Exploiting the discrete change in expectations caused by the New York State moratorium on hydraulic fracturing, we investigate the local impact of the moratorium on farmland valuation. We recover the net valuation of shale gas development(SGD) by hedonic pricing models with difference-in-differences approaches and spatial specifications. We estimate that New York Southern Tier agricultural properties experience a decrease of approximately $1,400/acre in value due to the shale gas moratorium.