Published: 2016 | Jonathan Woetzel, Jan Mischke, Shannon Peloquin, Daniel Weisfield | McKinsey Global Institute
California’s High Housing Costs: Causes and Consequences
Published: 2015 | Mac Taylor | Legislative Analyst’s Office Abstract The purpose of this report is to provide the Legislature an overview of the state’s complex and expensive housing markets, encompassing both single-family homes and multi-family apartments. We pay particular…
Urban Land Use Regulation: Are Homevoters Overtaking the Growth Machine?
Published: 2014 | Vicki Been, Josiah Madar, Simon McDonnell | Journal of Empirical Legal Studies Abstract The leading theory about urban land use regulation argues that city zoning officials are full partners in the business and real estate elite’s “growth…
Density Zoning and Class Segregation in U.S. Metropolitan Areas
Published: 2013 | Jonathan T. Rothwell and Douglas S. Massey Abstract Objectives—Socioeconomic segregation rose substantially in U.S. cities during the final decades of the 20th century and we argue zoning regulations are an important cause for this increase. Methods—We measure…
Supply Constraints and Housing Market Dynamics
Published: 2012 | Andrew Paciorek | The Federal Reserve Board Abstract Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have important and little-studied implications for housing dynamics. I illustrate the strong relationship…
Housing Supply and Housing Bubbles
Published: 2006 | Edward L. Glaeser, Joseph Gyourko, Albert Saiz | National Bureau of Economic Research Abstract Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing…
Why is Manhattan So Expensive? Regulation and the Rise in Housing Prices
Published: 2005 | Raven Saks, Joseph Gyourko, and Edward Glaeser | The Journal of Law and Economics Abstract In Manhattan, housing prices have soared since the 1990s. Although rising incomes, lower interest rates, and other factors can explain the demand…
Regulation and the High Cost of Housing in California
Published: 2005 | John Quigley and Steven Raphael | American Economic Association Abstract In this paper, we explore the linkages between land-use regulations, growth in the housing stock, and housing prices in California cities. First, we assess whether housing is…