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Measuring the Property-Value Effects of Local Land Use and Preservation Referenda

  • Martin D. Heintzelman

This paper examines a Massachusetts policy that encourages communities to raise money through referenda for preservation and affordable housing. I use difference-indifferences, fixed effects, and quantile regression to compare home prices before and after such referenda in two towns. I include covariates representing existing land uses, zoning, and historic resources to estimate the value of these amenities. Standard regression techniques indicate weak effects of the referenda, while the estimated coefficients on land use and historic preservation confirm that preservation has a positive effect on property values. The quantile regression sheds light on some heterogeneity that goes unnoticed in standard regression results.

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File URL: http://le.uwpress.org/cgi/reprint/86/1/22
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 86 (2010)
Issue (Month): 1 ()
Pages: 22-47

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Handle: RePEc:uwp:landec:v:86:y:2010:i:1:p:22-47
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Joachim Zietz & Emily Zietz & G. Sirmans, 2008. "Determinants of House Prices: A Quantile Regression Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 317-333, November.
  2. Jon Strand & Mette V├ągnes, 2001. "The relationship between property values and railroad proximity: a study based on hedonic prices and real estate brokers' appraisals," Transportation, Springer, vol. 28(2), pages 137-156, May.
  3. Brueckner, Jan K., 1982. "A test for allocative efficiency in the local public sector," Journal of Public Economics, Elsevier, vol. 19(3), pages 311-331, December.
  4. Geoffrey H. Donovan & Patricia A. Champ & David T. Butry, 2007. "Wildfire Risk and Housing Prices: A Case Study from Colorado Springs," Land Economics, University of Wisconsin Press, vol. 83(2), pages 217-233.
  5. Kotchen, Matthew J. & Powers, Shawn M., 2006. "Explaining the appearance and success of voter referenda for open-space conservation," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 373-390, July.
  6. Smith, V. Kerry & Poulos, Christine & Kim, Hyun, 2002. "Treating open space as an urban amenity," Resource and Energy Economics, Elsevier, vol. 24(1-2), pages 107-129, February.
  7. Lucas W. Davis, 2004. "The Effect of Health Risk on Housing Values: Evidence from a Cancer Cluster," American Economic Review, American Economic Association, vol. 94(5), pages 1693-1704, December.
  8. Shultz, Steven D & King, David A, 2001. "The Use of Census Data for Hedonic Price Estimates of Open-Space Amenities and Land Use," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 239-52, March-May.
  9. Mary Riddel, 2001. "A Dynamic Approach to Estimating Hedonic Prices for Environmental Goods: An Application to Open Space Purchase," Land Economics, University of Wisconsin Press, vol. 77(4), pages 494-512.
  10. G. Sirmans & Lynn MacDonald & David Macpherson & Emily Zietz, 2006. "The Value of Housing Characteristics: A Meta Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 215-240, November.
  11. Oates, Wallace E, 1969. "The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 957-71, Nov./Dec..
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