["Real Estate Economics, EarlyView. ", "\nAbstract\nFaced with decreasing funds and increasing costs, a growing number of school districts are considering a four‐day school week (4DSW) as a nonfinancial incentive to attract and retain teachers. We examine homeowner and teacher valuations of the policy and its effect on student outcomes in one of the first urban districts to adopt a 4DSW. We find a 2.8% decrease in house prices, a 5.0% decrease in teacher retention for moderately experienced teachers, and a 0.1‐to‐0.2 standard deviation decrease in student test scores relative to surrounding districts in the years after the 4DSW adoption."]