Paciorek, Andrew - In: Journal of Urban Economics 77 (2013) C, pp. 11-26
Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have … house prices and the regulation of new housing supply. I then employ a dynamic structural model of housing investment to …: First, regulation lowers the elasticity of new housing supply by increasing lags in the permit process and adding to the …