ESTIMATING THE EFFECTS OF BROWNFIELDS AND BROWNFIELD REMEDIATION ON PROPERTY VALUES IN A NEW SOUTH CITY |
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| Authors: | Peter M Schwarz Gwendolyn L Gill Alex Hanning Caleb A Cox |
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| Institution: | 1. 704 687 2666704 687 1384;2. Professor, Department of Economics and Associate, Energy Production and Infrastructure Center (EPIC), UNC Charlotte, Belk College of Business Administration, Charlotte, NC;3. 704 293 0170704 687 1384;4. Doctoral Student, Public Policy, UNC Charlotte, Charlotte, NC;5. 206 685 5493206 543 7472;6. Doctoral Student, Department of Finance, Paccar Hall, University of Washington, Seattle, WA |
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| Abstract: | 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) |
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