The Welfare Implications of Urban Decay and Revitalization
نویسنده
چکیده
Conventional wisdom suggests that urban revitalization can harm the poor, primarily by raising rents. It has also been argued that urban decline harms the poor by reducing job opportunities, the quality of local public services, and other neighborhood amenities. This seeming contradiction can be explained in a model incorporating moving costs and neighborhood quality change sufficiently large to change the rank-ordering of neighborhoods. Data from the American Housing Survey are used to estimate a discrete choice model identifying households’ willingness-to-pay for neighborhood quality, using very basic proxies for quality. These willingness-to-pay estimates are then compared to the actual price changes that accompany observed changes in neighborhood quality. The results suggest that the correlation between neighborhood quality change and price changes is actually quite low, consistent with the theoretical notion that equilibrium price differentials are determined households with low valuations of quality. The results imply that, in general, neighborhood revitalization is more favorable than neighborhood decline. *Box 90312, Durham NC 27708. Email: . The author is grateful to Yongsuk Lee, Josh Kinsler and Patrick Dudley for research assistance, and to participants in the 2005 American Real Estate and Urban Economics Association International Meeting for helpful comments on an earlier draft. Remaining errors are the author's responsibility.
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Developing an Integrated Conservation and Revitalization Model to Provide Criteria and Indicators to Assess the Integration of Measures in Historic Urban Areas
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