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Effectiveness of housing revitalization subsidies in the presence of zoning

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Author Info

  • Bento, Antonio M.
  • Franco, Sofia F.
  • Kaffine, Daniel T.

Abstract

This paper examines the impact of zoning on the effectiveness of uniform housing revitalization subsidies. Our analytical results show that, while zoning decreases the marginal return from housing improvements for zoned landlords, it also increases the equilibrium subsidy per housing improvement. This raises the possibility that an increase in zoning stringency can increase the effectiveness of housing revitalization subsidies by influencing the allocation of funds across space. Our simulation analysis presents a case where zoning increases subsidy effectiveness up to 26%. Additional numerical simulations illustrate how this result varies with the degree of zoning stringency, government budget, and the spatial distribution of housing quality.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 41 (2011)
Issue (Month): 3 (May)
Pages: 196-206

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Handle: RePEc:eee:regeco:v:41:y:2011:i:3:p:196-206

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Web page: http://www.elsevier.com/locate/regec

Related research

Keywords: Zoning Housing revitalization subsidy Targeting;

References

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  1. Quigley, John M. & Raphael, Steven, 2006. "Regulation and the High Cost of Housing in California," Berkeley Program on Housing and Urban Policy, Working Paper Series qt3hh7s35m, Berkeley Program on Housing and Urban Policy.
  2. Arnott, Richard & Braid, Ralph & Davidson, Russell & Pines, David, 1999. "A general equilibrium spatial model of housing quality and quantity," Regional Science and Urban Economics, Elsevier, vol. 29(3), pages 283-316, May.
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  11. Isaac Bayoh & Elena G. Irwin & Timothy Haab, 2006. "Determinants of Residential Location Choice: How Important Are Local Public Goods in Attracting Homeowners to Central City Locations?," Journal of Regional Science, Wiley Blackwell, vol. 46(1), pages 97-120.
  12. Lin, C.-C.Chu-Chia & Mai, Chao-Cheng & Wang, Ping, 2004. "Urban land policy and housing in an endogenously growing monocentric city," Regional Science and Urban Economics, Elsevier, vol. 34(3), pages 241-261, May.
  13. Wheaton, William C., 1982. "Urban spatial development with durable but replaceable capital," Journal of Urban Economics, Elsevier, vol. 12(1), pages 53-67, July.
  14. Ingrid Gould Ellen & Michael H. Schill & Amy Ellen Schwartz & Ioan Voicu, 2003. "Housing production subsidies and neighborhood revitalization: New York City's ten-year capital plan for housing," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 71-85.
  15. Kutty Nandinee K., 1995. "A Dynamic Model of Landlord Reinvestment Behavior," Journal of Urban Economics, Elsevier, vol. 37(2), pages 212-237, March.
  16. Nichols, Albert L & Zeckhauser, Richard J, 1982. "Targeting Transfers through Restrictions on Recipients," American Economic Review, American Economic Association, vol. 72(2), pages 372-77, May.
  17. Tanzer, Ellen P., 1985. "The effect on housing quality of reducing the structure tax rate," Journal of Urban Economics, Elsevier, vol. 17(3), pages 305-318, May.
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