Ryan Wang
Research Mentor: Chang Wang
Mentor Department: Erb Institute for Global Sustainable Enterprise, Business
Author(s): Not Available
Session: Session 6 (3:00 PM – 3:50 PM)
Presentation Type: Poster 128
Abstract
Urban tree diversity is a critical yet undervalued component of city planning. While the ecological benefits are well-documented, a significant gap remains in understanding how functional diversity specifically influences urban economic stability. This research addresses this gap by investigating the relationship between tree species richness and residential real estate values in New York City. Utilizing a hedonic pricing model, I assisted in merging NYC Street Tree Census data with residential property sales records to isolate the value of tree diversity from other neighborhood variables. Central to this analysis was the examination of heatmaps tracking variables such as climate type, dispersal syndrome, and flower color across the years 1995, 2005, and 2015. By mapping these functional traits over two decades, the study analyzed the impact of functional richness and functional redundancy on home prices across diverse socioeconomic corridors. The findings indicate that homebuyers place a premium on diverse streetscapes. Beyond simple aesthetic appeal, high functional diversity correlates with increased property values. Crucially, functional redundancy acts as a biological insurance, protecting neighborhood desirability and property equity against species-specific pests or climate-related die-offs. These results suggest that biodiversity is a tangible driver of economic value.
