This paper develops and solves a spatiotemporal equilibrium model in which regional wages and house prices are determined jointly with location-to-location migration flows. The agent’s optimal location choice and the resultant migration process are shown to be Markovian, with the transition...

As regions across the United States are experiencing high and rising house prices, inclusionary zoning is increasing in popularity as a tool to increase the availability of affordable housing for households making less than their region's median income. However, when inclusionary zoning requires...

Throughout American history, cities have experienced rapid population growth during periods when they offered exceptionally well-paying jobs. But population growth in high-wage cities is only possible when people can find housing within a reasonable commuting distance. Unlike in the past,...

This paper builds on the existing literature on the relationship between walkability and house prices. We demonstrate a positive relationship between home prices and walkability using zip code–level data in the first nationwide study of walkability. We find that a one-point increase in Walk...

Zoning regulations restrict housing supply and hence raise prices. This paper quantifies this effect by comparing prices to marginal costs in Australia's four largest cities. For detached houses, marginal costs comprise the dwelling structure and the land that other home owners need to forego....

Previous studies have examined the link between land-use regulation and home prices extensively. Yet there are few studies that examine the influence of land-use regulation on housing affordability. Even more uncommon is a focus on the effects of specific types of regulation on individual...

This paper has explored the stringency of land-use regulation in US cities, focusing on building heights. Substantial stringency is present when regulated heights are far below free-market heights, while stringency is lower when the two values are closer. Using FAR as a height index, theory...

This paper estimates the extent to which the supply of new housing is restricted by land use regulations using a panel of California cities from 1970–1995. While land use regulation is found to significantly reduce residential development, estimates from fixed effects regressions are about...

Urban structures and urban growth rates are highly persistent. This has far-reaching implications for the optimal size and timing of new construction. We prove that rational developers postpone construction not because prospects are gloomy, but because they are bright. The slow mean reversion in...

Local control of land-use regulation creates a not-in-my-backyard (NIMBY) problem that can suppress housing construction, contributing to rising prices and potentially slowing economic growth. I study how increased local control affects housing production by exploiting a common electoral...