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Growth management and housing prices: the case of Portland, Oregon

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  • J. Phillips
  • E. Goodstein
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    Abstract

    Portland, Oregon, is well known for its relatively unique urban growth boundary (UGB), a very tight form of zoning designed to control sprawl. The UGB has recently been criticized for raising housing prices. From a theoretical perspective, the UGB will put upward pressure on land and thus housing prices, but the magnitude of this effect is uncertain. Increasing density should substitute for higher land prices, partially offsetting any reduction in the supply of housing. In addition, at any given moment, speculative factors influence housing price levels in bull markets such as the one Portland has been experiencing. This article presents an econometric analysis assessing these conflicting effects. We find the UGB has created upward pressure on housing prices, but the effect is relatively small in magnitude. Copyright 2000 Western Economic Association International.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

    Volume (Year): 18 (2000)
    Issue (Month): 3 (07)
    Pages: 334-344

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    Handle: RePEc:bla:coecpo:v:18:y:2000:i:3:p:334-344

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    Cited by:
    1. Dempsey, Judith A. & Plantinga, Andrew J., 2013. "How well do urban growth boundaries contain development? Results for Oregon using a difference-in-difference estimator," Regional Science and Urban Economics, Elsevier, vol. 43(6), pages 996-1007.
    2. Cheshire, Paul & Sheppard, Stephen, 2004. "Land markets and land market regulation: progress towards understanding," Regional Science and Urban Economics, Elsevier, vol. 34(6), pages 619-637, November.
    3. Grout, Cyrus A. & Jaeger, William K. & Plantinga, Andrew J., 2011. "Land-use regulations and property values in Portland, Oregon: A regression discontinuity design approach," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 98-107, March.
    4. Cheshire, Paul & Sheppard, Stephen, 2002. "The welfare economics of land use planning," Journal of Urban Economics, Elsevier, vol. 52(2), pages 242-269, September.
    5. Quigley, John M. & Rosenthal, Larry A., 2005. "The Effects of Land-Use Regulation on the Price of Housing: What Do We Know? What Can We Learn?," Berkeley Program on Housing and Urban Policy, Working Paper Series qt90m9g90w, Berkeley Program on Housing and Urban Policy.
    6. Jonathan Young, 2004. "Effects of Zoning on Residential Option Value," Working Papers 200412, Regional Research Institute, West Virginia University.
    7. Cheshire, Paul & Hilber, Christian, 2007. "Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge," ERES eres2007_119, European Real Estate Society (ERES).
    8. Wu, JunJie & Cho, Seong-Hoon, 2007. "The effect of local land use regulations on urban development in the Western United States," Regional Science and Urban Economics, Elsevier, vol. 37(1), pages 69-86, January.
    9. Cheung, Ron & Ihlanfeldt, Keith & Mayock, Thomas, 2009. "The regulatory tax and house price appreciation in Florida," Journal of Housing Economics, Elsevier, vol. 18(1), pages 34-48, March.
    10. Paul Cheshire, 2008. "Reflections on the nature and policy implications of planning restrictions on housing supply. Discussion of 'Planning policy, planning practice, and housing supply' by Kate Barker," LSE Research Online Documents on Economics 30762, London School of Economics and Political Science, LSE Library.
    11. Robert W. Wassmer & Michelle C. Baass, 2006. "Does a more centralized urban form raise housing prices?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 25(2), pages 439-462.

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