It is well known that the value of a house depends both on the physical characteristics and on some features of the neighborhood in which it is located. If so, organized-crime activities can significantly affect urban real estate values. Anti-mafia policies, in turn, can be intended as a tool to influence those external features. This paper compares the effects on real estate values of the two main anti-mafia policies implemented in Italy since the 1990s at the municipal level. While we do not find any significant effect of dismissal policies on house prices, we find a statistically significant effect of reassignment policies depending on the specific destination of confiscated property.
Mafia doesn't live here anymore: Anti‐mafia policies and housing prices
Ferrante, Livio;Torrisi, Gianpiero
2023-01-01
Abstract
It is well known that the value of a house depends both on the physical characteristics and on some features of the neighborhood in which it is located. If so, organized-crime activities can significantly affect urban real estate values. Anti-mafia policies, in turn, can be intended as a tool to influence those external features. This paper compares the effects on real estate values of the two main anti-mafia policies implemented in Italy since the 1990s at the municipal level. While we do not find any significant effect of dismissal policies on house prices, we find a statistically significant effect of reassignment policies depending on the specific destination of confiscated property.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
