PRESS RELEASE

For Immediate Release                              Contact:  Andrew Berman 212/475-9585 x38

September 19, 2003                                                         or 917/533-1767

STUDY PROVES PROPERTY OWNERS AS WELL AS NEIGHBORHOODS

BENEFIT FROM HISTORIC DISTRICT DESIGNATION;

MYTH THAT PROPERTY VALUES SUFFER

WHEN LANDMARKING IS ENACTED IS DEBUNKED

Manhattan -- A study released yesterday by the City's Independent Budget Office showing that property values do not decrease when landmark or historic district regulations are imposed, and in fact at times increase faster than for non-designated properties, was praised by the Greenwich Village Society for Historic Preservation.  "This proves what we have long known -- historic district designations are good for preserving neighborhood character and sense of place, AND they can be good for property owners as well," said GVSHP Executive Director Andrew Berman.  "May this finally put to rest the myth that landmarking somehow imperils property owners' profits or our city's economic health.  Property owners maintain their property values  -- and sometimes even increase them, compared to others -- when a designation is enacted, and residents and the entire city benefit from the preservation of our neighborhoods' different unique architectural, historic, and cultural heritages."

The study (click here to access) analyzes data from 1975 to 2002, and compares property values in designated areas with those in comparable adjoining undesignated areas.  The study found that overall, values increased faster in designated areas during that time period than in comparable undesignated areas, though during certain periods prices may have risen or declined at the same rate or undesignated areas may have fared better.

"This is good news for areas like Greenwich Village and the East Village, where preservation are such critical issues," said Berman.   "The biggest opposition to historic district designations often come from property owners who claim that this will hurt them economically.  Clearly it will not.  We hope that this information will make our efforts to expand historic district designations in the Far West, South, and East Village easier, and encourage property owners to partner with residents and businesses in the effort to preserve the key features of our historic neighborhoods."

"We also hope the City is listening to this," added Berman.  "Too often, we are told the choice is between economic development and preservation.  This shows the two can go hand in hand.  We want our neighborhoods to grow and prosper, but we want to preserve their character and history as well.  With landmarking, it is possible to do both."

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