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6 N.Y.U. Envtl. L.J. 450 (1997-1998)
The Economic Impact of the Endangered Species Act on the Housing and Real Estate Markets

handle is hein.journals/nyuev6 and id is 458 raw text is: THE ECONOMIC IMPACT OF THE ENDANGERED SPECIES ACT ON THE HOUSING AND REAL ESTATE MARKETS STEPHEN M. MEYER* INTRODUCTION The Endangered Species Act (ESA)' employs habitat pres- ervation as its basic tool for species protection and recovery.2 As a result of the explosive growth in the number of listed species and conservation biologists' improving understanding of animal and plant habitat requirements, acreage of public and private land falling under the Act's jurisdiction has increased. Collisions between private and public land use interests followed. It was the listing of a single species-the Northern Spotted Owl in 1990-and the consequent designation of millions of acres of Pacific Northwest forest lands as protected habitat that finally sparked a powerful legal and political backlash.3 Energized by the Northern Spotted Owl controversy, opponents of the ESA charged that restrictions on activities in habitat areas trample pri- vate property rights, demolish real estate values, and undermine the home-building industry.4 The legality of ESA habitat protection was settled by the 1995 U.S. Supreme Court decision, Babbitt v. Sweet Home Chap- * Stephen M. Meyer is Professor in Political Science and Director of the Project on Environmental Politics and Policy at MIT. The author is indebted to Project research associates Debbie Dineen and Judy Layzer for assistance in data acquisition and comments on earlier drafts of this paper. MIT internal resources funded this research. 1 16 U.S.C. §§ 1531-1544 (1994 & Supp. 1 1995). 2 See id. § 1533(a)(3). 3 See Endangered and Threatened Wildlife and Plants; Determination of Threatened Status for the Northern Spotted Owl, 55 Fed. Reg. 26,114 (1990) (codified at 50 C.F.R. § 17.11 (1996)); Endangered and Threatened Wildlife and Plants; Determination of Critical Habitat for the Northern Spotted Owl, 57 Fed. Reg. 1796 (1992) (codified at 50 C.F.R. 17.95 (1996)). 4 See, e.g., David Heinly, Industry Leaders Warn of a 'Regulatory Reces- sion,' PROFESSIONAL BUILDER & REMODELER, June 1, 1990, at 36. 450 Imaged with the Permission of N.Y.U. Environmental Law Journal

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