The Adverse Impacts of Local Historic Designation: The Case of Small Apartment Buildings in Philadelphia
This paper examines the sales effects of local historic preservation. Using the hedonic framework our study shows that small historic apartment buildings experienced a 24 percent reduction in price compared to nonlocally certified properties. Our variable for federal historic districts, however, produced statistically insignificant results. The results suggest that historic control (as practiced in Philadelphia) is confiscatory. The study illustrates an outcome of public regulation that impinges on private property rights. Copyright 1994 by Kluwer Academic Publishers
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