کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10127766 | 1645076 | 2018 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Land-use regulations, property values, and rents: Decomposing the effects of the California Coastal Act
ترجمه فارسی عنوان
مقررات استفاده از زمین، ارزش ملک و اجاره: تقسیم اثرات قانون ساحلی کالیفرنیا
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Land-use regulations can lower real estate prices by imposing costs on property owners, but may raise prices by restricting supply and generating amenities. We study the effects of the California Coastal Act, one of the nation's most stringent land-use regulations, on the price and rental income of multifamily housing. The Coastal Act applies to a narrow section of the California coast, allowing us to compare properties just on either side of the jurisdictional boundary. The setting is advantageous for the study of land-use regulation: boundary location is plausibly exogenous, which we confirm with historical data on boundary placement, and orthogonal to other jurisdictional divisions. We decompose the effects of the regulation into (i) a neighbor effect, the value of restrictions on adjacent properties, (ii) a local effect, which reflects the net effect of own-lot restrictions and the neighbor effect, and (iii) an external effect, the value of amenities generated by restrictions on all properties within the regulated area. Our analysis of multifamily housing prices reveals local and external effects of approximately +6% and +13%, respectively. We use data on rental income to estimate a zero neighbor effect. Together with evidence on building ages and assessed building and land values, this suggests that property owners anticipate that the Coastal Act will provide protection from undesirable development on adjacent properties, even though material differences have not yet appeared.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Urban Economics - Volume 107, September 2018, Pages 65-78
Journal: Journal of Urban Economics - Volume 107, September 2018, Pages 65-78
نویسندگان
Christopher Severen, Andrew J. Plantinga,