[All-postdocs] MPC Seminar - please post

[Alison W Maksym]

Hello Everyone -

MPC has an upcoming seminar. Please post (attached) and send around to your depts. Thanks, Alison

Wednesday, June 22nd.
3:00 p.m.
Marine Policy Center Virtual Seminar
The Effect of Managed Retreat on Coastal Property Markets: Evidence from the NY Rising Buyout and Acquisition Program
Dr. Yukiko Hashida, Assistant Professor, Dept. of Agriculture and Applied Economics, University of Georgia
Sponsored by: Marine Policy Center
This will be held virtually. Register in advance for this meeting:
https://whoi-edu.zoom.us/meeting/register/tJUoc-utqD4jE9BBV7_kE1Apnk0wz_-Djlkg

Abstract:
Understanding the economic impacts to a community of removing housing and infrastructure from hazard-prone locations is an open empirical question. Using data from a buyout and acquisition program in the U.S. state of New York and residential property transactions between 1995 and 2020, we recover hedonic estimates of the property value impacts of government-acquired properties. Our identification strategy exploits the spatial proximities between sales and bought-out houses and the timing of different stages of the buyout process - closing, demolition (to be converted to open space) or auction (to be redeveloped), and/or redevelopment). Our results suggest that the buyout has negative impacts on housing prices, and its effects vary with proximity, indicating large negative impacts on adjacent houses and smaller negative impacts at the block and neighborhood scale that dissipate beyond 800 m. An event study specification supports the significant negative impact of the initial buyouts at a diminishing rate by proximity and suggests the impacts may dissipate after four to seven years. Our finding indicates heterogeneous responses to buyout across locations and stages. It provides policy implications for different buyout methods - one that returns parcels to open space and another that auctions them to developers for future redevelopment - and the role of information in the buyout process.


Alison W. Maksym
Center Administrator, Marine Policy Center
Woods Hole Oceanographic Institution (WHOI)
266 Woods Hole Road, MS#41, Woods Hole, MA 02543
Tel: 508-289-3538
amaksym at whoi.edu<mailto:amaksym at whoi.edu>

-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.whoi.edu/pipermail/all-postdocs/attachments/20220614/8a9951a2/attachment-0001.htm 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: MPC Seminar Flyer Hashida.pdf
Type: application/pdf
Size: 178775 bytes
Desc: MPC Seminar Flyer Hashida.pdf
Url : http://mailman.whoi.edu/pipermail/all-postdocs/attachments/20220614/8a9951a2/MPCSeminarFlyerHashida-0001.pdf