“Beer for Trees: Publicity and Fundraising” by Lee Mueller, Program Manager, ...
Susan Wachter ACT Presentation 2010
1. Revitalizing Communities with Trees and Green Space Alliance for Community Trees Annual Meeting & Member Rally November 8, 2010 Philadelphia, PA Susan M. Wachter Richard B. Worley Professor of Financial Management Co-Director, Penn Institute for Urban Research The Wharton School University of Pennsylvania
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4. Objective: Creating communities of lasting value From blight to hope Quality of life for families Neighborhoods with parks and green space encourage community interaction, create safe spaces, bring nature to the city, reduce social isolation, and promote healthy living A work in progress: learning and resources
5. Parks in Perspective Fostering communities that are environmentally sustainable Economically strong and equitable Six principles of sustainable communities : increased transportation choices increased equitability increased economic competitiveness support for existing communities leveraging of federal investment value of communities and neighborhoods
9. Natural Landscapes Poquessing Creek Park Wissahickon Valley Park Tacony Creek Park Pennypack Park Fairmount (East/West) Park Cobbs Creek Park Fairmount Park System FDR Park
20. Event study - before and after investment impact on house prices, controlling for variables
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22. Vacant land management Transition from abandonment to clean & green Adjacency to a neglected vacant lot subtracts 20% of value Stabilizing lots impart an additional 17% of value to surrounding homes
23. Neighborhood greening Tree plantings, streetscapes -- container plantings, small pocket parks Overall increase in house prices of 9% 28% gain in value
25. The visual and psychological impact of even the simplest of streetscape improvements, such as planting a tree or installing a sign, makes a huge impact on creating a quality environment and defining a place. There is no question that streetscape improvements increase housing values and make the public environment more appealing. – Nancy Goldenberg Vice President of Planning Center City District
26. Green-city Strategies and Neighborhood Value The studies Wachter, Susan M; and Wong, Grace, “What is a Tree Worth? Green-City Strategies and Housing Prices”, Real Estate Economics, Vol. 36, No. 2, 2008. Available at SSRN: http://ssrn.com/abstract=1084652 Wachter, Susan; Kevin Gillen; and Carolyn Brown, “Green Investment Strategies: A Positive Force in Cities”, Communities & Banking, Federal Reserve Bank of Boston, Spring 2008. Available at: http://www.community-wealth.org/_pdfs/news/recent-articles/04-08/article-wachter-et-al.pdf Wachter, Susan M; Kevin Gillen; and Carolyn Brown, “Green Investment Strategies: How They Matter for Urban Neighborhoods”, Growing Greener Cities, Ed. Eugenie L. Birch and Susan M. Wachter. Philadelphia: University of Pennsylvania Press (http://www.upenn.edu/pennpress), 2008. pp. 316 – 325.
31. Large Trees and Crime Their study -- which is posted online in advance of its appearance in a forthcoming printed issue of the journal Environment and Behavior -- is the first to examine the effects of trees and other factors on crime occurrence in Portland, Ore. "We wanted to find out whether trees, which provide a range of other benefits, could improve quality of life in Portland by reducing crime, and it was exciting to see that they did," said Geoffrey Donovan, research forester with the PNW Research Station who led the study. "Although a burglar alarm may deter criminals, it won't provide shade on a hot summer day, and it certainly isn't as nice to look at as a tree." Donovan and his colleague Jeffrey Prestemon, with the Southern Research Station, obtained crime data from the Portland Police Bureau from 2005 to 2007 and grouped the incidents into seven categories. They examined only crimes for which a physical address was given and paired this information with additional data obtained from aerial photographs, onsite visits, and the Multnomah County Tax Assessor's Office. Their sample of 2,813 single-family homes experienced 394 property and 37 violent crimes.
32. Learning How to do this: Work in Progress Overarching Questions: How does the transformation occur? From blight to [?] Side lots Community gardens Open space (parks) Local farming Implementation Questions: Economic development and land disposition? Land purchase or guerilla gardens? Who is to maintain? Providing for an evolving future? But we do know that going from blight to green works!
33. Thank You Susan M. Wachter Richard B. Worley Professor of Financial Management Professor of Real Estate and Finance The Wharton School University of Pennsylvania wachter@wharton.upenn.edu
