Coastal armoring and sinking property values: the case of seawalls in California
Coastal armoring and sinking property values: the case of seawalls in California
复制标题
沿海装甲和下沉财产价值：以加利福尼亚州海堤为例
DOI：
--
复制
发表时间：
2020
影响因子：
1.7
通讯作者：
John M. Lynham
中科院分区：
文献类型：
--
作者：
Arlan Brucal;John M. Lynham
海平面上升需要认真考虑不同形式的沿海保护，但在没有衡量重要的非市场社会成本时，成本效益分析是有限的。海堤可以保护单个财产，但可能会通过加速海滩损失对邻近财产造成负面外部影响。我们在两个沿海的加州县：圣地亚哥和圣克鲁斯海堤进行享乐价值评估。我们没有发现强有力的证据表明海堤的存在与受保护房屋的价值呈正相关。然而，我们发现，海堤是强烈的负相关性与邻近物业的价值在圣克鲁斯，但不是在圣地亚哥县，这表明海堤的效果取决于某些地理属性。我们的研究结果是强大的会计位置属性的公益性质和住房价格的潜在空间依赖性。模拟显示，圣地亚哥和圣克鲁斯的海堤面积增加一倍，可以分别减少700万美元和5400万美元的财产税收入。
Rising sea levels necessitate careful consideration of different forms of coastal protection but cost-benefit analysis is limited when important non-market social costs have not been measured. Seawalls protect individual properties but can potentially impose negative externalities on neighboring properties via accelerated beach loss. We conduct a hedonic valuation of seawalls in two coastal California counties: San Diego and Santa Cruz. We find no strong evidence to suggest that the presence of a seawall is positively correlated with the value of the home protected. However, we find that seawalls are strongly negatively correlated with the value of neighboring properties in Santa Cruz but not in San Diego county, suggesting that the effect of seawalls depend on certain geographical attributes. Our results are robust to accounting for the public-good nature of locational attributes and the potential spatial dependence of housing prices. Simulation reveals that doubling the extent of seawalls in San Diego and Santa Cruz could reduce property tax revenues by $7 million and $54 million, respectively.