This study examines how exposure to political violence reshapes marketbehaviorbyleveragingHongKong’s2019-2020protests. Exploiting local variation in tear gas deployment–the primary crowd-control weapon marking sites of violent confrontations–we use a difference-in-differences approach comparing housing prices in buildings within 50 meters of tear gas sites to those 50-1,000 meters away, before the protests and after the Na tional Security Law (NSL) ended the movement. Wefindthathomeowners near violence sites sold their apartments at a significant discount following the NSL, persisting for about six months. The discount varies systemat ically with properties’ potential sensory exposure to violence, neighbor hood political ideology, and residents’ emigration opportunity– patterns inconsistent with local amenity deterioration from tear gas exposure. Our research design isolates the impact of past experiences with violence from expectations of future unrest, underscoring how extreme political experi ences can drive high-stakes economic decisions.