Please in My Back Yard: The Private and Public Benefits of a New Tram Line in Florence

Budiakivska, Valeriia; Casolaro, Luca

doi:10.2139/ssrn.3127531

Cited by 12 publications

(1 citation statement)

References 105 publications

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“…As mentioned above, OMI are micro-geographical areas, smaller than neighbourhoods, characterized by homogeneous real estate markets. Areas are revealed at the infra-municipality level, sharing similar socioeconomic and urban characteristics, building infrastructures, and quality, namely the features which are crucial to determining house prices (Budiakivska and Casolaro 2018). Thanks to this approach, our baseline model absorbs all the variation across municipalities and time-invariant OMI-level unobservables.…”

Section: Estimation Issuesmentioning

confidence: 99%

Localized effects of confiscated and re-allocated real estate mafia assets

Boeri,

Di Cataldo,

Pietrostefani

2023

Journal of Economic Geography

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Asset confiscation regimes are present throughout Europe. The Italian State implements a policy stipulating the confiscation of real estate assets from individuals convicted of mafia-related crimes and the re-allocation of these assets to new uses. The policy of confiscation (confisca) and re-allocation (destinazione) is meant to act as both an anti-mafia measure and a way to compensate local communities by converting real estate assets into public amenities. We evaluate the effects of this programme on local areas by estimating its impact on property values in the proximity of confiscations and re-allocations. The findings reveal a negative effect of confiscations and a positive effect of re-allocations on housing prices, mainly visible in mafia strongholds. Both of these trends can be observed in the time periods that directly follow instances of confiscation and re-allocation and appear to be highly localized. A drop in organized crime activity in the streets where re-allocations have occurred could account for some of the gain in property values caused by re-allocations. These findings have implications for the effectiveness of anti-mafia initiatives aimed at improving the quality of life in areas where criminal activity is more prevalent.

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Section: Estimation Issuesmentioning

confidence: 99%