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Metropolitan Land Values and Housing Productivity

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  • David Albouy
  • Gabriel Ehrlich

Abstract

We present the first nationwide index of directly-measured land values by metropolitan area and investigate their relationship with housing prices. Construction prices and geographic and regulatory constraints are shown to increase the cost of housing relative to land. On average, approximately one-third of housing costs are due to land, with an increasing share in higher-value areas, implying an elasticity of substitution between land and other inputs of about one-half. Conditional on land and construction prices, housing productivity is relatively low in larger cities. The increase in housing costs associated with greater regulation appears to outweigh any benefits from improved quality-of-life.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18110.

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Date of creation: May 2012
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Handle: RePEc:nbr:nberwo:18110

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Cited by:
  1. Combes, Pierre-Philippe & Duranton, Gilles & Gobillon, Laurent, 2012. "The Costs of Agglomeration: Land Prices in French Cities," CEPR Discussion Papers 9240, C.E.P.R. Discussion Papers.
  2. Nichols, Joseph B. & Oliner, Stephen D. & Mulhall, Michael R., 2013. "Swings in commercial and residential land prices in the United States," Journal of Urban Economics, Elsevier, vol. 73(1), pages 57-76.
  3. Narayan Bulusu & Jefferson Duarte & Carles Vergara-Alert, 2013. "Booms and Busts in House Prices Explained by Constraints in Housing Supply," Working Papers 13-18, Bank of Canada.
  4. Ganong, Peter & Shoag, Daniel, 2012. "Why Has Regional Convergence in the U.S. Stopped?," Working Paper Series rwp12-028, Harvard University, John F. Kennedy School of Government.

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