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Does federally subsidized rental housing depress neighborhood property values?

  • Ingrid Gould Ellen

    (New York University)

  • Amy Ellen Schwartz

    (New York University)

  • Ioan Voicu

    (New York University)

  • Michael H. Schill

    (UCLA School of Law)

Few communities welcome federally subsidized rental housing, with one of the most commonly voiced fears being reductions in property values. Yet there is little empirical evidence that subsidized housing depresses neighborhood property values. This paper estimates and compares the neighborhood impacts of a broad range of federally subsidized rental housing programs, using rich data for New York City and a difference-in-difference specification of a hedonic regression model. We find that federally subsidized developments have not typically led to reductions in property values and have, in fact, led to increases in some cases. Impacts are highly sensitive to scale, though patterns vary across programs. © 2007 by the Association for Public Policy Analysis and Management

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File URL: http://hdl.handle.net/10.1002/pam.20247
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.

Volume (Year): 26 (2007)
Issue (Month): 2 ()
Pages: 257-280

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Handle: RePEc:wly:jpamgt:v:26:y:2007:i:2:p:257-280
Contact details of provider: Web page: http://www3.interscience.wiley.com/journal/34787/home

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  1. Steve Malpezzi, . "Low-Income Housing Tax Credit Housing Developments and Property Values," Wisconsin-Madison CULER working papers 01-10, University of Wisconsin Center for Urban Land Economic Research.
  2. Edgar O. Olsen, 2003. "Housing Programs for Low-Income Households," NBER Chapters, in: Means-Tested Transfer Programs in the United States, pages 365-442 National Bureau of Economic Research, Inc.
  3. Lyons, Robert F. & Loveridge, Scott, 1993. "An Hedonic Estimation Of The Effect Of Federally Subsidized Housing On Nearby Residential Property Values," Staff Papers 13377, University of Minnesota, Department of Applied Economics.
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