Capitalization Effects of Site Redevelopment through the Brownfield Cleanup Program on Local Property Values
| (1) Log Sale Price | (2) Log Sale Price | |
|---|---|---|
| Entry | 0.011*** (0.0040) | 0.012*** (0.0042) |
| Cleanup | –0.00022 (0.0033) | –0.00015 (0.0034) |
| Redevelopment | –0.0029 (0.0045) | |
| Redevelopment: Apartments | –0.0047 (0.0061) | |
| Redevelopment: School | –0.0265 (0.0372) | |
| Redevelopment: Retail | 0.0028 (0.0078) | |
| Controls | ||
| Quarter FE | Yes | Yes |
| Property FE | Yes | Yes |
| Census tract – Year FE | Yes | Yes |
| Observations | 72,253 | 72,253 |
| R-squared | 0.82 | 0.82 |
Note: Sample includes residential property transactions between 2004 and 2011. Entry, cleanup, and redevelopment variables are created as density measures described in equation [3]. In column (2), office redevelopment is the omitted category. Standard errors are in parentheses and clustered at the property level. FE, fixed effects.
↵*** p < 0.01.