Parks increase NYC property values by $15 billion, new report finds

New York City’s parks play a crucial role in improving public health and creating sustainable infrastructure. But they can also increase the city’s property values. The report released by Trust for Public Land (TPL) found that parks boost the NYC residential property values by over $15.2 billion. 

Trust for Public Land is a national non-profit organization that focuses on ensuring that all people have access to nature and the outdoors. The organization used data from the NYC Department of Finance and found that each year, residential properties generate at least $101 million in additional tax revenue due to park proximity. TPL findings come from property records of 403,000 NYC homes. 

“Parks are the sanity, serenity and fun for all New Yorkers, and typically provide an essential buffer zone protecting against the ravages wrought by climate change," Leslie Wright, NYC Regional Director of New York State Parks, said in a statement.

Currently, 99 percent of New Yorkers live within a 10 minutes walk to the park, TLP data suggests. New York City is among the top 11 American cities with the highest park score. However, the report recognizes that increased property values can cause the displacement of residents. The rapid increase in home prices around major parks like Central Park and High Line make these places unaffordable to most New Yorkers. 

Trust for Public Land states that displacement is a complicated issue with many roots other than parks. However, the organization recognizes the importance of ensuring that all existing residents and newcomers have access to parks.  

“Close-to-home parks that are accessible by walking, cycling, or transit can be used frequently, which translates to greater recreational, health, environmental, and economic benefits,” said Carter Strickland, VP of the Mid-Atlantic Region and New York State Director for Trust for Public Land. “These quantifying park benefits calculated show how parks are critical infrastructure for a livable and sustainable city and need investment on the scale of other systems.” 

Resources:

“Parks Boost NYC Property Values by $15B: Report,” by Celia Young (Commercial Observer, 2022)

“Parks Provide Billions of Dollars in Benefits to NYC Residents Every Year,” (Trust for Public Land, 2022)

“The Economic Benefits of Parks in New York City,” by Jennifer Clinton, Linda Hwang, Jennifer Egan, Mitchel Hannon, Sr., Carter Strickland (Trust for Public Land, 2022)