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Is the rent too high? Land ownership and monopoly power

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  • C. Luke Watson
  • Oren Ziv

Abstract

Pricing power in real estate markets can reduce housing supply and redevelopment relative to the social optimum. We show how pricing power interacts with popular redevelopment subsidies and zoning regulations. Using building‐level rental income data from NYC, we find that increased concentration is correlated with increased rents. Finally, we use the model to estimate the first building‐level housing elasticity, finding that markups account for between one‐sixth and one‐third of rents in the city.

Suggested Citation

  • C. Luke Watson & Oren Ziv, 2026. "Is the rent too high? Land ownership and monopoly power," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 54(5), pages 1341-1371, September.
    • Handle: RePEc:bla:reesec:v:54:y:2026:i:5:p:1341-1371
    DOI: 10.1111/1540-6229.70056
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