Abstract
This paper examines the impact of traffic calming on the livability of urban residential streets. Using geo-referenced data on the installation of 1,187 calming devices in Portland, Oregon, I test whether the interventions locally affect housing prices during succeeding years. I provide reduced-form evidence that city dwellers pay significant premiums to limit their exposure to motor vehicles, but obtain mixed results regarding the overall price impacts of calming devices. My estimates suggest that only the most effective traffic calming measures have a detectable impact on housing prices. The implied traffic flow elasticity is -0.07: projects decreasing traffic by 16% raise home values on treated streets by 1%.
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