Policies affecting cultural assets are popular yet imperfectly understood tools to shape local economic development. Historic preservation policies, for example, can have markedly different implications for original residents, prospective residents, and developers, even in the same city. Therefore, merely identifying its average effect can obscure important heterogeneity in its impact. This study examines the property value impacts of local and national historic districts across the distribution of property prices and how those differential impacts vary with the restrictiveness of the policy. A quantile regression model identifies the heterogeneity of effects among higher and lower end properties. The results reveal large differences between national and local districts, interior and buffer properties, and for different property values. These findings highlight the importance of and complexity in how housing markets react to attempts to guide local economic development.

影响文化财产的政策是很受欢迎的，但对当地经济发展的理解却不完善。例如，即使在同一城市，历史保护政策对原始居民，潜在居民和开发商的影响也可能明显不同。因此，仅确定其平均效果可以掩盖其影响中的重要异质性。这项研究考察了整个和整个房地产价格分布对当地和国家历史街区的财产价值的影响，以及这些差别影响如何随政策的限制而变化。分位数回归模型可识别较高端和较低端属性之间的异质性。结果表明，国家和地方地区，内部和缓冲区属性以及不同属性值之间存在很大差异。