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| Economic Effects of Hazardous Chemical
and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values Author: Gerald E. Smolen, Gary Moore, and Lawrence V. Conway Start Page: 283 Abstract: The results of the
study of residential housing prices of homes located in the proximity of a large toxic
chemical waste landfill in the Toledo, Ohio, area for 1986-1990, strongly suggest a
distinct negative impact on sale prices for homes located within 2.6 miles of the existing
site, and a diminishing impact before a distance of 5.75 miles is reached. Within the
0-2.6 mile range of the Envirosafe Landfill, a $14,200 premium was found for each mile a
house was located away from the Landfill. The premium is greater than found in other
studies. A second proposed site in 1989, for low-level radioactive wastes, showed a clear,
initial negative impact on housing sales prices upon announcement, but the negative effect
on prices dissipated soon after extensive public resistance became evident and caused the
proposal to be canceled. |
