Carolyn A. Dehring () (Department of Insurance, Legal Studies and Real Estate, The University of Georgia) Craig A. Depken, II () (Department of Economics, University of Texas at Arlington) Michael R. Ward () (Department of Economics, University of Texas at Arlington)
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We investigate the impact of a potential new sports venue on residential property values, focusing on the National Football League's Dallas Cowboys' search for a new host city in the Dallas-Fort Worth area. We find that residential property values in the city of Dallas increased following the announcement of a possible new stadium in the city of Dallas. At the same time, property values fell throughout the rest of Dallas County, which would have paid for the proposed stadium. These patterns reversed when the Dallas stadium proposal was abandoned. Subsequently, a series of announcements regarding a new publicly-subsidized stadium in nearby Arlington, Texas, had a deleterious effect on residential property values in Arlington. In aggregate, average property values declined approximately 1.5% relative to the surrounding area before stadium construction commenced. This decline was almost equal to the anticipated household sales tax burden, suggesting that the average expected amenity effect of hosting the Cowboys in Arlington was not significantly different from zero.
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Paper provided by International Association of Sports Economists in its series Working Papers with number
0616.
Find related papers by JEL classification: L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism R53 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects
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