Do Public Benefits of Voluntary Cleanup Programs Justify Their Public Costs? Evidence from New York
研究纽约州棕色地块自愿清理计划对房产价值的影响，发现计划带来税收收益但未超过项目支出，效益来自参与和清理而非再开发。
This paper contributes to the debate over public benefits and costs of state-funded voluntary cleanup programs, using evidence from property values in New York City. We value site redevelopment separately from cleanup and examine time to capitalization. Using property fixed effects and controlling for time-varying shocks, New York’s Brownfield Cleanup Program added 4% to property values. Off-site gains averaged 5.6% for properties with three units or less and 1.2% for multifamily residences, producing a $579.3 million tax gain that does not exceed the $667.9 million in program spending. Benefits stem from program participation and cleanup, but not from site redevelopment.