Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Entire DC Network
Making – Or Picking – Winners: Evidence Of Internal And External Price Effects In Historic Preservation Policies, Douglas S. Noonan, Douglas J. Krupka
Making – Or Picking – Winners: Evidence Of Internal And External Price Effects In Historic Preservation Policies, Douglas S. Noonan, Douglas J. Krupka
Douglas S. Noonan
Much has been written identifying property price effects of historic preservation policies. Little attention has been paid to the possible policy endogeneity in hedonic price models. This paper outlines a general case of land use regulation in the presence of externalities and then demonstrates the usefulness of the model in an instrumental-variables estimation of a hedonic price analysis – with an application to historic preservation in Chicago. The theoretical model casts doubt on previous results concerning price effects of preservation policies. The comparative statics identify some determinants of regulation that seem, on the face of it, most unlikely to also …
Empowerment Zones, Neighborhood Change And Owner-Occupied Housing, Douglas J. Krupka, Douglas S. Noonan
Empowerment Zones, Neighborhood Change And Owner-Occupied Housing, Douglas J. Krupka, Douglas S. Noonan
Douglas S. Noonan
This paper examines the effects of a generous, spatially-targeted economic development policy (the federal Empowerment Zone program) on local neighborhood characteristics and on the neighborhood quality of life, taking into account the interactions amongst the policy, changes in neighborhood demographics and neighborhood housing stock. Urban economic theory posits that housing prices in a small area should increase as quality of life increases, because people will be more willing to pay to live in the area, but these changes in prices and quality of life will also affect the demographics of the population through sorting and the housing stock through reinvestment. …