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The Positive Spillovers to Risky Investments in Vacant, Abandoned, and Disinvested Properties

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Listed:
  • Edward W. Chen
  • Reagan L. Lengefeld
  • Omar Isaac Asensio

Abstract

This study examines a housing program that created affordable infill developments on formerly vacant, abandoned, or disinvested properties in Savannah, Georgia. Savannah is a major economic hub anchored by the Port of Savannah, where many urban neighborhoods remain impacted by disinvestment and climate risk. Using two decades of record-linked property and tax data, this study quantifies local economic spillovers from this public intervention, revealing previously hidden social and economic benefits of infill housing policies. These benefits include an 11% increase in the market value of properties immediately neighboring an infill development site and an increase of up to 35% in areas with a high density of infill activity, pointing to block-level revitalization in climate-disadvantaged and distressed areas.

Suggested Citation

  • Edward W. Chen & Reagan L. Lengefeld & Omar Isaac Asensio, 2026. "The Positive Spillovers to Risky Investments in Vacant, Abandoned, and Disinvested Properties," NBER Working Papers 35825, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:35825
    Note: TWP
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    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • 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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