IDEAS home Printed from https://ideas.repec.org/p/nbr/nberhi/0091.html
   My bibliography  Save this paper

"Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900

Author

Listed:
  • Jeremy Atack
  • Robert A. Margo

Abstract

We present new archival evidence on the price of vacant land in New York City between 1835 and 1900. Before the Civil War, the price of land per square foot fell steeply with distance from New York's City Hall located in the central business district. After the Civil War, the distance gradient flattened and the fit of a simple regression of land price on distance from the CBD declined markedly. Average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895 before declining as the century came to an end.

Suggested Citation

  • Jeremy Atack & Robert A. Margo, 1996. ""Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900," NBER Historical Working Papers 0091, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberhi:0091
    Note: DAE
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/h0091.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Edel, Matthew & Sclar, Elliott, 1975. "The distribution of real estate value changes: Metropolitan Boston, 1870-1970," Journal of Urban Economics, Elsevier, vol. 2(4), pages 366-387, October.
    2. The Conference on Research in Income and Wealth, 1960. "Trends in the American Economy in the Nineteenth Century," NBER Books, National Bureau of Economic Research, Inc, number unkn60-1, March.
    3. McMillen, Daniel P. & Jarmin, Ronald & Thorsnes, Paul, 1992. "Selection bias and land development in the monocentric city model," Journal of Urban Economics, Elsevier, vol. 31(3), pages 273-284, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mayer, Thierry, 2000. "Spatial Cournot competition and heterogeneous production costs across locations," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 325-352, May.
    2. Arvydas Jadevicius & Simon Huston & Andrew Baum & Allan Butler, 2018. "Two centuries of farmland prices in England," Journal of Property Research, Taylor & Francis Journals, vol. 35(1), pages 72-94, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Herrendorf, Berthold & Rogerson, Richard & Valentinyi, Ákos, 2014. "Growth and Structural Transformation," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 855-941, Elsevier.
    2. Jeremy Atack & Fred Bateman & Michael Haines & Robert A. Margo, 2009. "Did Railroads Induce or Follow Economic Growth? Urbanization and Population Growth in the American Midwest, 1850-60," NBER Working Papers 14640, National Bureau of Economic Research, Inc.
    3. Robert W. Fogel, 1986. "Nutrition and the Decline in Mortality since 1700: Some Preliminary Findings," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 439-556, National Bureau of Economic Research, Inc.
    4. Jeremy Atack & Robert A. Margo, 2019. "Gallman revisited: blacksmithing and American manufacturing, 1850–1870," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 13(1), pages 1-23, January.
    5. Chad Turner & Robert Tamura & Sean Mulholland & Scott Baier, 2007. "Education and income of the states of the United States: 1840–2000," Journal of Economic Growth, Springer, vol. 12(2), pages 101-158, June.
    6. De Lara, Michel & de Palma, André & Kilani, Moez & Piperno, Serge, 2013. "Congestion pricing and long term urban form: Application to Paris region," Regional Science and Urban Economics, Elsevier, vol. 43(2), pages 282-295.
    7. James, John A. & Skinner, Jonathan S., 1985. "The Resolution of the Labor-Scarcity Paradox," The Journal of Economic History, Cambridge University Press, vol. 45(3), pages 513-540, September.
    8. Florence Goffette-Nagot, 2009. "Prix fonciers et demande de sol à usage résidentiel en France (1975-2000)," Revue économique, Presses de Sciences-Po, vol. 60(3), pages 853-862.
    9. Efraim Benmelech & Tobias J. Moskowitz, 2010. "The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century," Journal of Finance, American Finance Association, vol. 65(3), pages 1029-1073, June.
    10. Michael D. Bordo, 1989. "Introduction to "Money, History, and International Finance: Essays in Honor of Anna J. Schwartz"," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 1-12, National Bureau of Economic Research, Inc.
    11. G. William Schwert, 1989. "Indexes of United States Stock Prices From 1802 to 1987," NBER Working Papers 2985, National Bureau of Economic Research, Inc.
    12. Margo, Robert A., 2016. "Obama, Katrina, and the Persistence of Racial Inequality," The Journal of Economic History, Cambridge University Press, vol. 76(2), pages 301-341, June.
    13. Daron Acemoglu & James A. Robinson, 2008. "Persistence of Power, Elites, and Institutions," American Economic Review, American Economic Association, vol. 98(1), pages 267-293, March.
    14. Zhou, Qingtian, 2017. "Food Prices and Cognitive Development in the United States: Evidence from the 1850-1930 Data," Master's Theses and Plan B Papers 261505, University of Minnesota, Department of Applied Economics.
    15. Daron Acemoglu & James A. Robinson, 2008. "The Persistence and Change of Institutions in the Americas," Southern Economic Journal, John Wiley & Sons, vol. 75(2), pages 281-299, August.
    16. Alan L. Olmstead & Paul W. Rhode, 2014. "Were Antebellum Cotton Plantations Factories in the Field?," NBER Chapters, in: Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, pages 245-276, National Bureau of Economic Research, Inc.
    17. Hernán Enríquez Sierra & Jacobo Campo Robledo & Antonio Avendaño Arosemena, 2015. "Relaciones regionales en los precios de vivienda nueva en Colombia," Revista Ecos de Economía, Universidad EAFIT, vol. 19(40), pages 25-47, June.
    18. Matthew Gentzkow & Jesse M. Shapiro & Michael Sinkinson, 2011. "The Effect of Newspaper Entry and Exit on Electoral Politics," American Economic Review, American Economic Association, vol. 101(7), pages 2980-3018, December.
    19. Claude Diebolt & Michael Haupert, 2018. "A cliometric counterfactual: what if there had been neither Fogel nor North?," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(3), pages 407-434, September.
    20. Jianfu Shen & Frederik Pretorius & Xin Li, 2019. "Does Joint Bidding Reduce Competition? Evidence from Hong Kong Land Auctions," The Journal of Real Estate Finance and Economics, Springer, vol. 58(1), pages 111-132, January.

    More about this item

    JEL classification:

    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberhi:0091. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.