Journal
ECOLOGICAL ECONOMICS
Volume 141, Issue -, Pages 202-212Publisher
ELSEVIER
DOI: 10.1016/j.ecolecon.2017.05.030
Keywords
Stormwater basins; Capitalization; Hedonics; Green infrastructure
Funding
- U.S. Forest Service, National Science Foundation [DEB-0410336, CBET-1058056]
- Environmental Policy Initiative at The Ohio State University
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An often-cited advantage of green infrastructure projects is the potential for co-benefits generated from its natural features, which depend on the generation of positive house price capitalization. Using housing transactions data and exploiting variation in placement and design, we examine the capitalization of stormwater retention basins, a common green infrastructure project in suburban housing developments. Results show adjacency causes decreases in housing prices between 13 and 14% for the average home. Additionally this negative effect exacerbates with basin age. Rather than providing co-benefits, we find that stormwater basins generate a cost for proximate households. (C) 2017 Elsevier B.V. All rights reserved.
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