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The effect of FAR (floor area ratio) regulations on land values: The case of New York

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  • Byunggeor Moon

Abstract

This paper explores the stringency of floor area ratio (FAR), one of the land use regulations in New York, and analyses it by boroughs of New York. Stringency is presented when the regulated height is significantly lower than the free market height and the theoretical approach shows that the elasticity of the land value with respect to FAR is used to estimate the stringency. In particular, we overcome issues in previous studies by constructing a data set using publically available data through new methods. The results show that the FAR stringency in Manhattan is the highest in New York City and the stringency is lower as the distance from the centre of the city increases. Este artículo explora la rigurosidad de la proporción de área de suelo (FAR, por sus siglas en inglés), una de las regulaciones de uso del suelo en Nueva York, y la analiza para los distritos de Nueva York. La rigurosidad se presenta cuando la altura regulada es significativamente menor que la altura del mercado libre y el enfoque teórico muestra que la elasticidad del valor del terreno con respecto a la FAR se utiliza para estimar la rigurosidad. En particular, superamos los problemas de estudios anteriores mediante la construcción de un conjunto de datos que usa datos disponibles públicamente mediante nuevos métodos. Los resultados muestran que el rigor de la FAR en Manhattan es el más alto de la ciudad de Nueva York y que el rigor es menor a medida que aumenta la distancia al centro de la ciudad. 本稿では、ニューヨーク市の土地利用規制法のひとつである床面積比率 (floor area ratio:FAR)の厳格度(stringency)を検討し、行政区分別に分析する。厳格度は、建物の高さの上限が自由市場よりも著しく低い場合に現れ、理論的アプローチにより、厳格度の推計にはFARに関する土地価額の弾性が用いられることが証明される。特に我々の過去の研究では、公的に利用可能なデータを用いて、新しい方法でデータセットを構築して問題を解決している。結果から、マンハッタンのFARの厳格度はニューヨーク市で最も高く、市の中心部から離れるほど厳格度は低下することが示される。

Suggested Citation

  • Byunggeor Moon, 2019. "The effect of FAR (floor area ratio) regulations on land values: The case of New York," Papers in Regional Science, Wiley Blackwell, vol. 98(6), pages 2343-2354, December.
  • Handle: RePEc:bla:presci:v:98:y:2019:i:6:p:2343-2354
    DOI: 10.1111/pirs.12421
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. In a City FAR, FAR Away: Building Height Regulations and Their Impacts
      by Jason Barr in Skynomics Blog on 2020-03-17 12:17:31

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    Cited by:

    1. Brueckner, Jan K. & Singh, Ruchi, 2020. "Stringency of land-use regulation: Building heights in US cities," Journal of Urban Economics, Elsevier, vol. 116(C).

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