The Effects of Land-Use Constraints on Housing Prices

Posted: 24 Feb 2010

See all articles by Susan M. Wachter

Susan M. Wachter

University of Pennsylvania - Wharton School, Department of Real Estate ; University of Pennsylvania - Finance Department

Date Written: August 1, 1990

Abstract

This paper estimates the direct and spillover effects of zoning controls along with other growth restrictions on housing prices. Theory leads us to expect a positive effect of land-use restrictions on the price of developed land and a negative effect on the price of undeveloped land. We consider the effects on housing prices, and hence the effects on developed land. Other studies have examined the impact of separate components of land-use controls within a locality. We show that specific growth controls must be examined in the overall context of local land-use policy, and that interjurisdictional as well as intrajurisdictionael effects must be considered.

Suggested Citation

Wachter, Susan M., The Effects of Land-Use Constraints on Housing Prices (August 1, 1990). Available at SSRN: https://ssrn.com/abstract=1557872

Susan M. Wachter (Contact Author)

University of Pennsylvania - Wharton School, Department of Real Estate ( email )

The Wharton School
3620 Locust Walk
Philadelphia, PA 19104-6330
United States
215-898-6355 (Phone)

HOME PAGE: http://real.wharton.upenn.edu/~wachter/index.html

University of Pennsylvania - Finance Department ( email )

The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States

HOME PAGE: http://real.wharton.upenn.edu/~wachter/index.html

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