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Thursday, March 18, 2010

Community Gardens increase nearby property values

Q - Do you see the community gardens as a victim of their own success in that they have helped regenerate areas and then the land the gardens are built on have more value and are sold?

A - Yes, the gardens could be seen as being victims of their own success. Often the improvement of the vacant lot spurs other neighborhood improvements physical, social and economic. A good study of the increase in adjacent property values by community gardens was done by the Furman Center at NYU.

From the abstract:

"We find that the opening of a community garden has a statistically significant positive impact on residential properties within 1000 feet of the garden, and that the impact increases over time. We find that gardens have the greatest impact in the most disadvantaged neighborhoods. Higher quality gardens have the greatest positive impact. Finally, we find that the opening of a garden is associated with other changes in the neighborhood, such as increasing rates of homeownership, and thus may be serving as catalysts for economic redevelopment of the community."

Download the paper.

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