Talks by Noah Villamarin-Cutter
The 2014 legalization of cannabis sales in Colorado led
to the promulgation of municipal regulati... more The 2014 legalization of cannabis sales in Colorado led
to the promulgation of municipal regulations to mitigate
potential negative effects of these newly licensed businesses on
their surrounding communities. However, the rhetoric from
opponents to legalization efforts has used “negative impacts
on residential home prices” as a primary argument. This study
focuses on three classes of regulatory licensing: retail stores,
manufacturing facilities and cultivation operations in relation
to residential housing prices in several counties in Colorado
and Washington—the first two states to legalize regulated
retail marijuana. Firms within each of these classes have the
potential to affect surrounding residential property values in
different ways. Using six years of geo-coded data on home
sales and using several counties within the state of Virginia,
which has no legalization, as a control group, we analyze
the effects of cannabis businesses on residential property
values since legalization. We find that houses sold after the
legalization of marijuana sell for a higher transaction price
than houses sold before legalization, while closer proximity to
marijuana businesses decreases the housing transaction price.
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Talks by Noah Villamarin-Cutter
to the promulgation of municipal regulations to mitigate
potential negative effects of these newly licensed businesses on
their surrounding communities. However, the rhetoric from
opponents to legalization efforts has used “negative impacts
on residential home prices” as a primary argument. This study
focuses on three classes of regulatory licensing: retail stores,
manufacturing facilities and cultivation operations in relation
to residential housing prices in several counties in Colorado
and Washington—the first two states to legalize regulated
retail marijuana. Firms within each of these classes have the
potential to affect surrounding residential property values in
different ways. Using six years of geo-coded data on home
sales and using several counties within the state of Virginia,
which has no legalization, as a control group, we analyze
the effects of cannabis businesses on residential property
values since legalization. We find that houses sold after the
legalization of marijuana sell for a higher transaction price
than houses sold before legalization, while closer proximity to
marijuana businesses decreases the housing transaction price.
to the promulgation of municipal regulations to mitigate
potential negative effects of these newly licensed businesses on
their surrounding communities. However, the rhetoric from
opponents to legalization efforts has used “negative impacts
on residential home prices” as a primary argument. This study
focuses on three classes of regulatory licensing: retail stores,
manufacturing facilities and cultivation operations in relation
to residential housing prices in several counties in Colorado
and Washington—the first two states to legalize regulated
retail marijuana. Firms within each of these classes have the
potential to affect surrounding residential property values in
different ways. Using six years of geo-coded data on home
sales and using several counties within the state of Virginia,
which has no legalization, as a control group, we analyze
the effects of cannabis businesses on residential property
values since legalization. We find that houses sold after the
legalization of marijuana sell for a higher transaction price
than houses sold before legalization, while closer proximity to
marijuana businesses decreases the housing transaction price.