A Richmond, Va.,-based community development program provides a natural experiment for measuring how the choices of one property owner can increase or decrease the value of neighboring properties.
Rossi-Hansberg, Esteban, Pierre-Daniel G. Sarte, and Raymond E. Owens III. "Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs." Federal Reserve Bank of Richmond Working Paper 08-03, June 2008.
Accordino, John, George Galster, and Peter Tatian. The Impacts of Targeted Public and Nonprofit Investment on Neighborhood Development. Community Affairs Office, Federal Reserve Bank of Richmond, July 2005.