Hirte, Georg; Rhee, Hyok-Joo - 2016
We examine the working mechanisms and efficiencies of zoning (regulation of floor area ratios and land-use types) and … heterogeneity and real estate market distortions, zoning could be less efficient than, as efficient as, or more efficient than … pricing instruments. However, when the zoning enacted deviates from the optimum, zoning not only becomes inferior to …