The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.
The Economic Implications of Housing Supply
Abstract
In this essay, we review the basic economics of housing supply and the functioning of US housing markets to better understand the distribution of home prices, household wealth and the spatial distribution of people across markets.We employ a cost-based approach to gauge whether a housing market is delivering appropriately priced units.Specifically, we investigate whether market prices (roughly) equal the costs of producing the housing unit.If so, the market is wellfunctioning in the sense that it efficiently delivers housing units at their production cost.Of course, poorer households still may have very high housing cost burdens that society may wish to address via transfers.But if housing prices are above this cost in a given area, then the housing market is not functioning well-and housing is too expensive for all households in the market, not just for poorer ones.The gap between price and production cost can be understood as a regulatory tax, which might be efficiently incorporating the negative externalities of new production, but typical estimates find that the implicit tax is far higher than most reasonable estimates of those externalities.
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“The connection between restrictive land-use rules and high housing prices is well established on both the metropolitan (Glaeser and Gyourko, 2017; Saiz, 2010) and sub-metropolitan scale (e.g. Kok et al., 2014)”
From The heterogeneous impacts of widespread upzoning: Lessons from Auckland, New Zealand (2024) · cites this paper as Glaeser and Gyourko, 2017
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Cites
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
The Greenness of Cities: Carbon Dioxide Emissions and Urban DevelopmentPreprint
Glaeser, E., & Kahn, M. E. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1204716 · Cited by 1,305
Self-citationGyourko, J., Sáiz, A., & Summers, A. A. (2008) · Urban Studies · doi:10.1177/0042098007087341 · Cited by 762
Self-citationWhy Is Manhattan So Expensive? Regulation and the Rise in Housing Prices
Glaeser, E. L., Gyourko, J., & Saks, R. (2005) · The Journal of Law and Economics · doi:10.1086/429979 · Cited by 647
Self-citationHousing Constraints and Spatial Misallocation
Hsieh, C.-T., & Moretti, E. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20170388 · Cited by 638
The Economic Implications of Housing Supply
Glaeser, E., & Gyourko, J. (2018) · Journal of Economic Perspectives · doi:10.1257/jep.32.1.3 · Cited by 527
Self-citationThe price and quantity of residential land in the United States
Davis, M. A., & Heathcote, J. (2007) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2007.06.023 · Cited by 472
Deciphering the Fall and Rise in the Net Capital Share: Accumulation or Scarcity?
Rognlie, M. (2016) · Brookings Papers on Economic Activity · doi:10.1353/eca.2016.0002 · Cited by 390
Wealth Disparities Before and After the Great Recession
Pfeffer, F. T., Danziger, S., & Schoeni, R. F. (2013) · The ANNALS of the American Academy of Political and Social Science · doi:10.1177/0002716213497452 · Cited by 273
CONSTRUCTION COSTS AND THE SUPPLY OF HOUSING STRUCTURE*
Gyourko, J., & Sáiz, A. (2006) · Journal of Regional Science · doi:10.1111/j.1467-9787.2006.00472.x · Cited by 158
Self-citation
Research works printed but not linked: 19
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- Allentown-Bethlehem-Easton, PA-NJ 33660 Mobile, AL 12060 Atlanta-Sandy Springs-Roswell, GA 34980 Nashville-Davidson--Murfreesboro--Franklin, TN 12420 Austin-Round Rock, TX 35300 New Haven-Milford, CT 12540 Bakersfield, CA 35380 New Orleans-Metairie, LA 12580 Baltimore-Columbia-Towson, MD 35620 New York-Newark-Jersey City, NY-NJ-PA 12940 Baton Rouge, LA 36420 Oklahoma City, OK 13820 Birmingham-Hoover, AL 36540 Omaha-Council Bluffs, NE-IA 14460 Boston-Cambridge-Newton, MA-NH 36740 Orlando-Kissimmee-Sanford, FL 14860 Bridgeport-Stamford-Norwalk, CT 37100 Oxnard-Thousand Oaks-Ventura, CA 15940 Canton-Massillon, OH 37900 Peoria, IL 16700 Charleston-North Charleston, SC 37980 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 16860 Chattanooga, TN-GA 38060 Phoenix-Mesa-Scottsdale, AZ 16980 Chicago-Naperville-Elgin, IL-IN-WI 38300 Pittsburgh, PA 17140 Cincinnati, OH-KY-IN 39300 Providence-Warwick, RI-MA 17460 Cleveland-Elyria, OH 39580 Raleigh, NC 17820 Colorado Springs, CO 40140 Riverside-San Bernardino-Ontario, CA 17900 Columbia, SC 40380 Rochester, NY 18140 Columbus, OH 40900 Sacramento--Roseville--Arden-Arcade, CA 19100 Dallas-Fort Worth-Arlington, TX 41620 Salt Lake City, UT 19340
Cited by
The heterogeneous impacts of widespread upzoning: Lessons from Auckland, New Zealand
Cheung, K. S., Monkkonen, P., & Yiu, C. Y. (2024) · Urban Studies · doi:10.1177/00420980231190281 · Cited by 18
Metadata
- Authors
- Glaeser, E., & Gyourko, J.
- Publisher
- National Bureau of Economic Research
- Published
- 2017-09
- Cited by
- 13
- References
- 12
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