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Do Public Benefits of Voluntary Cleanup Programs Justify Their Public Costs? Evidence from New York

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  • Olesya M. Savchenko
  • John B. Braden

Abstract

This paper contributes to the debate over public benefits and costs of state-funded voluntary cleanup programs, using evidence from property values in New York City. We value site redevelopment separately from cleanup and examine time to capitalization. Using property fixed effects and controlling for time-varying shocks, New York’s Brownfield Cleanup Program added 4% to property values. Off-site gains averaged 5.6% for properties with three units or less and 1.2% for multifamily residences, producing a $579.3 million tax gain that does not exceed the $667.9 million in program spending. Benefits stem from program participation and cleanup, but not from site redevelopment.

Suggested Citation

  • Olesya M. Savchenko & John B. Braden, 2019. "Do Public Benefits of Voluntary Cleanup Programs Justify Their Public Costs? Evidence from New York," Land Economics, University of Wisconsin Press, vol. 95(3), pages 369-390.
    • Handle: RePEc:uwp:landec:v:95:y:2019:i:3:p:369-390
    Note: DOI: 10.3368/le.95.3.369
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    File URL: http://le.uwpress.org/cgi/reprint/95/3/369
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    Cited by:

    1. Kristin Shrader-Frechette & Andrew M. Biondo, 2021. "Data-Quality Assessment Signals Toxic-Site Safety Threats and Environmental Injustices," IJERPH, MDPI, vol. 18(4), pages 1-17, February.
    2. Kristin Shrader-Frechette & Andrew M. Biondo, 2021. "Health Misinformation about Toxic-Site Harm: The Case for Independent-Party Testing to Confirm Safety," IJERPH, MDPI, vol. 18(8), pages 1-33, April.
    3. Kristin Shrader-Frechette, 2022. "Does Hazardous-Waste Testing Follow Technical Guidance, Thus Help Protect Environmental Justice and Health?," IJERPH, MDPI, vol. 19(13), pages 1-30, June.

    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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