Abstract
The effects on real estate development of shore protection efforts that lower erosion rates and storm hazards are both controversial and difficult to detect. A simple theoretical model indicates that shore protection is likely to "tilt" development from areas a few hundred feet inland toward beachfront property. Using a modified repeat sale house price index in which price appreciation rates are measured, literally, to the water's edge, we are able to formulate an extremely sensitive empirical test for a tilt in rates of house price appreciation implied by a tilt in produced additional beachfront development in the Florida counties studied. The method used in this paper is quite general and could be used in a number of applications where an environmental effect impacts real estate differentially over space.
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