Academic Journal
The effect of film production studios on housing prices in Atlanta, the Hollywood of the South.
| Title: | The effect of film production studios on housing prices in Atlanta, the Hollywood of the South. |
|---|---|
| Authors: | Zahirovic-Herbert, Velma, Gibler, Karen M |
| Source: | Urban Studies (Sage Publications, Ltd.); Mar2022, Vol. 59 Issue 4, p771-788, 18p |
| Subject Terms: | PRODUCTION studios, MOTION picture studios, FILMMAKING, HOME prices, HOME sales, HOME ownership |
| Geographic Terms: | ATLANTA (Ga.) |
| Abstract (English): | Governments compete to attract film productions to their communities, expecting them to provide economic benefits directly through local purchases and employment and indirectly through publicity and image building. Atlanta, Georgia, has become a large film production hub, partially because of a state tax credit programme. As a result, permanent production facilities have been established that may influence surrounding real estate prices. Convenience and a desire to live among other creatives may encourage actors, technical workers and support staff to live nearby, and the film industry cachet may attract additional residents, increasing house prices. However, if the facilities are perceived to be similar to other industrial operations, they may negatively affect surrounding house prices. We investigate film production studios' effect on residential property values using housing sales data and information on film production studios' location, size and year established. To mitigate bias from the potential endogeneity of studios' location choices, we augment the standard hedonic pricing framework to incorporate proximity to a film production studio and construct treatment and comparison groups. Using a spatial difference-in-difference framework, we find that while houses located closest to film production studios tend to sell for lower prices than houses further away, the discount is not attributable to the studios. Instead, the establishment of a new studio, especially a large one, is a positive event in the housing market. These findings have important policy implications for local governments in making decisions about film industry incentives and facilities' site selection as possible drivers of redevelopment. [ABSTRACT FROM AUTHOR] |
| Abstract (Chinese): | 各政府竞相将电影制作吸引到自己的社区，期望通过本地采购和就业带来直接的经济效益，并通过宣传和形象建设带来间接的经济利益。佐治亚州的亚特兰大已经成为了一个大型电影制作中心，部分原因是该州的税收抵免计划。这导致了当地常设电影制作设施的建立，并可能影响周边房价。便利和与其他创意人员生活在一起的愿望可能会鼓励演员、技术人员和支持人员在附近居住，电影业的声望也可能会吸引更多的居民，从而提高房价。然而，如果这些设施被认为类似于其他工业设施，它们可能会对周围的房价产生负面影响。我们利用房屋销售数据和电影制片厂的位置、规模和设立年份方面的信息，研究电影制片厂对住房价格的影响。为了减轻制片厂位置选择的潜在内生性导致的偏差，我们扩大了标准的享乐定价框架（纳入了相对于电影制片厂的邻近性）以构建实验组和对照组。我们使用空间双重差分框架发现，虽然距离电影制片厂最近的房子往往比较远的房子售价更低，但这种折价并不归因于制片厂。相反，一个新的制片厂、尤其是一个大型制片厂的设立，是房地产市场的一个积极事件。这些发现对地方政府制定电影产业激励措施和设施选址决策具有重要的政策意义，因为它们可能带来再开发的机会。 [ABSTRACT FROM AUTHOR] |
| Copyright of Urban Studies (Sage Publications, Ltd.) is the property of Sage Publications, Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| ISSN: | 00420980 |
| DOI: | 10.1177/00420980211024156 |
| Database: | Complementary Index |