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Housing Regulation Costs.pdf

QR_RegAER0406.pdf

🔗 Source: gspp.berkeley.edu

📊 Size: 56 KB

📄 Pages: 6 pages

⬇️ Downloads: 192

Summary

Housing prices in California's coastal counties increased by over 60% in three years, with the highest quintile of cities averaging over 30% annual growth. California has extreme land-use regulations, with cities setting their own rules and little oversight. State tax policy incentivizes retail development over housing construction, favoring expensive housing and discouraging new construction. The authors develop a city-level index of regulatory stringency and relate it to local housing prices in 1990 and 2000, finding that regulation has powerful effects on housing outcomes. They estimate constant-quality housing price indexes for California cities and measure the regulatory stringency of each city by the number of growth-control measures adopted. The results suggest that housing costs are higher in cities with more stringent regulation, and that regulatory stringency affects the growth of the housing stock.

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Description

Housing prices in California's coastal counties increased by over 60% in three years, with the highest quintile of cities averaging over 30% annual growth.

Technical Information

File Format: PDF
File Size: 56 KB
Pages: 6
Language: EN
Total Downloads: 192
Last Updated: 1 week ago

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