Estimating the External Effects of Subsidized Housing Investment on Property Values
Publication Date: April 2003
Publisher(s): Furman Center for Real Estate
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: property values; subsidized housing; Affordable housing
Type: Working Paper
Although housing investment is often promoted as a tool for neighborhood improvement, prior empirical research has failed to provide convincing evidence that subsidized housing investment generates significant external effects. This paper revisits the external effects of subsidized housing investment. With the benefit of a very rich dataset, we use a difference-in-difference specification of a hedonic regression model to estimate the spillover effects of publicly-assisted housing units produced under the New York City Ten Year Plan program.