Residential property price differentials of waste plants: evidence from Beijing,China

As a primary source of urban pollution, waste plants release toxic gases and polluted waste water that can cause great harm to human health and contaminate water resources. The adverse impact of waste plants on environmental threaten the quality of life of surrounding residents which will be reflected in residential property values. In this study, we develop a hedonic price model to estimate the environmental externalities of waste plants based on a panel dataset for real-estate transactions in Beijing from 2011 to 2015. We apply fixed effects and a Heckman selection model to control for omitted variable bias and sample selection bias and then construct price counterfactuals for properties. The price differentials between expected and counterfactual prices are then calculated. Our empirical results suggest that waste plants negatively influence residential property prices. Additionally, the influences of other factors, such as school district, traffic convenience, and average housing area, on property prices are consistent with common sense, though they are weakened for properties within three kilometers of waste plants.     

Neighborhood price externalities of foreclosure rehabilitation: an examination of the Neighborhood Stabilization Program

The federally funded, HUD-administered Neighborhood Stabilization Program (NSP) was enacted in the wake of the financial recession to mitigate the underlying adverse neighborhood effects associated with foreclosed properties. We examined the neighborhood price impacts of NSP-funded foreclosure rehabilitation undertaken by Habitat for Humanity in Dallas County, Texas, using a difference-in-difference framework. Foreclosure rehabilitation projects in Dallas County produced an average 15% increase in neighborhood home prices that sold up to 30 months after the rehabilitated property sale and within 0.1 miles of the rehabilitated property. Foreclosure rehabilitation that involved significant exterior repairs was associated with the largest estimated effect sizes. Results suggest that NSP funding in Dallas County effectively targeted homes that had the potential to have the most severe neighborhood impacts and that rehabilitation was an effective means of reversing neighborhood price externalities associated with blighted foreclosed properties.     

Directional heterogeneity of environmental disamenities: the impact of crematory operations on adjacent residential values

A hedonic study of residential house sales in Rawlins, Wyoming, was conducted to estimate the impact of an environmental shock from a new point source upon adjacent residential property values. We use a unique data base of house sale prices and associated house attributes, including structural and neighbourhood characteristics and geographic distances and directions from the source of the shock, atmospheric emissions from a new crematory. Our data spans 27 months of house sales: 7 months before, and 20 months after the startup of crematory operations. Results indicate that proximity, measured both in terms of direction and distance from the crematory, imparts a statistically significant negative impact on average house sale prices–an increase of 0.3 to 3.6% of average sale price for every one-tenth mile increase up to one-half mile in distance away from the crematory, but depending on direction from the crematory. This distance benefit increases somewhat with calendar time only for houses located west of the crematory.     

Optimal size of a residential area within a municipality

The purpose of this paper is to analyze the optimal size of a residential area within a municipality under different market structures. We find that under a private duopoly the optimal size of the residential area depends on the ratio between transportation costs and a negative externality due to congestion. The optimal size is the whole municipality when the ratio is low enough and a small area of the municipality when the ratio is high enough. The transition from a flat residential area to a more compact one is not continuous, so some large-enough residential areas are never optimal. Under a mixed duopoly the transition from a flat residential area to a more compact one is continuous as the ratio increases. By comparing the two cases we find that for intermediate values of this ratio a flat city is optimal for a private duopoly while compact cities emerge under a mixed duopoly.     

