The preservation of historic districts—is it worth it?

Waights, Sevrin (2019) The preservation of historic districts—is it worth it? Journal of Economic Geography, 19 (2). 433–464. ISSN 1468-2702

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Abstract

I investigate the welfare effect of conservation areas that preserve historic districts by regulating development. Such regulation may improve the quality of life but does so by reducing housing productivity—that is, the efficiency with which inputs (land and non-land) are converted into housing services. Using a unique panel dataset for English cities and an instrumental variable approach, I find that conservation areas lead to higher house prices for given land values and building costs (lower housing productivity) and higher house prices for given wages (higher quality of life). The overall welfare impact is found to be negative.

Item Type:	Article
Additional Information:	© 2018 The Author
Divisions:	Centre for Economic Performance
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HD Industries. Land use. Labor > HD100 Land Use
JEL classification:	D - Microeconomics > D6 - Welfare Economics > D62 - Externalities H - Public Economics > H8 - Miscellaneous Issues > H89 - Other L - Industrial Organization > L5 - Regulation and Industrial Policy > L51 - Economics of Regulation L - Industrial Organization > L7 - Industry Studies: Primary Products and Construction > L74 - Construction R - Urban, Rural, and Regional Economics > R2 - Household Analysis > R21 - Housing Demand R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R31 - Housing Supply and Markets R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R38 - Government Policies; Regulatory Policies R - Urban, Rural, and Regional Economics > R5 - Regional Government Analysis > R52 - Land Use and Other Regulations R - Urban, Rural, and Regional Economics > R5 - Regional Government Analysis > R58 - Regional Development Policy
Date Deposited:	13 Mar 2018 09:37
Last Modified:	18 Apr 2024 07:12
URI:	http://eprints.lse.ac.uk/id/eprint/87175

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