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What are the Effects of Contamination Risks on Commercial and Industrial Properties? Evidence from Baltimore, Maryland

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Author Info

  • Alberto Longo

    (University of Bath)

  • Anna Alberini

    (AREC, University of Maryland and Fondazione Eni Enrico Mattei)

Abstract

Using the hedonic pricing approach, we investigate how the information released on public registries of contaminated and potentially contaminated sites affects nearby commercial and industrial properties in Baltimore, Maryland. We find that commercial and industrial properties are virtually unaffected by proximity to a site with a history of contamination. Knowing that the site is no longer considered contaminated does not have a rebound effect on property prices either. We also find that urban economic development policies, such as Empowerment Zones and Enterprise Zones, have little effect on property values. In sum, brownfield properties in Baltimore are not particularly attractive investments for developers, and there is little potential for self-sustaining cleanup based on appropriate fiscal incentives, such as Tax Increment Financing. It is doubtful that “one size fits all” measures to encourage the cleanup of contaminated sites can be successful in this context.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2005.111.

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Date of creation: Sep 2005
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Handle: RePEc:fem:femwpa:2005.111

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Related research

Keywords: Contaminated sites registries; Distance to contaminated sites; Hedonic pricing model; Brownfields;

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Cited by:
  1. Douglas Noonan & Douglas Krupka, 2010. "Determinants of historic and cultural landmark designation: why we preserve what we preserve," Journal of Cultural Economics, Springer, vol. 34(1), pages 1-26, February.
  2. Marie Howland, 2007. "Employment Effects of Brownfield Redevelopment What Do We Know from the Literature?," NCEE Working Paper Series 200701, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2007.
  3. Anna Alberini, 2006. "Determinants and Effects on Property Values of Participation in Voluntary Cleanup Programs: the Case of Colorado," ERSA conference papers ersa06p126, European Regional Science Association.
  4. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.

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