Supply Constraints and Housing Prices
This paper analyzes the effects of land use constraints on housing prices. We provide a new framework for evaluating policy when mobility across regions is allowed but limited. A key result is that loosening regulatory constraints within individual regions would have little effect on prices for plausible parameterizations. For example, we show reasonable conditions under which, even if every building in Manhattan were 100 stories tall, prices would fall by less than 15 percent.
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| Length: | |
| Date of creation: | 22 May 2006 |
| Date of revision: | |
| Publication status: | Published in Economics Letters, 2008 |
| Handle: | RePEc:umc:wpaper:0607 |
| Contact details of provider: | Postal: Phone: (573) 882-0063 Fax: (573) 882-2697 Web page: http://economics.missouri.edu/ More information through EDIRC
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2005.
"Why Have Housing Prices Gone Up?,"
NBER Working Papers
11129, National Bureau of Economic Research, Inc.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," American Economic Review, American Economic Association, vol. 95(2), pages 329-333, May.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," Harvard Institute of Economic Research Working Papers 2061, Harvard - Institute of Economic Research.
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003.
"Why is Manhattan So Expensive? Regulation and the Rise in House Prices,"
NBER Working Papers
10124, National Bureau of Economic Research, Inc.
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003. "Why is Manhattan So Expensive? Regulation and the Rise in House Prices," Harvard Institute of Economic Research Working Papers 2020, Harvard - Institute of Economic Research.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2006.
"Urban growth and housing supply,"
Journal of Economic Geography,
Oxford University Press, vol. 6(1), pages 71-89, January.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," NBER Working Papers 11097, National Bureau of Economic Research, Inc.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," Harvard Institute of Economic Research Working Papers 2062, Harvard - Institute of Economic Research.
- Joseph Gyourko & Christopher Mayer & Todd Sinai, 2006.
"Superstar Cities,"
NBER Working Papers
12355, National Bureau of Economic Research, Inc.
- Joseph Gyourko & Christopher Mayer & Todd Sinai, 2013. "Superstar Cities," American Economic Journal: Economic Policy, American Economic Association, vol. 5(4), pages 167-99, November.
- Joseph Gyourko & Richard Voith, . "The Price Elasticity of the Demand for Residential Land," Zell/Lurie Center Working Papers 329, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
- Hanushek, Eric A & Quigley, John M, 1980. "What Is the Price Elasticity of Housing Demand?," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 449-54, August.
- Stijn Van Nieuwerburgh & Pierre-Olivier Weill, 2010.
"Why Has House Price Dispersion Gone Up?,"
Review of Economic Studies,
Oxford University Press, vol. 77(4), pages 1567-1606.
- Stijn Van Nieuwerburgh & Pierre-Olivier Weill, 2006. "Why Has House Price Dispersion Gone Up?," NBER Working Papers 12538, National Bureau of Economic Research, Inc.
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