The Real Economics of Historic Preservation

It has often been said that historic preservation benefits property values. It has also been said that preservation is a deterrent to economic development. What are the real financial consequences of preservation practices? How do they differ between residential neighborhoods and commercial districts? Can the long-term effects of preservation on economic and housing development be predicted or even distinguished from other factors? Do historic preservation practices and legislation lead to gentrification and population displacement?

These concerns and questions was discussed at the HDC annual meeting led by Eric Wm. Allison, co-chair of Pratt Institute’s historic preservation graduate program and member of HDC’s board of advisers, who was the moderator of the panel, which included: Red Hook, Brooklyn, developer Greg O’Connell; journalist and a commissioner of the New York City Landmarks Preservation Commission Roberta Brandes Gratz; and Columbia University professor and assistant commissioner for local legislative affairs with the New York City Department of Housing Preservation and Development Carol Clark.