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The Value of Land Use Patterns and Preservation Policies

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  • Heintzelman Martin D

    ()
    (Clarkson University)

Abstract

In many communities, land-use and open-space preservation have become important concerns. Using a large dataset containing every home sale in the state of Massachusetts over 8 years, this paper simultaneously measures the impact of the mix of land-uses in the immediate neighborhood of a home on property values and the impact of a locally-implemented program, the Community Preservation Act (CPA), which provides funds for local open-space and historic preservation as well as affordable housing. I exploit the panel nature of the dataset to conduct a difference-in-differences analysis using local as well as house level fixed effects to overcome omitted variables bias. My results indicate that, on average, passage of the CPA reduces property values by about 1.5% in Massachusetts towns. However, when I allow the CPA effect to differ by county, I find some heterogeneity -- it increases property values in some communities and reduces them in others. Variation in local spending priorities appears to have little impact on property values or the effect of the CPA. Finally, I find that cropland and pasture, as well as low-density residential development, are the most preferred local land-uses, and that homes are more expensive as one increases distance to highways and active rail lines.

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File URL: http://www.degruyter.com/view/j/bejeap.2010.10.1/bejeap.2010.10.1.2484/bejeap.2010.10.1.2484.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Economic Analysis & Policy.

Volume (Year): 10 (2010)
Issue (Month): 1 (May)
Pages: 1-26

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Handle: RePEc:bpj:bejeap:v:10:y:2010:i:1:n:39

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Web page: http://www.degruyter.com

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Cited by:
  1. Martin Heintzelman & Jason Altieri, 2013. "Historic Preservation: Preserving Value?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(3), pages 543-563, April.
  2. Tuttle, Carrie M. & Heintzelman, Martin D., 2013. "The Value of Forever Wild: An Economic Analysis of Land Use in the Adirondacks," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(1), April.

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