Modeling the relationship among brownfields, property values, and community revitalization. Housing Policy Debate 16

The main focus in redeveloping brownfields is on the most marketable properties, typically found in the healthiest urban neighborhoods. As evidenced by the rapid redevelopment that many communities are experienc-ing, this approach is helping to return brownfields to productive use. Yet not all brownfields are being cleaned up, nor are there enough resources to do so soon. Thus, from the perspective of community revitalization and of economic justice, we need to ask whether it matters which properties in which neigh-borhoods are receiving these scarce funds. That is, does the existence of brownfields in a neighborhood affect residential property values and capacity for revitalization? To answer these questions, we use hedonic modeling to determine the impact of brownfields on property values in Atlanta and Cleveland. Our results suggest that short-term economic efficiency is neither the most appro-priate nor the only criterion on which to base public investment decisions for remediation