宅基地拆迁赔偿的地域差异

本文用全国范围的调研数据和实证分析的方法,发现宅基地占地面积、建筑面积、家庭总人口和村庄距城市的距离这4个因素对宅基地赔偿额有显著的影响,而建筑类型、建筑年份和家庭成员中是否有村干部或党员对宅基地赔偿额没有显著或稳定的影响。笔者同时发现,宅基地拆迁赔偿额在全国有非常显著的地域差异,而河北省三河市燕郊镇的宅基地拆迁赔偿以及我国其他地区的实践,展示了较为成功的在土地农转用过程中引入用地者与土地所有者的谈判和市场机制的案例,为未来征地拆迁制度的变革提供了方向。     

我国大城市主城-郊区居住空间分异比较研究——基于GIS的南京实证分析

在对实证城市居住空间分异现状分析的基础上探寻城市居住空间分异影响因素及这些因素的作用机理。鉴于城市居住空间分异在主城及郊区等层面表现出不同的特征,文章运用GIS的空间分析方法分别对南京市主城区及郊区居住空间分异的现状进行比较分析。主要结论有:主城和郊区住宅板块在区位价值、容积率、绿化率、建筑年代、建筑面积等指标上都有差异存在,显示出主城与郊区居住板块之间在发展方式、成长规律、表现形式上的差异。随着居住郊区化和新城居住空间结构的变化,南京市城市居住空间结构表现出新的特征。文章选取我国副省级城市南京为实证研究对象,对我国住房转型期大城市居住空间分异现状进行个案研究,其城市居住空间分异的规律及结论具有一定的示范意义。     

DOES SMALL DAM REMOVAL AFFECT LOCAL PROPERTY VALUES? AN EMPIRICAL ANALYSIS

This paper uses hedonic analysis to examine the impact of small dam removal on property values in south-central Wisconsin. Data on residential property sales were obtained for three categories of sites: those where a small dam remains intact, those where a small dam was removed, and those where a river or stream has been free-flowing for at least 20 yr. The primary conclusions that emerge from the data are that shoreline frontage along small impoundments confers no increase in residential property value compared to frontage along free-flowing streams and that nonfrontage residential property located in the vicinity of a free-flowing stream is more valuable than similar nonfrontage property in the vicinity of a small impoundment. ( JEL Q2, Q25, Q5, Q51)     

论新世纪适宜居住的城市观

人们越来越认同适宜居住的新城市观。本文阐述了适宜居住的城市观的形成过程,分析了发展中国家和中国城市人居环境中的主要问题,提出了城市适宜居住的基本标准以及优化城市居住环境的基本要求、目标与手段,并指出知识基础是新城市观的价值取向。     

The Age of Capital, 1848–1875

Much has been written in the post-World War II era in the United States about the rise of suburbia and development beyond older city boundaries, whether such development has been called urban, suburban, or ex-urban sprawl. Many writers have focused on various issues concerning sprawl, especially on the unintended consequences that new development has had on (among other issues) municipal finances, neighborhood income and residential segregation, and transportation planning. This last one is important since post-World War II development has mostly centered around the automobile in the United States. Over the last decade, a new area in the literature of sprawl has focused on how the "built-environment" of residential areas can impact health. For example, authors have chronicled how sprawled regions have higher auto vehicle accidents per capita, greater obesity rates, worse carbon emissions (due to greater travel by automobile), and delays in emergency medical service responses. This article adds to the latest set of papers on sprawl by empirically estimating the impact of sprawl in metropolitan regions on fire incidents per capita, firefighter response times, as well as property losses, and deaths due to fire. The results of our exploratory analysis indicate that urban sprawl is an important factor in influencing firefighting issues and outcomes in the United States. Moreover, urban sprawl frequently becomes a factor in delayed response to fires which, in turn, could lead to additional deaths and property loss.     

Environment and Trade: The Relationship of International Trade and Environmental Policy

Followers of urban affairs and public policy have written much over the years about the rise of suburbia and development beyond older city boundaries in the US, whether such development is called urban, suburban, or ex-urban sprawl. Many researchers have focused on various issues concerning sprawl, especially on the unintended consequences that new development has had for municipal finances, neighborhood income and residential segregation, and transportation planning, among other issues. Over the last decade, a new area in the literature on sprawl has focused on how the “built environment” of residential areas can impact health and emergency services. We contribute to this latest set of papers on sprawl by trying to empirically estimate the impact of sprawl in metropolitan regions on the Federal Emergency Management Agency’s (FEMA) spending on “public assistance.” This assistance encompasses spending on debris removal, emergency protective measures, and rehabilitating or rebuilding of infrastructure, public buildings, public utilities, parks and recreational areas, in post-disaster relief efforts. In our exploratory analysis, the results indicate that urban sprawl is a factor in influencing the level of FEMA’s public assistance spending.     

