Rising sea levels and sinking property values: Hurricane Sandy and New York's housing market
F Ortega, S Taṣpınar - Journal of Urban Economics, 2018 - Elsevier
This paper analyzes the effects of hurricane Sandy on the New York City housing market
using a large parcel-level dataset that contains all housing sales for 2003–2017. The
dataset also contains geo-coded FEMA data on which building structures were damaged by
the hurricane and to what degree. Our estimates provide robust evidence of a persistent
negative impact on flood zone housing values. We show the gradual emergence of a price
penalty among flood zone properties that were not damaged by Sandy, reaching 8% in year …
using a large parcel-level dataset that contains all housing sales for 2003–2017. The
dataset also contains geo-coded FEMA data on which building structures were damaged by
the hurricane and to what degree. Our estimates provide robust evidence of a persistent
negative impact on flood zone housing values. We show the gradual emergence of a price
penalty among flood zone properties that were not damaged by Sandy, reaching 8% in year …