NDLI: Hazardous Waste Hits Hollywood: Superfund and Housing Prices in Los Angeles

Content Provider	Springer Nature Link
Author	Mastromonaco, Ralph A.
Copyright Year	2013
Abstract	This paper contributes to the ongoing debate concerning the effect of various actions taken by the U.S. Environmental Protection Agency under CERCLA, commonly known as the Superfund Program, on housing prices. This study uses a housing transaction panel dataset encompassing the five major counties of the Los Angeles Combined Statistical Area to estimate the program’s influence on the local housing market. Using house and time-varying census tract fixed effects, I am able to avoid many of the endogeneity problems seen in previous research attempting to measure the Superfund treatment effect. An estimate of the effect on housing prices is given for each of the major events that occur under a typical Superfund remediation. After controlling for confounding correlated unobservables, I find a 7.3 % increase in sales price for houses within 3 km of a site that moves through the complete Superfund program. The analysis gives evidence of positive price appreciation for housing markets and serves as a lower bound for measuring remediation benefits.
Starting Page	207
Ending Page	230
Page Count	24
File Format	PDF
ISSN	09246460
Journal	Environmental and Resource Economics
Volume Number	59
Issue Number	2
e-ISSN	15731502
Language	English
Publisher	Springer Netherlands
Publisher Date	2013-09-25
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Superfund Housing market Unobserved heterogeneity Hazardous waste Hedonic regression Fixed effects Environmental Economics Environmental Law/Policy/Ecojustice Economic Policy Economics/Management Science Environmental Management
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Management, Monitoring, Policy and Law

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