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Figure 7: Selected Coefficients from Regression Results with Year* Ring Dummy Variables Dependent Variable = Log of Price Per Unit Model 1 Model 2 Model 3 (500-ft. Ring) (1000-ft. Ring) (2000-ft. Ring) >=10yr_pre_ring -0.2265 -0.2004 -0.1660 (0.0056) (0.0037) (0.0027) 9yr_pre_ring -0.2463 -0.2086 -0.1770 (0.0143) (0.0095) (0.0065) 8yr_pre_ring -0.2350 -0.2095 -0.1721 (0.0150) (0.0095) (0.0064) 7yr_pre_ring -0.1293 -0.1663 -0.1670 (0.0146) (0.0093) (0.0063) 6yr_pre_ring -0.1693 -0.1726 -0.1661 (0.0145) (0.0094) (0.0063) 5yr_pre_ring -0.1360 -0.1544 -0.1554 (0.0143) (0.0093) (0.0063) 4yr_pre_ring -0.1433 -0.1283 -0.1384 (0.0147) (0.0097) (0.0064) 3yr_pre_ring -0.1142 -0.1280 -0.1472 (0.0154) (0.0099) (0.0068) 2yr_pre_ring -0.0864 -0.1086 -0.1117 (0.0145) (0.0095) (0.0067) 1yr_pre_ring -0.1036 -0.1046 -0.1164 (0.0134) (0.0091) (0.0065) 1yr_post_ring -0.0374 -0.0921 -0.0903 (0.0130) (0.0091) (0.0067) 2yr_post_ring -0.0299 -0.0497 -0.0845 (0.0152) (0.0101) (0.0069) 3yr_post_ring -0.0529 -0.0454 -0.0610 (0.0162) (0.0103) (0.0073) 4yr_post_ring -0.0289 -0.0487 -0.0665 (0.0150) (0.0107) (0.0074) 5yr_post_ring -0.0436 -0.0824 -0.0863 (0.0167) (0.0110) (0.0076) 6yr_post_ring -0.0609 -0.0949 -0.0868 (0.0191) (0.0120) (0.0080) 7yr_post_ring -0.0514 -0.0809 -0.0829 (0.0200) (0.0124) (0.0081) 8yr_post_ring -0.0999 -0.1032 -0.0771 (0.0229) (0.0137) (0.0089) 9yr_post_ring -0.0389 -0.0723 -0.0733 (0.0255) (0.0163) (0.0101) >=10yr_post_ring -0.0837 -0.0752 -0.0559 (0.0208) (0.0115) (0.0070) Adjusted R 2 0.801 0.802 0.804 N 300,890 300,890 300,890 Note: Standard errors in parentheses. See Appendix A for full results. 20
The estimated coefficients for the ring variables and their standard errors are shown in Figure 7. The complete model specification with the coefficients for the structural variables is included in Appendix A. These structural variables have the expected signs. 16 The per unit sales price is higher if a building is larger or newer, located on a corner, or includes a garage. The price is lower if the building is vandalized or abandoned. The building class dummies are also consistent with expectations. Sales prices for most of the building types are lower than those for single-family attached homes (the omitted category). One result, perhaps counter-intuitive, is that the estimated impact of the dummy variable indicating that the building has undergone a major alteration prior to sale is statistically insignificant. This result may reflect the fact that buildings that have undergone such major alterations are generally in worse shape and lower-priced prior to renovation in ways that are not captured by our data. 17 The key coefficients, those on the ring dummy variables, are presented in Figure 7. Again, each of these coefficients may be interpreted as the percentage difference between the price of properties within the rings and comparable properties located outside the rings but within the same community district. (The coefficient on Ring500, one year before completion, for instance suggests that properties located within 500 feet of a future Partnership or Nehemiah project one year prior to completion sold for 10.4 percent less than comparable properties beyond 500 feet but in the same community district.) The first point to note is that all the coefficients are negative and virtually all are statistically significant. Consistent with the uncontrolled results set forth in Figure 6, that is, prices of properties located in the rings are significantly lower than the prices of comparable properties located in their community district, both before and after project completion. The second point to note is that the coefficients generally get smaller over time. Prices in the rings, that is, rise over time relative to prices in the larger community 16 The odd-shape and extension variable are included to capture any irregularities in the calculation of square footage. 17 It is worth mentioning the statistically significant coefficients on the dummy variables indicating if the age or size of a building is missing. In general, these suggest that the buildings for which age is missing are older than others and the buildings for which square footage is missing are larger. The condominiums for which square footage is missing (90 percent of sales missing square feet) are also larger, but somewhat less so. In total, just over one percent of property sales did not indicate square footage and three percent did not indicate age. 21
Page 1 and 2: JOINT CENTER FOR HOUSING STUDIES of
Page 3 and 4: Abstract In this paper, we look at
Page 5 and 6: I. Introduction Promoting homeowner
Page 7 and 8: analysis of home sales in the vicin
Page 9 and 10: launched soon after. Like the Nehem
Page 11 and 12: Our basic approach is to compare pr
Page 13 and 14: the magnitude of the impact. While
Page 15 and 16: community districts where Nehemiah
Page 17 and 18: community districts with Nehemiah o
Page 19 and 20: Figure 3: Location of Partnership a
Page 21 and 22: in census tracts citywide. As menti
Page 23: that is, the differential between p
Page 27 and 28: after completion, the gap shrinks b
Page 29 and 30: externalities created by the projec
Page 31 and 32: References Chandler, Mittie O., Vir
Page 33 and 34: Appendix A Full Regression Results,
Page 35 and 36: (0.0185) (0.0184) (0.0183) Condomin
Page 37 and 38: (0.002) Vandalized -0.194 -0.188 -0

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