The Preservation of Historic Districts - Is it Worth it?
Sevrin Waights ()
SERC Discussion Papers from Spatial Economics Research Centre, LSE
I investigate the welfare effect of conservation areas that preserve historic districts by regulating development. Such regulation may improve quality of life but does so by reducing housing productivity - the efficiency with which inputs (land and non-land) are converted into housing services. Using a unique panel dataset for English cities and an instrumental variable approach, I find that cities with more conservation areas have higher house prices for given land values and building costs (lower housing productivity) and higher house prices for given wages (higher quality of life). The overall welfare impact is found to be negative.
Keywords: housing; planning; regulation; historic preservation; construction; land (search for similar items in EconPapers)
JEL-codes: H89 L51 L74 D62 R21 R31 R38 R52 R58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-env, nep-res and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:cep:sercdp:0202
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