We exploit a natural experiment in Washington state that randomly allocates recreational marijuana retail licenses to estimate the capitalization effects of dispensaries into property sale prices. Developing a new cross-validation procedure to define the treatment radius, we estimate difference-in-differences, triple difference, and instrumental variables models. We find statistically significant negative effects of recreational marijuana dispensaries on housing values that are relatively localized: home prices within a 0.36 mile area around a new dispensary fall by 3–4% on average, relative to control areas. We also explore increased crime near dispensaries as a possible mechanism driving depressed home prices. While we find no evidence of a general increase in crime in Seattle, WA, there is a significant increase in nuisance-related crimes in census tracts with marijuana dispensaries relative to other census tracts in Seattle.

我们在华盛顿州进行了一项自然实验，该实验随机分配休闲大麻零售许可证，以估计药房资本化对房地产销售价格的影响。开发一种新的交叉验证程序来定义治疗半径，我们估计差异差异，三重差异和仪器变量模型。我们发现，娱乐性大麻药房对相对本地化的房屋价值具有统计学上的显着负面影响：新药房周围0.36英里范围内的房价相对于对照地区平均下降3-4％。我们还将探讨药房附近犯罪的增加，将其作为推动房价下跌的可能机制。虽然我们没有发现华盛顿州西雅图市犯罪率普遍上升的证据，