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The Effect of Lead Paint Abatement Laws on Rental Property Values

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  • Deborah Ann Ford
  • Michele Gilligan
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    Abstract

    Lead paint is a source of childhood lead poisoning, a vicious disease with high costs to both the victims and society. Treatment of the disease requires placing the victim in a lead-free environment. Laws have been enacted by many localities, which would require removal of lead from residential property. However, property owners have resisted the enforcement of these laws with threats of abandonment. Theory suggests that abandonment will occur only if the value of the rental property after removal of the paint is less than the cost of removal. This paper shows that these costs have already been discounted into property values. Data from Baltimore, Maryland indicates that the market has placed a value of approximately $15,250 per structure or $3,813 per rental unit on expected abatement costs. This value in most cases is less than the value of the rental property. Thus abandonment should occur infrequently. Copyright American Real Estate and Urban Economics Association.

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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 16 (1988)
    Issue (Month): 1 ()
    Pages: 84-94

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    Handle: RePEc:bla:reesec:v:16:y:1988:i:1:p:84-94

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    Cited by:
    1. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Francois Des Rosiers, 2002. "Power Lines, Visual Encumbrance and House Values: A Microspatial Approach to Impact Measurement," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 275-302.
    3. Gunther Maier & Shanaka Herath, 2009. "Real Estate Market Efficiency: A Survey of Literature," SRE-Disc sre-disc-2009_07, Institute for the Environment and Regional Development, Department of Socioeconomics, Vienna University of Economics and Business.

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