Table 2

Capitalization Effects of Brownfield Cleanup Program Site Entry and Cleanup on Local Property Values

(1) Log Sale Price(2) Log Sale Price(3) Log Sale Price(4) Log Sale Price
Entry  0.0021** (0.0009)  0.0044*** (0.0009)  0.0026** (0.0012)  0.0028** (0.0012)
Cleanup  0.015*** (0.0018)  0.010*** (0.0018)  0.0075*** (0.0021)  0.0073*** (0.0021)
Property Size  0.20*** (0.0033)
Lot Size  0.0004*** (0.0000)
Number of Stories  0.019*** (0.0008)
Number of Units–0.028*** (0.0033)
Age  0.041*** (0.0028)
Age2–0.0027*** (0.0003)
Constant11.6*** (0.0134)12.1*** (0.0101)
Controls
  Year-quarter FEYesYesNoNo
  Quarter FENoNoYesYes
  Property FENoYesYesYes
  Census tract – Year FENoNoYesYes
  Brownfield Site FENoNoNoYes
Observations123,852123,852123,852123,852
R-squared0.520.660.890.89

  • Note. Standard errors in parentheses. Standard errors are robust in column (1) and clustered at the property level in columns (2), (3), and (4). FE, fixed effects.

  • ↵** p < 0.05;

  • ↵*** p < 0.01.