Distinctively Different: A New Approach to Valuing Architectural Amenities

Ahlfeldt, Gabriel M.; Holman, Nancy

doi:10.1111/ecoj.12429

Cited by 26 publications

(17 citation statements)

References 67 publications

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“…Note that we implicitly assume that we are in equilibrium in the sense that all areas that should be designated at t are in fact designated. This is in line with Ahlfeldt and Holman (2016) who show that the distinctiveness of CAs tends to decline in their year of designation. Moreover, we estimate our model using a long difference between 1991 and 2011, which is more than two decades after the start of the policy and the initial wave of designations.…”

Section: Designation Processsupporting

confidence: 91%

Game of Zones: The Political Economy of Conservation Areas

Ahlfeldt

Moeller

Waights

et al. 2017

The Economic Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Game of Zones: The Political Economy of Conservation Areas Abstract Provided there are positive external benefits attached to the historic character of buildings, owners of properties in designated conservation areas benefit from a reduction in uncertainty regarding the future of their area. At the same time, the restrictions put in place to ensure the preservation of the historic character limit the degree to which properties can be altered and thus impose a cost to their owners. We test a simple theory of the designation process in which we postulate that the level of designation is chosen to comply with interests of local homeowners. The implication of the model is that a) an increase in preferences for historic character should increase the likelihood of a designation, and b) new designations at the margin should not be associated with significant house price capitalization effects. Our empirical results are in line with these predictions. This work has been supported by English Heritage in terms of funding and data provision. We also acknowledge the property data provided by the Nationwide Building Society and the financial support by the Suntory and Toyota International Centres for Economics and Related Disciplines (STICED). We thank seminar and conference participants in London (SERC), Bratislava (ERSA), Halle (IWH), Reading, Palermo (ERSA), Odense (University of Southern Denmark), Amsterdam (Tinbergen Institute) and especially Phillip Ager, Karol Borowiecki, Paul Cheshire, Tommaso Gabrieli, Steve Gibbons, Christian Hilber, Nancy Holman, Hans Koster, Gianluca Marcato, Douglas Noonan, Jos van Ommeren, Henry Overman, Jan Rouwendal, Paul Sharp, Jens Südekum and Woulter Vermeulen for helpful comments and suggestions. We also thank John Davis from English Heritage for helpful comments on work done at an earlier stage of this project. The usual disclaimer applies. Terms of use: Documents in

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Section: Designation Processsupporting

confidence: 91%

Game of Zones: The Political Economy of Conservation Areas

Ahlfeldt

Moeller

Waights

et al. 2017

The Economic Journal

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“…More precisely, low-tax jurisdictions are typically characterised by higher incomes and the resulting differences in the tax base may simultaneously affect tax policies that accordingly capitalise in the costs of housing. Apart from this, unobservable factors such as geographical amenities, local public goods and services and local neighbourhood attributes influence the attractiveness of jurisdictions and lead to differences in the costs of housing and average income across places (Ioannides, 2004;Ahlfeldt and Holman, 2015). The inherent endogeneity challenges the empirical analysis of the degree of tax capitalisation in house prices and rents.…”

mentioning

confidence: 99%

Income Taxes, Sorting and the Costs of Housing: Evidence from Municipal Boundaries in Switzerland*

Basten¹,

Ehrlich

Lassmann

2017

The Economic Journal

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We provide novel evidence on the role of income taxes for housing rents and spatial sorting. Drawing on comprehensive micro‐level data, we estimate the responsiveness of households to tax differentials across municipal boundaries. Correcting for unobservable location characteristics and isolating the residential sorting component, we identify an income tax elasticity of rents of about −0.27 to −0.35. In line with non‐homothetic preferences, we find that the marginal willingness to pay for lower taxes increases with income. Counterfactual calculations show how an homogenisation of taxes across jurisdictions and an increase in variation of taxes affect rents and income stratification across space.

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“…Other studies adopt a narrow definition of value to show correlations between a range of built environment qualities and specific economic metrics, most commonly property prices. These include: Ahlfeldt & Holman (2015) between distinctive architectural qualities and residential property prices in 47 conservation areas; or Nase et al (2013a;2013b) between urban design quality and the real estate value of retail and office properties respectively.…”

Section: Wider Benefits Studiesmentioning

confidence: 99%

“…walkability or conservation initiatives) or when testing the application of specific econometric models (e.g. Ahlfeldt & Mastro 2012;Ahlfeldt & Holman 2015;Cho et al 2008). However, when the concern is with the public realm at large, this fragmentation contrasts with the multi-faceted nature of both urban design interventions and the urban areas themselves, as well as with the potential value added by improvements: "the value people will place upon [an urban] environment will depend not so much on any one element but upon the relationship of these elements to each other -the whole realm of urban design" (The Young Foundation and UCL 2006b:14).…”

Section: Place-based Qualitymentioning

confidence: 99%

Street appeal: The value of street improvements

Carmona¹,

Gabrieli²,

Hickman³

et al. 2018

Progress in Planning

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The planning for and design of streets around the world have been undergoing a radical change via a move from a network efficiency model to a movement and place-based one. This is a fundamental change, and it is important to understand both the benefits and drawbacks that result. This research represents an attempt to capture and understand these impacts and to address the question, what is the 'value', in the widest sense of the word, of place-based improvements in street design. The key features of the approach adopted here were, the use of pairwise comparisons of five improved and five unimproved streets across London, a holistic analytical framework to represent the complexity of urban streets, and the use of diverse qualitative and quantitative data to understand the diverse forms of value that might accrue from interventions. As well as important methodological innovations and insights, the research revealed that in relation to street improvements in the sorts of mixed local high street locations investigated, investments in the quality of the street environment return substantial value to the everyday users of streets, and to the occupiers of space (to business) and investors in surrounding property in multiple ways.

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Distinctively Different: A New Approach to Valuing Architectural Amenities

Cited by 26 publications

References 67 publications

Game of Zones: The Political Economy of Conservation Areas

Game of Zones: The Political Economy of Conservation Areas

Income Taxes, Sorting and the Costs of Housing: Evidence from Municipal Boundaries in Switzerland*

Street appeal: The value of street improvements

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