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Residential Land Use Regulation and the US Housing Price Cycle Between 2000 and 2009

Author

Listed:
  • Haifang Huang

    (University of Alberta, Department of Economics)

  • Yao Tang

    (Department of Economics, Bowdoin College)

Abstract

In a sample covering more than 300 cities in the US between January 2000 and July 2009, we find that more restrictive residential land use regulations and geographic land constraints are linked to larger booms and busts in housing prices. The natural and man-made constraints also amplify price responses to an initial positive mortgage-credit supply shock, leading to greater price increases in the boom and subsequently bigger losses.

Suggested Citation

  • Haifang Huang & Yao Tang, 2010. "Residential Land Use Regulation and the US Housing Price Cycle Between 2000 and 2009," Working Papers 2010-11, University of Alberta, Department of Economics.
    • Handle: RePEc:ris:albaec:2010_011
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    File URL: http://www.ualberta.ca/~econwps/2010/wp2010-11.pdf
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    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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