McMillen, Daniel P.; McDonald, John F. - In: The Review of Economics and Statistics 84 (2002) 1, pp. 62-72
The introduction of a new zoning ordinance to Chicago in 1923 offers a natural experiment that allows us to determine the effects of zoning on relative land-value growth rates. Policymakers claimed at the time that land-use zoning would raise aggregate land values by reducing negative...