Final answer:
The claim that Central Park's land is valued at over $5 trillion is false. Property values are indeed higher near parks due to the benefits they provide, but these values are influenced by a variety of factors, and the valuation of urban parks like Central Park cannot be so simplistically estimated.
Step-by-step explanation:
The statement that the real estate value of the land occupied by Central Park is estimated to be over $5 trillion is false. While property values near parks, such as Central Park, are typically higher because these green spaces are seen as beneficial for the quality of life they provide to urban residents, the estimated value provided in the question is not realistic. The creation of Central Park was part of a 19th-century movement that saw urban parks as essential for providing fresh air, moral uplift, and a connection to nature for city dwellers. Urban parks can indeed lead to higher property values due to the many benefits they provide, including aesthetic beauty, recreational opportunities, and the environmental benefits of having green spaces in urban areas. These positive effects can often result in what is known as the theory of rational expectations, where the anticipation of future benefits can cause property values to rise immediately.