This paper examines the effects of quantity restrictions on residential property prices in the presence of neighborhood externalities. A Brigham Young University policy limiting students' location choices provides a natural experiment for studying the externality and quantity restriction effects...

The existing literature focuses on how perceived flood risk affects house value. Search theory, however, implies that flood risks will be capitalized into both house price and liquidity. This paper draws on search theory to develop an empirical approach for estimating flood risk capitalization...