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Does federally subsidized rental housing depress neighborhood property values?

Author

Listed:
  • Ingrid Gould Ellen

    (New York University)

  • Amy Ellen Schwartz

    (New York University)

  • Ioan Voicu

    (New York University)

  • Michael H. Schill

    (UCLA School of Law)

Abstract

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

Suggested Citation

  • Ingrid Gould Ellen & Amy Ellen Schwartz & Ioan Voicu & Michael H. Schill, 2007. "Does federally subsidized rental housing depress neighborhood property values?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 26(2), pages 257-280.
  • Handle: RePEc:wly:jpamgt:v:26:y:2007:i:2:p:257-280 DOI: 10.1002/pam.20247
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    References listed on IDEAS

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    1. Steve Malpezzi, "undated". "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. 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.
    3. 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.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. José-María Montero-Lorenzo & Beatriz Larraz-Iribas, 2012. "Space-time approach to commercial property prices valuation," Applied Economics, Taylor & Francis Journals, vol. 44(28), pages 3705-3715, October.
    2. Beatriz Larraz, 2011. "An Expert System for Online Residential Properties Valuation," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 69-82, April.
    3. Kelly D. Edmiston, 2011. "Low-income housing tax credit developments and neighborhood property conditions," Research Working Paper RWP 11-10, Federal Reserve Bank of Kansas City.
    4. Mariona Segú & Benjamin Vignolles, 2016. "Taxing Vacant Apartments: Can fiscal policy reduce vacancy?," Working Papers 2016.02, International Network for Economic Research - INFER.
    5. repec:aea:jeclit:v:55:y:2017:i:2:p:609-20 is not listed on IDEAS
    6. Schuetz, Jenny & Spader, Jonathan & Cortes, Alvaro, 2016. "Have distressed neighborhoods recovered? Evidence from the neighborhood stabilization program," Journal of Housing Economics, Elsevier, vol. 34(C), pages 30-48.
    7. Wenhua Di & Jielai Ma & James C. Murdoch, 2010. "An analysis of the neighborhood impacts of a mortgage assistance program: A spatial hedonic model," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 29(4), pages 682-697.
    8. W. Hughen & Dustin Read, 2014. "Inclusionary Housing Policies, Stigma Effects and Strategic Production Decisions," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 589-610, May.
    9. Di, Wenhua & Murdoch, James C., 2010. "The impact of LIHTC program on local schools," Working Papers 1006, Federal Reserve Bank of Dallas.
    10. Schuetz, Jenny & Spader, Jonathan & Buell, Jennifer Lewis & Burnett, Kimberly & Buron, Larry & Cortes, Alvaro & DiDomenico, Michael & Jefferson, Anna & Redfearn, Christian & Whitlow, Stephen, 2015. "Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program," Finance and Economics Discussion Series 2015-4, Board of Governors of the Federal Reserve System (U.S.).
    11. Olsen, Edgar O. & Zabel, Jeffrey E., 2015. "US Housing Policy," Handbook of Regional and Urban Economics, Elsevier.

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