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Rent stabilization and the long-run supply of housing

  • Alastair McFarlane

    (U.S. Department of Housing and Urban Development)

Registered author(s):

    This study contributes to the understanding of how the construction and replacement of urban housing may be affected by rent stabilization. One of the primary insights is that neither the timing nor the density of development will be affected by rent stabilization because allowing perfectly flexible base rents permits landlords to capture all of the advantages of a rent growth control. However, redevelopment is hastened because rent stabilization complemented by vacancy decontrol increases the difference between rents before and after redevelopment, increasing the opportunity costs of postponing redevelopment. Extensions include an analysis of other common rent regulations and the impact of rent stabilization on the urban rent gradient.

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    Paper provided by EconWPA in its series Urban/Regional with number 0109001.

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    Date of creation: 13 Sep 2001
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    Handle: RePEc:wpa:wuwpur:0109001
    Note: Type of Document - MS Word; prepared on PC; to print on HP;
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November.
    2. Brueckner, Jan K., 1981. "A dynamic model of housing production," Journal of Urban Economics, Elsevier, vol. 10(1), pages 1-14, July.
    3. Skelley, Chris, 1998. "Rent control and complete contract equilibria," Regional Science and Urban Economics, Elsevier, vol. 28(6), pages 711-743, November.
    4. Basu, Kaushik & Emerson, Patrick M, 2000. "The Economics of Tenancy Rent Control," Economic Journal, Royal Economic Society, vol. 110(466), pages 939-62, October.
    5. Malpezzi, S. & Ball, G., 1992. "Rent Control in Developing Countries," World Bank - Discussion Papers 129, World Bank.
    6. Brueckner, Jan K., 1980. "A vintage model of urban growth," Journal of Urban Economics, Elsevier, vol. 8(3), pages 389-402, November.
    7. Amin Kaushik & Capozza Dennis R., 1993. "Sequential Development," Journal of Urban Economics, Elsevier, vol. 34(2), pages 142-158, September.
    8. Braid, Ralph M., 2001. "Spatial Growth and Redevelopment with Perfect Foresight and Durable Housing," Journal of Urban Economics, Elsevier, vol. 49(3), pages 425-452, May.
    9. Richard Arnott, 1997. "Rent Control," Boston College Working Papers in Economics 391., Boston College Department of Economics.
    10. Nagy, John, 1997. "Do Vacancy Decontrol Provisions Undo Rent Control?," Journal of Urban Economics, Elsevier, vol. 42(1), pages 64-78, July.
    11. Heffley, Dennis, 1998. "Landlords, tenants and the public sector in a spatial equilibrium model of rent control," Regional Science and Urban Economics, Elsevier, vol. 28(6), pages 745-772, November.
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