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Housing Productivity and the Social Cost of Land-Use Restrictions / David Albouy, Gabriel Ehrlich.
- Format:
- Book
- Author/Creator:
- Albouy, David.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w18110.
- NBER working paper series no. w18110
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2012.
- Summary:
- We use metro-level variation in land and structural input prices to test and estimate a housing cost function with differences in local housing productivity. Both OLS and IV estimates imply that stringent regulatory and geographic restrictions substantially increase housing prices relative to land and construction input costs. The typical cost share of land is one-third, and substitution between inputs is inelastic. A disaggregated analysis of regulations finds state-level restrictions are costlier than local ones and provides a Regulatory Cost Index (RCI). Housing productivity falls with city population. Typical land-use restrictions impose costs that appear to exceed quality-of-life benefits, reducing welfare on net.
- Notes:
- Print version record
- May 2012.
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