Would property values be affected by the LNG gas and power plants?
If the LNG facility and gas plant are built, Vallejo’s property values will drop, which will also result in lost residential property tax revenue to our city — and our schools. Real estate values in Vallejo soared 19 % in 2001, the highest percentage in the Bay Area. People are moving to Vallejo for its charm, close proximity to San Francisco and the rest of the Bay Area and our affordable home prices. Placing a huge polluting and hazardous gas plant in our midst would halt this recent progress. Common sense and science agree that these types of projects harm property values. “[P]lacing a generating facility in the vicinity of residential properties causes losses of millions of dollars in property values.” (Source: Dr. George Tolley, professor, University of Chicago) This was what happened to Burrillville, Rhode Island, when Ocean State Power located a plant there. After the plant was built, property placed on the open market took more that a year to sell and suffered a 29% loss in va
