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Supply Constraints and Housing Prices

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Author Info
Saku Aura () (Department of Economics, University of Missouri-Columbia)
Thomas Davidoff

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Abstract

This paper analyzes the effects of land use constraints on housing prices. We provide a new framework for evaluating policy when mobility across regions is allowed but limited. A key result is that loosening regulatory constraints within individual regions would have little effect on prices for plausible parameterizations. For example, we show reasonable conditions under which, even if every building in Manhattan were 100 stories tall, prices would fall by less than 15 percent.

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File URL: http://economics.missouri.edu/people/aura.shtml
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Publisher Info
Paper provided by Department of Economics, University of Missouri in its series Working Papers with number 0607.

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Date of creation: 22 May 2006
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Handle: RePEc:umc:wpaper:0607

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Web page: http://economics.missouri.edu/
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Related research
Keywords: Housing Supply and Markets; Regulatory Policies; Land Use Patterns.;

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Find related papers by JEL classification:
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R14 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Land Use Patterns
R38 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Government Policies; Regulatory Policies

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References listed on IDEAS
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. Joseph Gyourko & Richard Voith, . "The Price Elasticity of the Demand for Residential Land," Zell/Lurie Center Working Papers 329, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania. [Downloadable!] (restricted)
  2. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2006. "Urban growth and housing supply," Journal of Economic Geography, Oxford University Press, vol. 6(1), pages 71-89, January. [Downloadable!] (restricted)
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  3. Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003. "Why is Manhattan So Expensive? Regulation and the Rise in House Prices," Harvard Institute of Economic Research Working Papers 2020, Harvard - Institute of Economic Research. [Downloadable!]
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  4. Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2005. "Why Have Housing Prices Gone Up?," NBER Working Papers 11129, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Hanushek, Eric A & Quigley, John M, 1980. "What Is the Price Elasticity of Housing Demand?," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 449-54, August. [Downloadable!] (restricted)
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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. David Albouy, 2008. "Are Big Cities Really Bad Places to Live? Improving Quality-of-Life Estimates across Cities," NBER Working Papers 14472, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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