Enthusiasm curbed: Home value implications of curbside parking rights

Abstract

While property rights assignment can be more politically acceptable than limiting access to public resources through higher costs, assigning property rights via residential permitting transfers the value of those resources to particular groups or individuals. This study quantifies the home value increase associated with transferring public parking spaces to residential permitting using spatially explicit difference-in-difference and triple-difference hedonic price models. Results suggest that homes within walking distance of a destination location—a large state university—increase in value by $31,000 after the introduction of residential parking policies that limit the ability of other citizens to commute and park near campus.