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Disparities in Pollution Capitalization Rates: The Role of Direct & Systemic Discrimination

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  • Joshua S. Graff Zivin
  • Gregor Singer

Abstract

We examine how exogenous changes in exposure to air pollution over the past two decades have altered the disparities in home values between Black and White homeowners. We find that air quality capitalization rates are significantly lower for Black homeowners. In fact, they are so much lower that, despite secular reductions in the Black-White pollution exposure gap, disparities in housing values have increased during this period. An exploration of mechanisms suggests that roughly 60% of this difference is the result of direct discrimination while the remaining 40% can be attributed to systemic discrimination.

Suggested Citation

  • Joshua S. Graff Zivin & Gregor Singer, 2022. "Disparities in Pollution Capitalization Rates: The Role of Direct & Systemic Discrimination," NBER Working Papers 30814, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30814
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    More about this item

    JEL classification:

    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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