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July 2015Working Paper No. 3329
We estimate the spillovers of properties financed by the Low Income Housing Tax Credit (LIHTC) onto surrounding neighborhood residents. We nonparametrically estimate the impact of LIHTC development on nearby house prices by developing a new difference-in-differences style estimator which exploits smoothness in housing prices across geographic distance and time. We find LIHTC development helps revitalize low income neighborhoods, driving up house prices 6.5%, lowering crime rates, and attracting a more racially and income diverse population. LIHTC development in higher income, low minority areas leads to local house price declines of 2.5% and attracts lower income households. We link these housing price effects to homeowner and renter preferences by developing a generalized hedonic model. Our estimates indicate that an affordable housing development in a low-income area improves welfare by $23,000 per local homeowner and $6500 per local renter, with aggregate welfare benefits to society of $115 million. When viewed as a place-based policy, affordable housing appears to be a desirable way to invest in and revitalize low-income communities.
labor economics, Urban Economics, Public Economics
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Rebecca Diamond is an Assistant Professor of Economics at the Stanford Graduate School of Business where she teaches Data and Decisions. Her current research studies the causes and consequence of segregation of households by income and education level across neighborhoods and labor markets. She was a Postdoctoral Fellow at the Stanford Institute for Economic Policy Research from 2013 to 2014. She received her PhD in Economics from Harvard University in 2013 and her BS in Physics and Economics & Mathematics from Yale University in 2007.