This study uses hedonic modeling to estimate the property value benefits of remediation in the White Lake and Muskegon Lake, MI Areas of Concern (AOC). Both sites had long histories of industrial contamination; in the case of White Lake, this included tannery waste, and in the case of Muskegon Lake, this included oil spills. Several remediation projects in White Lake led to its delisting as an AOC in 2014. In contrast, remediation in Muskegon Lake is ongoing and this study focuses on the benefits of several projects that removed contaminated sediment and debris by 2018. Spatial Difference-in-Difference (DiD) approaches are used after Euclidean distance-based matching to estimate benefits, comparing housing price differences pre- and post-remediation between homes near the AOC (the treated group) and homes further away (the control group). Results reveal that without remediation homes near the White Lake AOC lose 12.4 percent of their value, with remediation mitigating losses to 4.5 percent. This implies a 64 percent recovery of housing values which amounts to $5.3 million in total benefits. Similarly, homes near the Muskegon Lake AOC lose 10.3 percent of their value with remediation reducing losses to 3.3 percent. This implies a 68 percent recovery of housing values and $11.2 million in total benefits. These findings reveal the property value benefits that can result from remediated AOCs.

本研究使用特征模型来估计密歇根州白湖和马斯基根湖关注区域 (AOC) 的整治财产价值收益。这两个地点都有悠久的工业污染历史；在 White Lake 的案例中，这包括制革厂废料，在 Muskegon Lake 的案例中，这包括漏油。白湖的几个修复项目导致其在 2014 年作为 AOC 退市。相比之下，马斯基根湖的修复正在进行中，本研究的重点是到 2018 年清除受污染沉积物和碎片的几个项目的好处。空间差异差异(DiD) 方法在基于欧几里得距离的匹配之后使用以估计收益，比较靠近 AOC 的房屋（治疗组）和更远的房屋（对照组）之间的房屋价格差异。结果显示，白湖 AOC 附近没有整治的房屋价值损失 12.4%，整治可将损失降低至 4.5%。这意味着住房价值将恢复 64%，总收益为 530 万美元。同样，马斯基根湖 AOC 附近的房屋价值损失 10.3%，修复后损失降至 3.3%。这意味着住房价值将恢复 68%，总收益为 1120 万美元。这些发现揭示了修复的 AOC 可能带来的财产价值收益。马斯基根湖 AOC 附近的房屋价值损失 10.3%，修复后损失降至 3.3%。这意味着住房价值将恢复 68%，总收益为 1120 万美元。这些发现揭示了修复的 AOC 可能带来的财产价值收益。马斯基根湖 AOC 附近的房屋价值损失 10.3%，修复后损失降至 3.3%。这意味着住房价值将恢复 68%，总收益为 1120 万美元。这些发现揭示了修复的 AOC 可能带来的财产价值收益。