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Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge

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Author Info
PaulC. Cheshire
ChristianA.L. Hilber

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Abstract

Office space in Britain is the most expensive in the world and regulatory constraints are the obvious explanation. We estimate the 'regulatory tax' for 14 British and 8 continental European office locations. The values for Britain are substantially greater than elsewhere. Exploiting panel data, we provide strong support for our hypothesis that the regulatory tax varies according to local prosperity and its responsiveness to this depends on whether an area is controlled by business interests or residents. Our results also imply that the cost to office occupiers of the 1990 conversion of commercial property taxes from a local to a national basis exceeded any plausible rise in property taxes. Copyright © The Author(s). Journal compilation © Royal Economic Society 2008.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2008.02149.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 118 (2008)
Issue (Month): 529 (06)
Pages: F185-F221
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Handle: RePEc:ecj:econjl:v:118:y:2008:i:529:p:f185-f221

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul Cheshire & Stephen Sheppard, 1997. "Welfare Economics of Land Use Regulation," Urban/Regional 9702001, EconWPA. [Downloadable!]
  2. Paul Cheshire & Stephen Sheppard, 2004. "The Introduction of Price Signals into Land Use Planning," Urban/Regional 0410002, EconWPA. [Downloadable!]
  3. Edward L. Glaeser & Joseph Gyourko, 2003. "The impact of building restrictions on housing affordability," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 21-39. [Downloadable!]
  4. Bertaud, Alain & Brueckner, Jan K., 2005. "Analyzing building-height restrictions: predicted impacts and welfare costs," Regional Science and Urban Economics, Elsevier, vol. 35(2), pages 109-125, March. [Downloadable!] (restricted)
  5. John Muellbauer, 2005. "Property Taxation and the Economy after the Barker Review," Economic Journal, Royal Economic Society, vol. 115(502), pages C99-C117, 03. [Downloadable!] (restricted)
  6. Song, Yan & Knaap, Gerrit-Jan, 2003. "New urbanism and housing values: a disaggregate assessment," Journal of Urban Economics, Elsevier, vol. 54(2), pages 218-238, September. [Downloadable!] (restricted)
  7. Gyourko, Joseph & Tracy, Joseph, 1991. "The Structure of Local Public Finance and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 774-806, August. [Downloadable!] (restricted)
  8. Mayo, Stephen & Sheppard, Stephen, 2001. "Housing Supply and the Effects of Stochastic Development Control," Journal of Housing Economics, Elsevier, vol. 10(2), pages 109-128, June. [Downloadable!] (restricted)
  9. Mayer, Christopher J. & Somerville, C. Tsuriel, 2000. "Land use regulation and new construction," Regional Science and Urban Economics, Elsevier, vol. 30(6), pages 639-662, December. [Downloadable!] (restricted)
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  10. Joseph Gyourko & Christopher Mayer & Todd Sinai, 2006. "Superstar Cities," NBER Working Papers 12355, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Glaeser, Edward L & Gyourko, Joseph & Saks, Raven, 2005. "Why Is Manhattan So Expensive? Regulation and the Rise in Housing Prices," Journal of Law & Economics, University of Chicago Press, vol. 48(2), pages 331-69, October.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Paul Cheshire & Stefano Magrini, 2008. "Urban Growth Drivers in a Europe of Sticky People and Implicit Boundaries," SERC Discussion Papers 0010, Spatial Economics Research Centre, LSE. [Downloadable!]
    Other versions:
  2. Michael Ball, 2008. "UK Planning Controls and the Market Responsiveness of Housing Supply," Real Estate & Planning Working Papers rep-wp2008-13, Henley Business School, Reading University. [Downloadable!]
  3. Paul Cheshire & Stefano Magrini, 2008. "Urban Growth Drivers and Spatial Inequalities: Europe - a case with geographically sticky people," Working Papers 2008_32, University of Venice "Ca' Foscari", Department of Economics. [Downloadable!]
  4. Raffaella Sadun, 2008. "Does Planning Regulation Protect Independent Retailers?," CEP Discussion Papers dp0888, Centre for Economic Performance, LSE. [Downloadable!]
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