Do Housing Prices Reflect Environmental Health Risks? Evidence from More than 1600 Toxic Plant Openings and Closings
Name
2013-001.pdf
Description
main article
Size
1.75 MB
Format
Adobe PDF
Checksum (MD5)
0c7b7e444eb26a302ada75564933e95a
Author(s)
Currie, Janet
Davis, Lucas
Greenstone, Michael
Walker, Reed
Date Issued
January 2012
Publisher
MIT CEEPR
Citation
WP-2013-001
Series/Report no.
Working Papers;2013-001
Abstract
A ubiquitous and largely unquestioned assumption in studies of housing markets is that there is perfect information about local amenities. This paper measures the housing market and health impacts of 1,600 openings and closings of industrial plants that emit toxic pollutants. We find that housing values within one mile decrease by 1.5 percent when plants open, and increase by 1.5 percent when plants close. This implies an aggregate loss in housing values per plant of about $1.5 million. While the housing value impacts are concentrated within 1/2 mile, we find statistically significant infant health impacts up to one mile away.
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