Dr. Zhou publishes new work examining the political economy of historic districts | Economics Research Group

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September 20, 2020

Dr. Zhou publishes new work examining the political economy of historic districts

Dr. Yang Zhou has published a new study in Regional Science and Urban Economics entitled "The Political Economy of Historic Districts: The Private, the Public, and the Collective." This paper studies the political economy of historic district designation, with a focus on how historic district designation influences housing prices. It finds that being in a historic district generates a 12-23% premium for house transactions after designation. Meanwhile, a 10-20% positive spillover to the neighboring homes of historic districts is found, and the specific characteristics of historic districts influence the spillovers. Given the institutional context of Denver, one possible mechanism of the premium is the collective action problem in the historic district designation process.