The Determinants of Neighborhood Transformations in Philadelphia, Identification and Analysis: The New Kensington Pilot Study

The study finds that:

• Vacant land improvements result in surrounding housing values increasing by as much as 30%.
• New tree plantings increase surrounding housing values by approximately 10%.
• In the New Kensington area this translates to a $4 million gain in property value through tree plantings and a $12 million gain through lot improvements.
• Indirect effects, such as encouraging additional investment on surrounding properties and neighborhood reinvestment more broadly, are also likely to be large.
• The direct and indirect impacts to the city’s property tax base are likely to contribute to the overall fiscal health of the city.