Many in the housing literature argue that house prices and income are cointegrated [tend to increase together]. I show that the data do not support this view. Standard tests using [...]
The purpose of this paper is to apply recent advances in the econometrics of panel data to a problem that has a clear spatial dimension. We model the dynamic adjustment [...]
The severe shortage of affordable housing in California threatens the state’s economic health and has placed the American Dream of homeownership out of reach for hundreds of thousands of families. [...]
Construction costs account for the bulk of the price of new houses in most markets, but their study has been relatively neglected. We document that there are economically large differences [...]
Equilibrium of the housing market depends on a complex set of interactions between: (1) individual location decisions; (2) individual housing investment; (3) collective decisions on urban growth. We embed these [...]
A number of indicators suggest the U.S. economy has been performing reasonably well over the past several years. For example, unemployment has declined, GDP is up (though income growth at [...]
In the last 50 years, population and incomes have increased steadily throughout much of the Sunbelt. This paper assesses the relative contributions of rising productivity, rising demand for Southern amenities [...]
This study examines the ways in which land-use regulations in general and Oregon’s land-use planning system in particular may affect property values. The study is focused on Oregon, but it [...]
Among our conclusions: It is possible to use zoning and housing trend data to gain insights into the effects of zoning on high density, multifamily housing development. In some jurisdictions, [...]
This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting [...]