Rent stabilization and the long-run supply of housing
AbstractThis study contributes to the understanding of how the construction and replacement of urban housing may be affected by rent stabilization. One of the primary insights is that neither the timing nor the density of development will be affected by rent stabilization because allowing perfectly flexible base rents permits landlords to capture all of the advantages of a rent growth control. However, redevelopment is hastened because rent stabilization complemented by vacancy decontrol increases the difference between rents before and after redevelopment, increasing the opportunity costs of postponing redevelopment. Extensions include an analysis of other common rent regulations and the impact of rent stabilization on the urban rent gradient.
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Bibliographic InfoPaper provided by EconWPA in its series Urban/Regional with number 0109001.
Date of creation: 13 Sep 2001
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rent control; residential development;
Find related papers by JEL classification:
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
- R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets
- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Production Analysis, and Firm Location - - - Government Policy; Regulatory Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-09-26 (All new papers)
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