Asbestos Removal and Treatment Impacts on Housing and Urban Neighborhoods
AbstractReducing the health hazard caused by the presence of asbestos in buildings is likely to give rise to costly adjustments in the nation's stock of buildings. This article focuses on the residential building stocks, and estimates the effects of several regulatory scenarios on building values, building life and the decision to convert buildings to high-income uses. We find that the value of low-income buildings is seriously eroded by the abatement scenarios analyzed. Conversion of buildings by rehabilitation is discouraged because values inclusive of rehabilitation costs are seriously reduced, and incentives to delay are introduced. Effects on building values in high-income neighborhoods are relatively less severe.
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