THE PROPERTY VALUE PREMIUM OF A PLACE OF WORSHIP

Using a unique data set of residential housing values, we improve on previous hedonic pricing and event studies literature to estimate the amenity effects of a new religious structure on local property values. We improve on previous research by extending our analysis with a pre‐ and post‐treatment model. Using a pre‐ and post‐treatment model, we do not find that the religious structure that we examined influenced the value of surrounding properties in the period after its completion. The results suggest that previous research using only post‐completion data may mischaracterize the amenity effects of religious structures. (JEL R3)     

A theory of development controls in a ‘small’ city

This paper analyzes the implications of an institutional structure in which current residents of an urban area have the power to exercise control over the level and pattern of new residential development. We develop a general equilibrium spatial model of a ‘small’ urban area in which the current residents can control new residential development through a zoning policy determined by majority vote. The current residents are modeled explicitly as home owners, and are allowed to be arbitrarily different in tastes and endowments. The urban government is assumed to provide a public good for its residents, the level of which is also determined by majority vote.The ‘optimal’ development control policy from the point of view of a particular current resident is determined and the allocation resulting from a majority vote of the current residents is described for both head tax and property tax systems. Efficient development control policies are also analyzed.     

The cost of unconventional gas extraction: A hedonic analysis

We focus on identification and estimation of potentially negative environmental impacts of unconventional natural gas extraction on property values in the United States and advance previous research by contributing new data and new identification strategies for isolating these potential impacts. Our study area consists of two counties in Pennsylvania that are home to large amounts of unconventional natural gas extraction but are otherwise isolated from other resource extraction industries or large urban areas. We deploy parametric, semi-parametric, and matching hedonic regression models that include recent quasi-experimental methods and, in contrast to previous research and much popular intuition, we fail to find robust significance that negative environmental externalities of natural gas extraction are manifested in nearby property values. While there may be plausible risks associated with unconventional natural gas extraction, we do not find consistent evidence to suggest that these risks significantly affect nearby property values.     

SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

Property taxes and zoning restrictions are prevalent tools for managing land use. We combine microlevel data on residential subdivision development from the Baltimore, Maryland, metro area from 1994 to 2007 with a competing risks model to examine how both policies influence the density and timing of residential development. Consistent with theory, we demonstrate that the impact of both policies on optimal density and timing depends on whether density and time are substitutes or complements in the profit function. Our results have important implications as they provide key empirical insights into how property taxes and zoning interact to influence development patterns.     

STADIUM CONSTRUCTION AND MINOR LEAGUE BASEBALL ATTENDANCE

The established literature shows that new stadium construction for major league baseball (MLB) teams can increase attendance, but there are limited studies at the minor league level. We use a data set encompassing all A, AA, and AAA minor league baseball teams from 1992 to 2006 to estimate the impact of stadium construction on minor league attendance. This data set includes almost 200 teams, over half of which constructed a new stadium during the 15‐year observation period. Over a 10‐year period our results show that new stadiums increase attendance by 1.2 million fans at the AAA level, 0.4 million at the AA and high A level, and 0.2 million at short season low A. A cost benefit analysis suggests that increased ticket sales do not offset the stadium costs, in line with previous works on MLB. (JEL H0, L83)     

