The Value of Forever Wild: An Economic Analysis of Land Use in the Adirondacks
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The mix of public and private land ownership within the Adirondack Park often leads to conflict between development and conservation interests. We explore the effects of the Adirondack Park Agency’s classifications on property values through hedonic analysis while simultaneously controlling for environmental and recreational amenities. Results show that lands in the park classified for moderate-intensity use sell at a premium of up to 7 percent while lands in more restrictive classes are discounted. There is also evidence that decreasing the impact of humans by one unit increases property values by approximately 2 percent.