The Causes and Consequences of Land Use Regulation: Evidence from Greater Boston
Edward L. Glaeser
Harvard University - John F. Kennedy School of Government, Department of Economics; Brookings Institution; National Bureau of Economic Research (NBER)
Bryce Adam Ward
Harvard University - Faculty of Arts and Sciences; National Bureau of Economic Research (NBER)
Harvard Institute of Economic Research Discussion Paper No. 2124
Over the past 30 years, eastern Massachusetts has seen a remarkable combination of rising home prices and declining supply of new homes. The reductions in new supply don't appear to reflect a real lack of land, but instead reflect a response to man-made restrictions on development. In this paper, we examine the land-use regulations in greater Boston. There has been a large increase in the number of new regulations, which differ widely over space. Few variables, other than historical density and abundant recreational water, reliably predict these regulations. High lot sizes and other regulations are associated with less construction. The regulations boost prices by decreasing density, but density levels seem far too low to maximize total land value.
Number of Pages in PDF File: 39
Date posted: October 10, 2006
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