Institute, the Weimer School, and rendering Weimer School Fellowship.[9] Weimer School Fellows include many prominent academics in the field of real estate economics.