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Does federally subsidized rental housing depress neighborhood property values?

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Author Info

  • Ingrid Gould Ellen

    (New York University)

  • Amy Ellen Schwartz

    (New York University)

  • Ioan Voicu

    (New York University)

  • Michael H. Schill

    (UCLA School of Law)

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    Abstract

    Few communities welcome federally subsidized rental housing, with one of the most commonly voiced fears being reductions in property values. Yet there is little empirical evidence that subsidized housing depresses neighborhood property values. This paper estimates and compares the neighborhood impacts of a broad range of federally subsidized rental housing programs, using rich data for New York City and a difference-in-difference specification of a hedonic regression model. We find that federally subsidized developments have not typically led to reductions in property values and have, in fact, led to increases in some cases. Impacts are highly sensitive to scale, though patterns vary across programs. © 2007 by the Association for Public Policy Analysis and Management

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    File URL: http://hdl.handle.net/10.1002/pam.20247
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.

    Volume (Year): 26 (2007)
    Issue (Month): 2 ()
    Pages: 257-280

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    Handle: RePEc:wly:jpamgt:v:26:y:2007:i:2:p:257-280

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    Web page: http://www3.interscience.wiley.com/journal/34787/home

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Steve Malpezzi, . "Low-Income Housing Tax Credit Housing Developments and Property Values," Wisconsin-Madison CULER working papers 01-10, University of Wisconsin Center for Urban Land Economic Research.
    2. Lyons, Robert F. & Loveridge, Scott, 1993. "An Hedonic Estimation Of The Effect Of Federally Subsidized Housing On Nearby Residential Property Values," Staff Papers 13377, University of Minnesota, Department of Applied Economics.
    3. Edgar O. Olsen, 2001. "Housing Programs for Low-Income Households," NBER Working Papers 8208, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Beatriz Larraz, 2011. "An Expert System for Online Residential Properties Valuation," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 69-82, April.
    2. Wenhua Di & Jielai Ma & James C. Murdoch, 2010. "An analysis of the neighborhood impacts of a mortgage assistance program: A spatial hedonic model," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 29(4), pages 682-697.
    3. Kelly D. Edmiston, 2011. "Low-income housing tax credit developments and neighborhood property conditions," Research Working Paper RWP 11-10, Federal Reserve Bank of Kansas City.

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