Hector Blanco (NYU Furman Center) will present his joint paper with Lorenzo Neri "Knocking it Down and Mixing it Up: The Impact of Public Housing Regenerations". Article Paper on this research you can find here https://hector-blanco.github.io/files/20211105_Blanco_JMP.pdf.
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Paper Details
Title: Knocking it Down and Mixing it Up: The Impact of Public Housing Regenerations.
Author: Hector Blanco (NYU Furman Center), Lorenzo Neri (University of St Andrews).
Abstract: This paper studies the effects of regenerating public housing into mixed-income communities on the local housing market. We exploit a wave of public housing regenerations in London that not only demolish and rebuild existing public housing but also almost double the number of units on-site with new market-rate units. Over a six-year period, we estimate that regenerations significantly raise nearby house prices and rents, although house prices decrease slightly farther away. We also find that they attract higher-income households, increase positive amenities (e.g., cafés, restaurants), and reduce negative amenities (e.g., crime). The results are consistent with strong demand effects concentrated near the buildings and moderate effects from increased supply that persist in the broader area. We provide suggestive evidence that changes in a neighborhood’s socioeconomic composition are important to explain price effects: regenerations in low-income areas and those adding a large number of market-rate units lead to larger price increases. Overall, our findings indicate that mixed-income housing can revitalize neighborhoods near decaying public housing, but the supply of new market-rate units can increase unaffordability in low-income neighborhoods.