城市住宅和住区代谢的研究框架与指标体系

住宅与住区在城市生态系统中是介于城市与家庭中间的两个层级,其物质能量代谢并非是家庭代谢在不同尺度上的集合,而是有着自身鲜明的层级特点。设计城市住宅和住区代谢分析的研究框架和指标体系,可用于对住宅和住区的代谢过程与代谢特点进行标准化的系统性分析,为定量研究和评价城市住宅与住区的代谢状况提供依据。在明确了现代化住宅和住区代谢研究边界的基础上,阐明了城市住宅和住区代谢的物质能量过程,建构了城市住宅和住区代谢的研究框架,并对划分的"城市住宅物质代谢""城市住宅能源代谢"和"城市住区物质代谢""城市住区能源代谢"四个子框架进行了深入分析,设计了城市住宅和住区代谢的描述性指标体系,并对该指标体系进行了详细说明。最后,针对研究框架和指标体系在未来的迭代更新提出了建议。     

ESTIMATING THE EFFECTS OF BROWNFIELDS AND BROWNFIELD REMEDIATION ON PROPERTY VALUES IN A NEW SOUTH CITY

Using data from Charlotte, NC, a New South city without a legacy of heavily contaminated properties, we find the distance from unremediated brownfields—typically former industrial properties believed to have modest contamination—to have no effect on residential sales values, but proposed cleanup and actual remediation have positive, substantial, and significant effects especially within 0.5 miles of the brownfield. Our results are consistent whether we examine all property values within a given distance, such as 0.5 miles, or examine discrete distances, such as 0.3–0.5 miles. An estimate of the benefits is on the order of $4 million. (JEL Q51, Q24, Q28, R52)     

采煤塌陷区农民居住空间重构后的居住满意度及影响因素——以安徽省淮北市为例

采煤塌陷区农民居住空间重构后的居住满意度是煤炭资源型城市转型发展中亟待解决的重要问题之一。以典型煤炭资源型城市淮北市为例,对安置后的采煤塌陷区农民进行问卷调查,通过探索性因子分析与多元线性回归分析研究其居住满意度及影响因素。结果表明:居住空间重构后的农民居住满意度具有6个维度的结构特征,其评分由高到低分别为:配套设施、住宅条件、人际交往、社区环境、社区参与和经济收入;农民对总体居住满意度的评价一般,且自建类独院社区高于统建类多层公寓社区;农民的教育程度、职业、个人月收入、住宅条件、社区环境、经济收入、配套设施以及人际交往显著影响重构后的总体居住满意度,其中住房条件是最主要因素,而经济收入是最为关键的因素。文章最后提出优化采煤塌陷区农民居住空间的对策建议。     

Does illiquidity matter in residential properties?

No, it does not, despite the general perception that illiquidity matters in real estate. As expected, our evidence shows that the illiquidity costs for the U.S. residential properties are large. The costs are equivalent to 12% of the total property returns on average, ranging from 9.5% to 29.5% of property prices depending on the illiquidity level and market conditions. However, when amortized by holding periods, monthly illiquidity costs are on average 0.08%, and illiquidity risk does not appear to be priced in residential properties; illiquid properties do not show higher returns than liquid properties. On the contrary, we find evidence of flight-to-quality in bull markets, that is, high-quality illiquid properties are preferred to low-quality liquid properties in buoyant markets. These results are in sharp contrast with those in equities and bonds where flight-to-liquidity has been reported when markets are in stress.     

The Dynamic Response of Housing Values to a Forest Invasive Disease: Evidence from a Sudden Oak Death Infestation

“Sudden Oak Death” (Phytophthora ramorum) is a non-indigenous forest pathogen which causes substantial mortality of coast live oak (Quercus agrifolia) and several other oak tree species on the Pacific Coast of the United States. We estimated the time path of residential property values subject to oak mortality using a dataset that spans more than two decades—including a decade of transactions before-and-after the invasion. The findings suggest moderate, persistent property value discounts (3–6%) for homes located near infested oak woodlands subject to continuous post-invasion declines in forest health. The most severe discounts (8–15%) occurred where dying oaks were distributed both within residential neighborhoods and in nearby woodlands. Various hedonic modeling specifications were tested and compared to assess their ability to control for bias associated with unobserved spatial effects.