Does Federally Subsidized Rental Housing Depress Neighborhood Property Values?
Publication Date: March 2005
Publisher(s): Furman Center for Real Estate
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: neighborhoods; property values; renters; subsidized housing
Type: Working Paper
Few communities welcome subsidized housing, with one of the most commonly voiced fears being reductions in property values. Yet there is little empirical evidence that subsidized housing depresses neighborhood property values. This paper estimates and compares the neighborhood impacts of a broad range of federally-subsidized, rental housing programs, using rich data for New York City and a difference-in-difference specification of a hedonic regression model.