[Me, I’m big on law and order. Not so much the punishment bit as it’s practiced in most of the world. That doesn’t seem to work well in terms of stamping out the problem and is very expensive. Prevention is my preferred route so I was very interested in the findings of the work highlighted today.]
The paper today is a first of it’s kind that looks at the already much-studied issue of surveillance cameras but takes an unusual angle i.e. is there a positive relationship between increased surveillance and real-estate values?
The answer is an unequivocal yes. Pinghan Liang from the Sun Yat Sen University’s School of Government (et al.) show in the work that a 1-standard deviation rise in city camera density is associated with 2.7% increase in real estate prices.
They posit (but don’t prove, only the real estate price/camera relationship is firmly established) there are three factors at work:
- Reduced crime. We know from other studies there’s a positive relationship between lower crime and cameras.
- Increased perceived safety. This could just be a ‘China thing’ but residents in areas with more security cameras believe this represents a desirable amenity.
- Enhanced access to urban amenities. People who feel safer go out more, to more places, to do more things. This option is seen as having positive utility and therefore value.
For those opposed to greater surveillance, consider: increased surveillance appears to lower crime, create a more agreeable living environment and in the process feeds through to higher real estate prices. Who wouldn’t want more of all that?
You can review the work in full via this link Safety and the City
Happy Sunday.