Sanitary Landfills, Stigma and Industrial Land Values
A significant literature exists that documents reductions in property value around toxic, chemical and in some cases solid waste landfills. There is also an emerging literature on stigma-related damage, which can be defined as a loss in value due to the increased risk associated with a contaminated property even after the problem has been eliminated. This research extends the empirical literature on landfills by examining the impact that solid waste landfills have on surrounding industrial property. The results indicate that the value of industrial land around an open, solid waste landfill is reduced by the presence of the landfill. Property around closed, solid waste landfills and open and closed refuse landfills is not adversely affected by the landfills. These results are not affected by the presence or absence of methane gas controls and ground water monitoring systems. Landfills sold with industrial zoning are discounted substantially by the market for various reasons, probably including limited alternative future uses, costs of remediation and potential liability from being in the chain of title.
Volume (Year): 10 (1995)
Issue (Month): 5 ()
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References listed on IDEAS
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- Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
- Alan K. Reichert & Michael Small & Sunil Mohanty, 1992. "The Impact of Landfills on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 297-314.
- Kohlhase, Janet E., 1991. "The impact of toxic waste sites on housing values," Journal of Urban Economics, Elsevier, vol. 30(1), pages 1-26, July.
- Mark Thayer & Heidi Albers & Morteza Rahmatian, 1992. "The Benefits of Reducing Exposure to Waste Disposal Sites: A Hedonic Housing Value Approach," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 265-282.
- Smith, V Kerry & Desvousges, William H, 1986. "The Value of Avoiding a Lulu: Hazardous Waste Disposal Sites," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 293-99, May.
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