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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.107,P.101-120

语言

英文

关键字

Housing prices; Productivity; Cost function estimation; Regulation; Economies of scale; Urbanization; Quality of life; QUALITY-OF-LIFE; PROPERTY TAXATION; RESIDENTIAL LAND; RENTS; ENVIRONMENT; GROWTH; CITIES; SYSTEM

作者单位

[Albouy, David] Univ Illinois, Dept Econ, Chicago, IL 60680 USA. [Albouy, David] NBER, Cambridge, MA 02138 USA. [Ehrlich, Gabriel] Univ Michigan, Dept Econ, Res Seminar Quantitat Econ, Ann Arbor, MI 48109 USA. Ehrlich, G (reprint author), Univ Michigan, Dept Econ, M112 Lorch Hall, Ann Arbor, MI 48109 USA. E-Mail: gehrlich@umich.edu

摘要

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.