This Old House: Historical Restoration as a Neighborhood Amenity
研究了弗吉尼亚州历史房产修复税收抵免对周边非历史房产价格的正向外部性，发现邻近修复房产的房屋售价更高，流动性影响较小。
Property markets do not fully price the public’s value for historic homes to correct the intergenerational externality associated with historical preservation. While preservation for future generations often provides the primary motivation for Pigovian subsidies, historical preservation or restoration policies may also have significant contemporary amenity effects. This study exploits unique data on the use of rehabilitative tax credits (RTCs) in Virginia to estimate the extent to which historic property investment generates market externalities for nearby nonhistoric properties. Using a difference-in-differences approach, the results indicate that homes in close proximity to RTCs sell at a premium, with only modest liquidity effects. <i></i>