IDEAS home Printed from https://ideas.repec.org/a/taf/lpadxx/v44y2021i8p648-664.html
   My bibliography  Save this article

External Diseconomies of Business Improvement Districts: Negative Impact on Residential Property Values – Evidence from the City of Westminster

Author

Listed:
  • Morifumi Hirao

Abstract

The study was conducted in the City of Westminster in the UK, in which eight BIDs have been established since the Business Improvement Districts Regulations were enacted in 2004. The purpose of this study is to examine whether the establishment of BIDs has had a negative impact on residential property values in response to criticism that BIDs disproportionately represent commercial interests, and hence while business and property owners benefit from BIDs, local residents are disadvantaged. Data used in this study were obtained from the Land Registry’s Price Paid Data (PPD) from 2005 to 2015, and the analysis was based on a hedonic pricing model and the difference in differences method. The findings indicate that BIDs have a statistically significant positive effect on the value of residential properties located within their “boundaries”, but a statistically significant negative effect on those in their “operating area”. In short, the results indicate that BIDs might depress residential property values in their operating areas.

Suggested Citation

  • Morifumi Hirao, 2021. "External Diseconomies of Business Improvement Districts: Negative Impact on Residential Property Values – Evidence from the City of Westminster," International Journal of Public Administration, Taylor & Francis Journals, vol. 44(8), pages 648-664, June.
    • Handle: RePEc:taf:lpadxx:v:44:y:2021:i:8:p:648-664
    DOI: 10.1080/01900692.2020.1744643
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01900692.2020.1744643
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/01900692.2020.1744643?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Faggio, G., 2022. "The Impact of Business Improvement Districts on Crime," Working Papers 22/03, Department of Economics, City University London.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:lpadxx:v:44:y:2021:i:8:p:648-664. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/lpad .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.