The centennial of the 1916 New York City Ordinance and creation of zoning in the United States provides an exceptional opportunity to reconsider the regulatory and legal basis upon which the key governmental power of zoning is founded. The motive to control the various market externalities...

In contrast to corporate and institutional investors, single owner-occupiers cannot adequately diversify housing investment risk. Consequently, homeownership should be relatively less likely in places with higher housing investment risk. Using the American Housing Survey, it is documented that...

Real estate externalities can create economic benefits to the local community, such as increasing consumption, reducing foreclosure and providing access to finance for entrepreneurs. Quantification of externalities can be tricky because of the vulnerability to selection and omitted variables...

This paper develops a dynamic spatial general equilibrium model of urban environments to enable more land-use detail, population growth, and change dynamics and applies it to evaluate impacts of land-use externalities and zoning regulations on land-use markets. The new model specification tracks...