Abstract

http://ssrn.com/abstract=1509602
 
 

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Housing Market Effects of Inclusionary Zoning


Antonio M. Bento


Cornell University - Dyson School of Applied Economics and Management

Scott Lowe


affiliation not provided to SSRN

Gerrit Knaap


University of Maryland

Arnab Chakraborty


University of Illinois at Urbana-Champaign

July 15, 2009

Cityscape: A Journal of Policy Development and Research, Vol. 11, No. 2, p. 7, 2009

Abstract:     
This article presents an empirical analysis of the effects of inclusionary zoning policies on housing prices and starts in California during the period from 1988 through 2005. The analysis compares cities with and without such policies and isolates the effects of inclusionary zoning programs by carefully controlling for spatial and temporal conditions, such as the neighborhood or school district within which the house is located and changing market conditions over time. The analysis found that inclusionary zoning policies had measurable effects on housing markets in jurisdictions that adopt them; specifically, the price of single-family houses increases and the size of single-family houses decreases. The analysis also found that, although the cities with such programs did not experience a significant reduction in the rate of single-family housing starts, they did experience a marginally significant increase in multifamily housing starts. The magnitude of this shift varied with the stringency of the inclusionary requirements. Finally, the analysis found that the size of market-rate houses in cities that adopted inclusionary zoning increased more slowly than in cities without such programs. The results are fully consistent with economic theory and demonstrate that inclusionary zoning policies do not come without costs.

Number of Pages in PDF File: 20

Keywords: Cityscape, HUD, HUD USER, Affordable Housing, Inclusionary Zoning

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Date posted: November 21, 2009 ; Last revised: April 2, 2010

Suggested Citation

Bento, Antonio M. and Lowe, Scott and Knaap, Gerrit and Chakraborty, Arnab, Housing Market Effects of Inclusionary Zoning (July 15, 2009). Cityscape: A Journal of Policy Development and Research, Vol. 11, No. 2, p. 7, 2009. Available at SSRN: http://ssrn.com/abstract=1509602

Contact Information

Antonio M. Bento (Contact Author)
Cornell University - Dyson School of Applied Economics and Management ( email )
Ithaca, NY
United States
Scott Lowe
affiliation not provided to SSRN ( email )
Gerrit Knaap
University of Maryland ( email )
College Park, MD 20742
United States
Arnab Chakraborty
University of Illinois at Urbana-Champaign ( email )
601 E John St
Champaign, IL 61820
United States
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