RT Journal Article
SR Electronic
T1 The Impact of Water Body Restoration on the Sales and Rental Markets in Beijing
JF Land Economics
FD University of Wisconsin Press
SP 558
OP 572
DO 10.3368/le.99.4.041322-0030R1
VO 99
IS 4
A1 Mei, Yingdan
A1 Liu, Pengfei
A1 Gao, Li
YR 2023
UL http://le.uwpress.org/content/99/4/558.abstract
AB Black and odorous water bodies (BOWBs) are increasingly common in cities worldwide. This article 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 restoring a BOWB significantly increase house prices by 2.2%–3.9% and 2.3%–4.9%, respectively, and increases rents by 11.3%–13.7% and 13.4%–16.9%, respectively.