Given the constraints on local budgets and the availability of urban land, understanding how different urban green spaces are valued by diverse residents is crucial for making informed urban land use decisions. We estimate the heterogeneity in housing price capitalizations of various open space classes in New York City using a hedonic price model. Our findings reveal that the capitalization of open spaces varies across open space types and nearby housing types. For instance, compared to residents who live in properties with private outdoor spaces, residents in condominiums and cooperatives may place greater value on open spaces such as neighborhood parks or community gardens. Furthermore, we aim to uncover how demographic factors are associated with the valuation of different types of open spaces, focusing on two sets of community factors: median household income and racial composition. Our results show that areas with low-income populations or a predominance of non-white residents exhibit substantially different preferences from other groups, with an increased capitalization for community gardens and a decreased capitalization for flagship parks. These insights highlight the importance of investigating heterogeneity in the valuation of environmental amenities and can help policymakers allocate funds for environmental amenities to better align with the preferences of local residents.

中文翻译：

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谁重视城市开放空间？调查纽约市 Open Space 资本化的异质性


鉴于地方预算的限制和城市土地的可用性，了解不同居民如何重视不同的城市绿地，对于做出明智的城市土地使用决策至关重要。我们使用享乐价格模型估计纽约市各种开放空间类别的房价资本化的异质性。我们的研究结果表明，开放空间的大小写因开放空间类型和附近的住房类型而异。例如，与居住在拥有私人户外空间的房产中的居民相比，公寓和合作社的居民可能更重视社区公园或社区花园等开放空间。此外，我们旨在揭示人口因素如何与不同类型开放空间的估值相关联，重点关注两组社区因素：家庭收入中位数和种族构成。我们的结果表明，低收入人口或非白人居民占主导地位的地区表现出与其他群体截然不同的偏好，社区花园的资本化增加，而旗舰公园的资本化减少。这些见解强调了调查环境设施估值中的异质性的重要性，并可以帮助政策制定者为环境设施分配资金，以更好地符合当地居民的偏好。