Abstracts for Vol.
All articles listed here are available for download in portable document format.
We measure the net effect of historic districting on the value of federally certified historic sites. The impact could be either positive or negative depending on the tension between positive externality effects and the constraints on property rights. Since federally certified historic parcels are not severely encumbered by regulations, we expect positive externality effects to dominate any negative effects of constraining rights. We find that the net effect of historic districting on land values is significantly positive. Certain REIT characteristics may allow some REITs to outperform others.