Environmental Valuation & Cost-Benefit News
The Effect of Community Gardens on Neighboring Property Values
05/10/08
08:07:44 pm, by damageva 
, 181 words, 132 views 
Categories: New York City, Real Estate Construction Housing, Academic Study/Journal Article, Preservation & Open Space, Agriculture, Forestry and Food, Hedonic Analysis, Environmental Economics / Ecological Economics, Costs and Benefits
The Effect of Community Gardens on Neighboring Property Values
Abstract: Cities across the United States that have considerable vacant land are debating whether to foster community gardens on that land, while cities with land shortages are debating when to replace gardens with other uses. Meanwhile, many cities are looking for new ways to finance green spaces. Little empirical evidence about the neighborhood impacts of community gardens is available, however, to inform the debate or to help cities design financing schemes. This article estimates the impact of community gardens on neighborhood property values, using rich data for New York City and a difference-in-difference specification of a hedonic regression model. We find that gardens have significant positive effects, especially in the poorest neighborhoods. Higher-quality gardens have the greatest positive impact.
by Ioan Voicu 1 and Vicki Been 2
1. Office of the Comptroller of the Currency, Washington, DC 20219; email: Ioan.Voicu@occ.treas.gov
2. New York University School of Law, New York, NY 10012; email: vicki.been@nyu.edu
Real Estate Economics via Blackwell Publishing www.Blackwell-Synergy.com
Volume 36, Issue 2; Summer, 2008; Pages 241-283
doi:10.1111/j.1540-6229.2008.00213.x
http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6229.2008.00213.x
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