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What are the Effects of Contamination Risks on Commercial and Industrial Properties? Evidence from Baltimore, Maryland

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  • Longo, Alberto
  • Alberini, Anna

Abstract

Using the hedonic pricing approach, we investigate how the information released on public registries of contaminated and potentially contaminated sites affects nearby commercial and industrial properties in Baltimore, Maryland. We find that commercial and industrial properties are virtually unaffected by proximity to a site with a history of contamination. Knowing that the site is no longer considered contaminated does not have a rebound effect on property prices either. We also find that urban economic development policies, such as Empowerment Zones and Enterprise Zones, have little effect on property values. In sum, brownfield properties in Baltimore are not particularly attractive investments for developers, and there is little potential for self-sustaining cleanup based on appropriate fiscal incentives, such as Tax Increment Financing. It is doubtful that 'one size fits all' measures to encourage the cleanup of contaminated sites can be successful in this context.

Suggested Citation

  • Longo, Alberto & Alberini, Anna, 2005. "What are the Effects of Contamination Risks on Commercial and Industrial Properties? Evidence from Baltimore, Maryland," Sustainability Indicators and Environmental Valuation Working Papers 12218, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemsi:12218
    DOI: 10.22004/ag.econ.12218
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    Cited by:

    1. Anna Alberini, 2007. "Determinants And Effects On Property Values Of Participation In Voluntary Cleanup Programs: The Case Of Colorado," Contemporary Economic Policy, Western Economic Association International, vol. 25(3), pages 415-432, July.
    2. Alberini, Anna, 2006. "Determinants and Effects on Property Values of Participation in Voluntary Cleanup Programs: The Case of Colorado," Sustainability Indicators and Environmental Valuation Working Papers 12215, Fondazione Eni Enrico Mattei (FEEM).

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    Keywords

    Environmental Economics and Policy;

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