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Cities are growing worldwide and their sprawl is increasingly challenged for its pressure on open spaces and environmental quality. Economic arguments can help to decide about the trade-off between preserving environmental quality and developing housing and business surfaces, provided the benefits of environmental quality are adequately quantified. To this end, this book focuses on the use and advancement of the “hedonic approach”, an economic valuation technique that analyses and quantifies the sources of rent and property price differentials. Starting from theoretical foundations, the hedonic approach is applied to the valuation of natural land use preservation and noise abatement measures, as well as to residential segregation and discrimination, extending the analysis to the role of the buyers and sellers' identity on housing market prices and to the issue of environmental justice.
Price indexes can be constructed using a “hedonic method” that adjusts for changes in the quality of a product. This handbook sets out best practice for constructing hedonic indexes.
National data indicates a surge in African-American suburbanization during the 1970s. What are the barriers that have slowed this process for so long? Is black entry to the suburbs synonymous with integration? To what extent does it contribute to convergence in the residential distributions of whites and blacks? This careful and thorough study marshals evidence that black suburbanization offers less than full realization of the American Dream.Homeownership in the United States is a source of security, a sign of status, a means of equity accumulation, and a bond to the community. The basic premise underlying The New Suburbanitesis the preeminence of equal access. Survey data collected for this analysis pertains to successful homebuyers - whites and blacks who were able to negotiate safely the treacherous housing market conditions.Specifically, Robert W. Lake draws from a unique survey of black and white homebuyers to assess the institutional and housing market barriers to black suburban homeownership. How does racial discrimination add to the cost, time, and difficulty of housing search for black homebuyers? What is the effect of discrimination on housing prices, resale value, and equity accumulation? What is behind the complexity of white and black attitudes to suburban racial integration? What is the perspective of the real estate agent, the key market intermediary? The book addresses each of these questions and concludes with a critique of present federal fair housing legislation and an assessment of policy implications.