Eco-gentrification and who benefits from urban green amenities: NYC's high Line

Abstract

This study estimates the impact of the introduction of New York's High Line, an elevated walkway in Manhattan by relating the increase in housing values to the issue of eco-gentrification in urban areas. Studies have shown that increasing the amount of green space can lead to gentrification: rising property values, displacement of existing residents, and a large in-migration of wealthy populations. We utilize Geographic Information Systems (GIS) to spatially model the effects of the High Line on residential property values. We exploit spatial and temporal differences of the High Line's opening to estimate its impact on residential ho8me values. We find that homes closest to the High Line experienced a 35.3% increase in housing values. We estimate the driving force behind this premium by using a triple difference approach by analyzing elevation levels and find that homes with relatively the same height as the High Line receive the largest premium. This study serves to inform policy makers regarding potential inequality of green space provisions. We provide policy recommendations for minimizing the housing price impact of green space creation.