IS CRIME BAD FOR BUSINESS? CRIME AND COMMERCIAL PROPERTY VALUES IN NEW YORK CITY
利用纽约市犯罪、商业地产销售和评估价值的点数据，通过工具变量策略，发现犯罪降低商业地产价值，且影响因犯罪类型和地理位置而异，低收入和少数族裔社区受害更重。
ABSTRACT To test how crime affects economic activity, we use point‐specific data on crime, commercial property sales and assessed values from New York City, relying on an instrumental variables strategy. We find that crime reduces commercial property values, and the magnitude of the effect depends on the type and geography of crime. Elasticities range from −0.1 to −0.5. We find stronger evidence for negative violent crime effects in neighborhoods with lower incomes and higher shares of minority residents. Thus, disadvantaged neighborhoods are doubly harmed by crime—they have higher crime rates and those crimes have stronger effects on economic activity.