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作者

Katharine Nelson;James DeFilippis;Richard Kruger;Olivia Williams;Joseph Pierce;Deborah Martin;Azadeh Hadizadeh Esfahani

来源

来源 HOUSING POLICY DEBATE,Vol.30,Issue.5

语言

英文

关键字

作者单位

a Bloustein School of Planning and Public Policy, Rutgers University, New Brunswick, NJ, USA;a Bloustein School of Planning and Public Policy, Rutgers University, New Brunswick, NJ, USA;b Graduate School of Geography, Clark University, Worcester, MA, USA;c Independent Scholar;d Department of Geography and Environmental Sustainability, University of Oklahoma, Norman, USA;b Graduate School of Geography, Clark University, Worcester, MA, USA;b Graduate School of Geography, Clark University, Worcester, MA, USA

摘要

This article explores the impacts of community land trust (CLT) properties on the real estate prices of nearby homes through a case study of a relatively large CLT in Minneapolis, Minnesota. We use hedonic regression and a difference-in-difference estimation with spatial error correction to measure price effects. The number of developments citywide is insufficient to yield significant results. However, we find evidence that clustering CLTs stemmed the decline in sales prices during the foreclosure crisis. The introduction of the first nearby CLT had no measurable price impact, but each additional CLT was associated with a 5% higher sales price in North Minneapolis, and 3% higher in Central Minneapolis. In the postrecession period, we estimate that the introduction of CLTs in North Minneapolis was associated with a 10.9% increase in nearby sales prices. These results suggest that, contrary to common assumptions, price effects are strongest when affordable properties are spatially clustered.