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This Old House: Historical Restoration as a Neighborhood Amenity

Author

Listed:
  • Geoffrey K. Turnbull
  • Bennie D. Waller
  • Scott A. Wentland
  • Walter R. T. Witschey
  • Velma Zahirovic-Herbert

Abstract

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.

Suggested Citation

  • Geoffrey K. Turnbull & Bennie D. Waller & Scott A. Wentland & Walter R. T. Witschey & Velma Zahirovic-Herbert, 2019. "This Old House: Historical Restoration as a Neighborhood Amenity," Land Economics, University of Wisconsin Press, vol. 95(2), pages 193-210.
    • Handle: RePEc:uwp:landec:v:95:y:2019:i:2:p:193-210
    Note: DOI: 10.3368/le.95.2.193
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    Citations

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    Cited by:

    1. Wentland, Scott A. & Ancona, Zachary H. & Bagstad, Kenneth J. & Boyd, James & Hass, Julie L. & Gindelsky, Marina & Moulton, Jeremy G., 2020. "Accounting for land in the United States: Integrating physical land cover, land use, and monetary valuation," Ecosystem Services, Elsevier, vol. 46(C).
    2. Patrick Gourley, 2021. "Curb appeal: how temporary weather patterns affect house prices," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 67(1), pages 107-129, August.
    3. Zhou, Yang, 2021. "The political economy of historic districts: The private, the public, and the collective," Regional Science and Urban Economics, Elsevier, vol. 86(C).
    4. Xun Bian & Raymond Brastow & Bennie Waller & Scott Wentland, 2021. "Foreclosure Externalities and Home Liquidity," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(3), pages 876-916, September.

    More about this item

    JEL classification:

    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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