Bay Checkerspot Butterfly: Main Regression Results; Dependent Variable: Log(Price per acre), San Mateo and Santa Clara Counties
| OLS | 2SLS | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Lot size (acres) | –0.0316*** (0.00986) | –0.0313*** (0.00977) | –0.0242*** (0.00784) | –0.0239*** (0.00779) |
| Wetland | –0.7638*** (0.13608) | –0.8662*** (0.13350) | ||
| Floodplain | –0.2386* (0.13268) | –0.2212* (0.13350) | ||
| Slope | –0.5234*** (0.06568) | –0.5087*** (0.06709) | ||
| Farmland: prime | –0.8187*** (0.26202) | –0.8143*** (0.26482) | ||
| Farmland: state importance | –1.0588** (0.49380) | –1.0696** (0.49394) | ||
| Farmland: unique | –0.6567 (0.46052) | –0.6879 (0.45992) | ||
| Urban growth boundary | 1.1476*** (0.11699) | 1.1098*** (0.11692) | ||
| RLF2001 | –0.0143 (0.39109) | 0.0145 (0.38803) | ||
| PostRLF,2001 × RLF2001 | –0.1037 (0.26448) | –0.1768 (0.26519) | ||
| BCB2001 | 0.0055 (0.51626) | 0.5575 (0.47899) | 3.8642** (1.72503) | |
| PostBCB,2001 × BCB2001 | –1.5622** (0.62243) | –1.5335** (0.59820) | –6.2448*** (2.24488) | |
| N | 3,433 | 3,433 | 3,433 | 3,433 |
| Census tract fixed effects | Yes | Yes | Yes | Yes |
| Month-of-sample fixed effects | Yes | Yes | Yes | Yes |
| Serpentine IV | No | No | No | Yes |
| N census tracts | 249 | 249 | 249 | 249 |
| N months | 240 | 240 | 240 | 240 |
Note: This table displays the ordinary least squares (OLS) and instrumental variable (IV) two-stage least squares (2SLS) estimates for the effect of critical habitat designation on land values in San Mateo and Santa Clara Counties (protecting the Bay checkerspot butterfly). The month-of-sample fixed effects absorb the double-difference’s standard Post indicator. We cluster errors by county, quarter, and year.
↵* Significant at 10%;
↵** significant at 5%;
↵*** significant at 1%.