Making—or Picking—Winners: Evidence of Internal and External Price Effects in Historic Preservation Policies
测量了历史保护法规对官方指定历史街区内外房产价值的影响，利用历史重要性数据纠正偏差，发现芝加哥1990年代指定对区内房价影响差异大，且限制措施在区内和区外平均产生负面价格效应。
This article measures the impacts of historic preservation regulations on property values inside and outside of officially designated historic districts. The analysis relies on a model of historic designation to control for the tendency to designate higher‐quality properties. An instrumental variables model using rich data on historic significance corrects for this bias. The results for Chicago during the 1990s indicate that price impacts from designation inside a landmark district vary considerably across homes inside the districts. Controlling for extant historic quality, which the market values positively, restrictions apparently have negative price effects on average both within and outside districts.