Capitalization of social service nonprofit activities: homeless service provider openings and home values
研究利用美国全国数据发现，开设非营利无家可归者服务机构会使周边邮政编码区的房屋价值平均上涨1.2%，且对大型服务、更受同情群体或少数族裔社区影响更大。
Non-profit service providers often face local opposition due to dispersed social benefits, but concentrated costs. Using nationwide U.S. data, we find opening a non-profit homeless service provider is capitalized into home values in the surrounding zip code, increasing values by 1.2%, using a difference-in-differences design, comparing zip codes that open their first provider to neighbouring zip codes without one. The relationship is even stronger in certain cases: home values increase by 2.2% for larger services, 2.6% when serving a more sympathetic population, and 3.1% in neighbourhoods with a lower share of non-Hispanic white residents.