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Housing Externalities

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  • Esteban Rossi-Hansberg
  • Pierre-Daniel Sarte
  • Raymond Owens

Abstract

Using data compiled from concentrated residential urban revitalization programs implemented in Richmond, Virginia, between 1999 and 2004, we study residential externalities. We estimate that housing externalities decrease by half approximately every 1,000 feet. On average, land prices in neighborhoods targeted for revitalization rose by 2-5 percent at an annual rate above those in a control neighborhood. These increases translate into land value gains of between $2 and $6 per dollar invested in the program over a 6-year period. We provide a simple theory that helps us estimate and interpret these effects in terms of the parameters of the model. (c) 2010 by The University of Chicago. All rights reserved..

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 118 (2010)
Issue (Month): 3 (06)
Pages: 485-535

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Handle: RePEc:ucp:jpolec:v:118:y:2010:i:3:p:485-535

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  1. Schall, Lawrence D, 1976. "Urban Renewal Policy and Economic Efficiency," American Economic Review, American Economic Association, vol. 66(4), pages 612-28, September.
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  5. Morris A. Davis & Francois Ortalo-Magne, 2011. "Household Expenditures, Wages, Rents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(2), pages 248-261, April.
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  8. Roland Benabou, 1993. "Heterogeneity, Stratification, and Growth," NBER Working Papers 4311, National Bureau of Economic Research, Inc.
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  10. Adonis Yatchew & Joungyeo Angela No, 2001. "Household Gasoline Demand in Canada," Econometrica, Econometric Society, vol. 69(6), pages 1697-1709, November.
  11. Anna M Santiago & George C Galster & Peter Tatian, 2001. "Assessing the property value impacts of the dispersed subsidy housing program in Denver," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 20(1), pages 65-88.
  12. Strange, William, 1992. "Overlapping neighborhoods and housing externalities," Journal of Urban Economics, Elsevier, vol. 32(1), pages 17-39, July.
  13. Anglin, Paul M & Gencay, Ramazan, 1996. "Semiparametric Estimation of a Hedonic Price Function," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 633-48, Nov.-Dec..
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