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http://ssrn.com/abstract=658324
 
 

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Why Have Housing Prices Gone Up?


Edward L. Glaeser


Harvard University - John F. Kennedy School of Government, Department of Economics; Brookings Institution; National Bureau of Economic Research (NBER)

Joseph Gyourko


University of Pennsylvania - Real Estate Department; National Bureau of Economic Research (NBER)

Raven E. Saks


U.S. Federal Reserve - Division of Research and Statistics

February 2005

Harvard Institute of Economic Research Discussion Paper No. 2061

Abstract:     
Since 1950, housing prices have risen regularly by almost two percent per year. Between 1950 and 1970, this increase reflects rising housing quality and construction costs. Since 1970, this increase reflects the increasing difficulty of obtaining regulatory approval for building new homes. In this paper, we present a simple model of regulatory approval that suggests a number of explanations for this change including changing judicial tastes, decreasing ability to bribe regulators, rising incomes and greater tastes for amenities, and improvements in the ability of homeowners to organize and influence local decisions. Our preliminary evidence suggests that there was a significant increase in the ability of local residents to block new projects and a change of cities from urban growth machines to homeowners' cooperatives.

Number of Pages in PDF File: 36

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Date posted: February 1, 2005  

Suggested Citation

Glaeser, Edward L. and Gyourko, Joseph and Saks, Raven E., Why Have Housing Prices Gone Up? (February 2005). Harvard Institute of Economic Research Discussion Paper No. 2061. Available at SSRN: http://ssrn.com/abstract=658324 or http://dx.doi.org/10.2139/ssrn.658324

Contact Information

Edward L. Glaeser (Contact Author)
Harvard University - John F. Kennedy School of Government, Department of Economics ( email )
Littauer Center
Room 315A
Cambridge, MA 02138
United States
617-496-2150 (Phone)
617-496-1722 (Fax)
Brookings Institution
1775 Massachusetts Ave. NW
Washington, DC 20036-2188
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Joseph E. Gyourko
University of Pennsylvania - Real Estate Department ( email )
Philadelphia, PA 19104-6330
United States
215-898-3003 (Phone)
215-573-2220 (Fax)

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Raven E. Saks
U.S. Federal Reserve - Division of Research and Statistics ( email )
20th and C Streets, NW
Washington, DC 20551
United States
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