The Effect of Community Gardens on Neighboring Property Values
Office of the Comptroller of the Currency (OCC)
New York University School of Law
Real Estate Economics, Vol. 36, Issue 2, pp. 241-283, Summer 2008
Cities across the United States that have considerable vacant land are debating whether to foster community gardens on that land, while cities with land shortages are debating when to replace gardens with other uses. Meanwhile, many cities are looking for new ways to finance green spaces. Little empirical evidence about the neighborhood impacts of community gardens is available, however, to inform the debate or to help cities design financing schemes. This article estimates the impact of community gardens on neighborhood property values, using rich data for New York City and a difference-in-difference specification of a hedonic regression model. We find that gardens have significant positive effects, especially in the poorest neighborhoods. Higher-quality gardens have the greatest positive impact.
Number of Pages in PDF File: 43
Date posted: May 8, 2008
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