Land preservation policy effect or neighborhood dynamics: A repeat sales hedonic matching approach

We offer an improvement on the traditional hedonic property value estimation by using a repeat sales matching estimator applied to a policy context where the distance to nearest permanently protected preserves changes over time. We use several strategies to control for unobserved heterogeneity with data from multiple transactions on the same residential parcels from Western Riverside County in Southern California. We have developed data on the conversion to permanent preserves over a 16-year period. We present an empirical strategy to differentiate geographically broad treatment effects from neighborhood unobservables using Coarsened Exact Matching.