Housing Externalities

被引：139

作者：

Rossi-Hansberg, Esteban ^{[1
]}

Sarte, Pierre-Daniel ^{[2
]}

Owens, Raymond, III ^{[2
]}

机构：

[1] Princeton Univ, Princeton, NJ 08544 USA

[2] Fed Reserve Bank Richmond, Richmond, VA USA

来源：

JOURNAL OF POLITICAL ECONOMY | 2010年 / 118卷 / 03期

关键词：

URBAN-RENEWAL; REGRESSION;

D O I：

10.1086/653138

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using data compiled from concentrated residential urban revitalization programs implemented in Richmond, Virginia, between 1999 and 2004, we study residential externalities. We estimate that housing externalities decrease by half approximately every 1,000 feet. On average, land prices in neighborhoods targeted for revitalization rose by 2-5 percent at an annual rate above those in a control neighborhood. These increases translate into land value gains of between $2 and $6 per dollar invested in the program over a 6-year period. We provide a simple theory that helps us estimate and interpret these effects in terms of the parameters of the model.

引用

页码：485 / 535

页数：51

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