The Economics of Housing Renovation: Three Empirical Studies
Helms, Andrew Christopher
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https://hdl.handle.net/2142/85526
Description
Title
The Economics of Housing Renovation: Three Empirical Studies
Author(s)
Helms, Andrew Christopher
Issue Date
2002
Doctoral Committee Chair(s)
Brueckner, Jan K.
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Urban and Regional Planning
Language
eng
Abstract
This paper fills both gaps in the literature. Two detailed microdata sets document renovation activity among hundreds of thousands of buildings in two different cities and five-year periods: New York in the late 1960s, the birthplace and early years of gentrification; and Chicago in the late 1990s, where recent residential revitalization has been brisk. The first two chapters definitively establish the determinants of housing renovation in an empirical framework that is comparable to previous studies. The consistency of the results across the two cities and time periods attests to the conclusions' robustness. Using an aggregated version of the Chicago data, the third chapter estimates several parameterizations of a spatial lag model to empirically analyze the endogeneity of households' renovation decisions. The results not only indicate that neighborhood effects are strongly influential, but also suggest that many building and neighborhood characteristics may not, in fact, be determinants of renovation, but, rather, are proxies for spatial neighborhood effects.
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