Work

Making—or Picking—Winners: Evidence of Internal and External Price Effects in Historic Preservation Policies

Year: 2011

Type: article

Abstract: This article measures the impacts of historic preservation regulations on property values inside and outside of officially designated historic districts. The analysis relies on a model of historic designation to control for the tendency to designate higher‐quality properties. An instrumental variables model using rich data on historic significance corrects for this bias. The results for Chicago during the 1990s indicate that price impacts from designation inside a landmark district vary considerably across homes inside the districts. Controlling for extant historic quality, which the market values positively, restrictions apparently have negative price effects on average both within and outside districts.

Source: Real Estate Economics

DOI: 10.1111/j.1540-6229.2010.00293.x

Authors: Douglas S. Noonan, Douglas J. Krupka

Institutions: Georgia Institute of Technology, IZA - Institute of Labor Economics, University of Michigan

Language: English

Topic: Housing Market and Economics

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Sustainable cities and communities

Open Access status: green

OpenAlex ID: W1508302814