The Reaction of Multifamily Capitalization Rates to Natural Disasters

Donald Bleich ()
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Donald Bleich: California State University–Northridge, Northridge, CA 91330

Journal of Real Estate Research, 2003, vol. 25, issue 2, 133-144

Abstract: This study analyzes the effect of the Northridge Earthquake on capitalization rates in the multifamily building market in Los Angeles, California. The results indicate that the Northridge Earthquake had a negative impact and overall capitalization rates rose. This negative effect, however, was not uniform over the entire Los Angeles area. During the first year the impact was correlated with distance to the epicenter and proximity to areas with high concentrations of damage. This negative effect, however, proved to be a temporary phenomenon. By the third year after the earthquake the negative effects of the earthquake were not significant.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (5)

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