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...

Full description

Saved in:
Bibliographic Details
Published in:Contemporary economic policy 2017-01, Vol.35 (1), p.143-164
Main Authors: Schwarz, Peter M., Gill, Gwendolyn L., Hanning, Alex, Cox, Caleb A.
Format: Article
Language:English
Subjects:
Analysis
Brownfields
Environmental remediation
North Carolina
Property
Property values
Sales
Values
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary: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)
ISSN:1074-3529
1465-7287
DOI:10.1111/coep.12171