Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/60949
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dc.contributor.authorFrischtak, Claudioen_US
dc.contributor.authorMandel, Benjamin R.en_US
dc.date.accessioned2012-04-18en_US
dc.date.accessioned2012-08-17T14:38:24Z-
dc.date.available2012-08-17T14:38:24Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/60949-
dc.description.abstractWe use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. Using a novel data set of detailed property prices from an online classifieds website, we find that the new police stations (called UPPs) had a substantial effect on the trajectory of property values and certain crime statistics since the beginning of the program in late 2008. We also find that the extent of inequality among residential prices decreased as a result of the policy. Both of these empirical observations are consistent with a dynamic model of property value in which historical crime rates have persistent effects on the price of real estate.en_US
dc.language.isoengen_US
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen_US
dc.relation.ispartofseries|aStaff Report, Federal Reserve Bank of New York |x542en_US
dc.subject.jelO18en_US
dc.subject.jelO15en_US
dc.subject.jelR30en_US
dc.subject.jelK42en_US
dc.subject.ddc330en_US
dc.subject.keywordwealth distributionen_US
dc.subject.keywordamenity valueen_US
dc.subject.keywordreal estateen_US
dc.titleCrime, house prices, and inequality: The effect of UPPs in Rioen_US
dc.typeWorking Paperen_US
dc.identifier.ppn690201567en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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