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How responsive are housing markets in the OECD? Regional level estimates

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  • Manuel Bétin
  • Volker Ziemann

Abstract

Making housing more affordable ranks high on the policy agenda across the world. One way to achieve affordable housing is to ensure sufficiently elastic supply of the housing stock in response to demand shocks. This paper aims at disentangling policy from non-policy drivers in explaining cross-regional differences in housing supply elasticities. It uses GIS data to account for the presence of natural and man-made obstacles to residential construction in functional urban areas across the 12 OECD countries that provide sufficiently long time series for regional house prices. The results suggest that the presence of water, steep land, parks and high-density urban areas all restrict the supply of housing. However, there remain very large differences in supply elasticities across countries, which corroborates the finding from national analysis that policies have a strong influence.

Suggested Citation

  • Manuel Bétin & Volker Ziemann, 2019. "How responsive are housing markets in the OECD? Regional level estimates," OECD Economics Department Working Papers 1590, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1590-en
    DOI: 10.1787/1342258c-en
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    Cited by:

    1. Guillaume Chapelle & J.B. Eyméoud & C. Wolf, 2023. "Land-use regulation and housing supply elasticity: evidence from France," THEMA Working Papers 2023-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.

    More about this item

    Keywords

    housing supply; land use policy; rent regulation;
    All these keywords.

    JEL classification:

    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

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