Housing is the most important asset for the vast majority of American households and a key driver of racial disparities in wealth. This paper studies how residential segregation by race eroded black wealth in prewar urban areas. Using a novel sample of matched addresses from prewar American...

Zoning has been cited as a discriminatory policy tool by critics, who argue that ordinances are used to deter the entry of minority residents into majority neighborhoods through density restrictions (exclusionary zoning) and locate manufacturing activity in minority neighborhoods (environmental...

During the late 1930s, the Home Owners Loan Corporation (HOLC) created a series of maps designed to summarize spatial variation in the riskiness of mortgage lending in different neighborhoods. The HOLC maps, in conjunction with contemporaneous maps produced by the Federal Housing Agency (FHA),...

Residential segregation by race grew sharply during the early twentieth century as black migrants from the South arrived in northern cities. The existing literature emphasizes collective action by whites to restrict where blacks could live as the driving force behind this rapid rise in...

Comprehensive zoning is ubiquitous in U.S. cities, yet we know surprisingly little about its long-run impacts. We provide the first attempt to measure the causal effect of land use regulation over the long term, using as our setting Chicago's first (1923) comprehensive zoning ordinance. Our...

During the late 1930s, the Home Owners’ Loan Corporation (HOLC) developed a series of area descriptions with color-coded maps of cities that summarized mortgage lending risk. We provide evidence that these maps were not the primary source used by the FHA to create their “redlining” maps...

Recent work has argued that zoning is responsible for racial segregation, disparities in public goods provision, growing regional inequality, and exploding housing costs in productive areas. However, the slow-moving nature of land regulation’s effects suggests a crucial need for historical...