The Positive Spillovers to Risky Investments in Vacant, Abandoned, and Disinvested Properties

Edward W. Chen, Reagan L. Lengefeld and Omar Isaac Asensio

No 35825, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This study examines a housing program that created affordable infill developments on formerly vacant, abandoned, or disinvested properties in Savannah, Georgia. Savannah is a major economic hub anchored by the Port of Savannah, where many urban neighborhoods remain impacted by disinvestment and climate risk. Using two decades of record-linked property and tax data, this study quantifies local economic spillovers from this public intervention, revealing previously hidden social and economic benefits of infill housing policies. These benefits include an 11% increase in the market value of properties immediately neighboring an infill development site and an increase of up to 35% in areas with a high density of infill activity, pointing to block-level revitalization in climate-disadvantaged and distressed areas.

JEL-codes: C31 C32 C80 O18 Q56 R31 (search for similar items in EconPapers)
Date: 2026-09
New Economics Papers: this item is included in nep-hre and nep-uep
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Forthcoming: The Positive Spillovers to Risky Investments in Vacant, Abandoned, and Disinvested Properties , Edward W. Chen, Reagan Lengefeld, Omar Asensio. in Measurement of Housing and the Housing Sector , Garner, Gyourko, and Porter. 2026

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