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This Old House: Historical Restoration as a Neighborhood Amenity

机译:这个老房子:历史恢复为邻里舒适度

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Property markets do not fully price the public's value for historic homes to correct the intergenerational externality associated with historical preservation. While preservation for future generations often provides the primary motivation for Pigovian subsidies, historical preservation or restoration policies may also have significant contemporary amenity effects. This study exploits unique data on the use of rehabilitative tax credits (RTCs) in Virginia to estimate the extent to which historic property investment generates market externalities for nearby nonhistoric properties. Using a difference-in-differences approach, the results indicate that homes in close proximity to RTCs sell at a premium, with only modest liquidity effects. (JEL H23, R38)
机译:房地产市场并不完全为历史性房屋的价值完全价格纠正与历史保存相关的代际外部。 虽然对后代的保存往往为鸽子补贴的主要动机提供了初级动机,但历史保存或恢复政策也可能具有显着的当代舒适效果。 本研究利用弗吉尼亚州在弗吉尼亚州使用康复税收抵免(RTC)的独特数据来估计历史财产投资为附近的非际特性产生市场外部性的程度。 使用差异差异差异方法,结果表明,靠近RTCS的家庭以溢价销售,只有适度的流动性效果。 (Jel H23,R38)

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