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Shale gas transmission and housing prices
Andrew Boslett1,2, Elaine Hill1
1Dept. of Public Health Sciences, University of Rochester Medical Center, Rochester, NY 14620.
Resource and Energy Economics
|January 9, 2023
Summary
Homebuyers significantly devalue properties near the Constitution Pipeline due to environmental concerns. Property prices dropped 9% after the pipeline announcement, reflecting negative expectations of natural gas infrastructure.
Area of Science:
- Environmental Economics
- Real Estate Valuation
- Energy Infrastructure Impact
Background:
- The Constitution Pipeline, designed for transporting hydraulically-fractured natural gas, raised concerns about its environmental and economic impacts.
- Valuing the external environmental costs associated with such energy infrastructure is crucial for informed policy and investment decisions.
Purpose of the Study:
- To quantify the impact of the Constitution Pipeline announcement on residential property values in New York.
- To estimate the external environmental costs borne by homeowners due to pipeline proximity.
Main Methods:
- Utilized residential property sales data from New York.
- Employed difference-in-differences (DID) models to analyze price changes.
- Conducted robustness checks, including different data subsets and falsification tests.
Main Results:
- Properties within 3 kilometers of the pipeline experienced an average price decline of 9% (~$12,000) post-announcement.
- The observed price depreciation remained consistent across various model specifications and data analyses.
- Evidence suggests a potential attenuation of the price effect over time, possibly due to decreasing salience or evolving expectations.
Conclusions:
- Homebuyer perception of environmental externalities associated with natural gas pipeline construction and operation significantly depresses property values.
- The study provides empirical evidence of substantial negative economic consequences for homeowners living near pipeline projects.
- Findings underscore the importance of incorporating environmental externality costs into energy infrastructure development assessments.
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