| Affiliation: | 1. Center for Real Estate and Urban Economic Studies, School of Business, University of Connecticut, 2100 Hillside Road, Unit 1041-RE, Storrs, CT 06269;2. Sinquefield Center, Fusz Center, Suite 358, 3700 W. Pine Mall Blvd., St. Louis, MO 63108 Research Division, FRB St. Louis, 1421 Dr. Martin Luther King Drive, St. Louis, MO, 53106;3. Heartland Forward, 110 NW 2nd Street, Bentonville, AR 72712;4. Department of Economics, University of Connecticut, 309 Oak Hall, Storrs, CT 06269 |
| Abstract: | Using a unique dataset, we examine various effects of closing Denver's Stapleton Airport, and subsequent redevelopment, on nearby housing markets. We find immediate anticipatory price effects upon announcement, but no price changes at closing and little evidence of upward trending prices between announcement and closing. Post-closure, more higher income and fewer Black households moved in, and developers built larger houses on larger lots. Increases in the price of pre-existing housing are also found. Finally, we find that post-closing price increases were largest in areas that were closest to the center of new commercial development and that had greater exposure to new housing construction. |
