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Cited by 13

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

Glaeser, Edward, Gyourko, Joseph·2017
DOI 10.3386/w23833
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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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Research works printed but not linked: 19

  1. Cheshire, Paul and Steven Sheppard. "The Welfare Economics of Land Use Planning", Journal of Urban Economics, Vol 52 (2002): 242-269.
  2. Davis, Morris A. and Michael G. Palumbo. "The Price of Residential Land in Large US Cities", Journal of Urban Economics, Vol. 63 (2008): 352-384.
  3. