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Economic Effects of Environmental Crises: Evidence from Flint, Michigan†

Economic Effects of Environmental Crises: Evidence from Flint, Michigan† AbstractIn April 2014 Flint, Michigan switched its drinking water supply from the Detroit water system to the Flint River as a temporary means to save $5 million. Over 18 months it was revealed that the switch exposed residents to dangerous levels of lead, culminating in an emergency declaration in October 2015. This paper examines the impact of this crisis on the Flint housing market. The value of Flint’s housing stock has fallen by $520 million to $559 million despite over $400 million in remediation spending. Home prices remain depressed through August 2019, 16 months after the water was declared safe for consumption. (JEL H12, I12, Q25, Q51, Q53, R31) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Journal Economic Policy American Economic Association

Economic Effects of Environmental Crises: Evidence from Flint, Michigan†

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Publisher
American Economic Association
Copyright
Copyright © 2023 © American Economic Association
ISSN
1945-7731
DOI
10.1257/pol.20190391
Publisher site
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Abstract

AbstractIn April 2014 Flint, Michigan switched its drinking water supply from the Detroit water system to the Flint River as a temporary means to save $5 million. Over 18 months it was revealed that the switch exposed residents to dangerous levels of lead, culminating in an emergency declaration in October 2015. This paper examines the impact of this crisis on the Flint housing market. The value of Flint’s housing stock has fallen by $520 million to $559 million despite over $400 million in remediation spending. Home prices remain depressed through August 2019, 16 months after the water was declared safe for consumption. (JEL H12, I12, Q25, Q51, Q53, R31)

Journal

American Economic Journal Economic Policy – American Economic Association

Published: Feb 1, 2023

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