Historic Preservation and Residential Property Values: Evidence from Quantile Regression

摘要

Historic designation is increasingly used as a means to achieve both preservation and community economic development. This study considered the effects of historic designation on residential property values in Baton Rouge, Louisiana, USA. The results support the well-established notion in urban economics literature that historic preservation has a positive impact on property values. However, appreciation of property values may displace less-affluent residents of historic districts after designation takes place. The results also show that the lower-end properties gain the most value from historic preservation. Thus, it must indeed be recognised that with increasing values comes the very real possibility that displacement of neighbourhood residents can occur.