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Build at your own risk. Integrating natural hazards into land use regulations

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  • Julia Paul-Venturine

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris)

Abstract

Insurance coverage provides little incentive for households to adapt their dwellings to the natural risks they face. This paper studies the housing market impacts of regulations that limit development in at-risk areas and mandate protective building codes. Using a novel national dataset, I exploit variation in the timing and spatial scope of policy implementation and interpret the estimates within a simple framework that combines risk capitalization and land use regulation effects. Risk zoning effectively limits exposure without increasing prices at the local level, even when households do not significantly discount hazard exposure. Capitalization patterns are highly heterogeneous across risk types, suggesting large differences in perceived change in exposure.

Suggested Citation

  • Julia Paul-Venturine, 2025. "Build at your own risk. Integrating natural hazards into land use regulations," PSE Working Papers halshs-05428716, HAL.
    • Handle: RePEc:hal:psewpa:halshs-05428716
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-05428716v1
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