PT  - JOURNAL ARTICLE
AU  - Chen, Jeff
AU  - Cornwall, Gary
AU  - Wentland, Scott
TI  - It’s the Smell
AID  - 10.3368/le.102.1.063023-0058R
DP  - 2025 Jul 29
TA  - Land Economics
PG  - 063023-0058R
4099  - http://le.uwpress.org/content/early/2025/07/22/le.102.1.063023-0058R.short
4100  - http://le.uwpress.org/content/early/2025/07/22/le.102.1.063023-0058R.full
AB  - This study examines how the housing market responds to closing a major environmental disamenity nearby, particularly when the credibility of local policy is uncertain. Fresh Kills Landfill (NY) provides an empirical setting to examine this question across multiple distinct events with varying credibility signals. Results from a difference-in-differences analysis show that market prices and volumes respond sharply to credible actions (i.e., capping the landfill and park transitioning) rather than policy announcements. The findings suggest resolving uncertainty can have a powerful supply effect for housing markets, applying downward pressure on prices in the short run.