RT Journal Article
SR Electronic
T1 The Impact of Water Body Restoration on the Sales and Rental Markets in Beijing
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 041322-0030R1
DO 10.3368/le.99.4.041322-0030R1
A1 Yingdan Mei
A1 Pengfei Liu
A1 Li Gao
YR 2023
UL http://le.uwpress.org/content/early/2023/03/14/le.99.4.041322-0030R1.abstract
AB Black and odorous water bodies (BOWBs) are increasingly common in cities worldwide. This paper evaluates the impact of an urban water bodies restoration program in Beijing, China, based on detailed housing sale and rental transaction data. We implement a hedonic price model with a difference-in-difference and a triple difference approach and find that listing and restoration of a BOWB significantly increase house prices by 2.2-3.9 percent and 2.3-4.9 percent, respectively, while at the same time increase rents by 11.3-13.7 percent and 13.4-16.9 percent, respectively.