We test the theoretical prediction that house prices respond more strongly to changes in local earnings in places with tight supply constraints using a unique panel dataset of 353 Local [...]
This study analyzes the effect of a downzoning policy on both the probability and the density of residential development using a difference-in-differences (DID) approach. Spatially explicit panel data on subdivisions [...]
Piketty documents how the share of aggregate income going to capital in the United States has risen in the post-war era. Rognlie has since shown that this is largely due [...]
This paper presents a new dynamic Tiebout model and uses it to revisit a classic argument in state and local public finance. The argument, due to Hamilton, is that a [...]
In the densest urban areas of the United States, we find that 11.6 percent of the median contract rent prices are determined by the increased level of immigration relative to [...]
Over the past three decades, local barriers to housing development have intensified, particularly in the high-growth metropolitan areas increasingly fueling the national economy. The accumulation of such barriers – including [...]
The housing shortage not only is costly for people renting or buying homes, but it also weakens California’s economy as a whole. We calculate that the housing shortage costs the [...]
This paper studies the role of disagreement in amplifying housing cycles. Speculation is easier in the land market than in the housing market due to frictions that make renting less [...]
We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs. Misallocation arises because high productivity cities like New York and the San Francisco Bay [...]
This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level [...]