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Full-Text Articles in Urban Studies and Planning
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 …
Neighborhood Dynamics And The Housing Price Effects Of Spatially Targeted Economic Development Policy, Douglas J. Krupka, Douglas S. Noonan
Neighborhood Dynamics And The Housing Price Effects Of Spatially Targeted Economic Development Policy, Douglas J. Krupka, Douglas S. Noonan
Douglas S. Noonan
Neighborhoods are the result of a complicated interplay between residential choice, housing supply and the influences of the larger metropolitan system on its constituent parts. We model this interplay as a system of reduced-form equations in order to examine the effects of a generous spatially targeted economic development program (the federal Empowerment Zone program) on neighborhood characteristics, especially housing values. This system of equations approach allows us to compute direct effects of the policy intervention as well as the effects mediated through non-price channels such as changes in the housing stock or neighborhood demographics. In the process, we are able …