RT Journal Article
SR Electronic
T1 It’s the Smell
JF Land Economics
FD University of Wisconsin Press
SP 49
OP 75
DO 10.3368/le.102.1.063023-0058R
VO 102
IS 1
A1 Chen, Jeff
A1 Cornwall, Gary
A1 Wentland, Scott
YR 2026
UL http://le.uwpress.org/content/102/1/49.abstract
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. The Fresh Kills landfill in New York 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 that resolving uncertainty can have a powerful supply effect for housing markets, applying downward pressure on prices in the short run