Over the past 30 years, eastern Massachusetts has seen a remarkable combination of rising home prices and declining supply of new homes. The reductions in new supply don't appear to reflect a real lack of land, but instead reflect a response to man-made restrictions on development. In this paper, we examine the land-use regulations in greater Boston. There has been a large increase in the number of new regulations, which differ widely over space. Few variables, other than historical density and abundant recreational water, reliably predict these regulations. High lot sizes and other regulations are associated with less construction. The regulations boost prices by decreasing density, but density levels seem far too low to maximize total land value.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
12601.
Length: Date of creation: Oct 2006 Date of revision: Handle: RePEc:nbr:nberwo:12601
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Find related papers by JEL classification: R14 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Land Use Patterns R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets
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Edward L. Glaeser & Matthew E. Kahn & Jordan Rappaport, 2000.
"Why Do the Poor Live in Cities?,"
NBER Working Papers
7636, National Bureau of Economic Research, Inc.
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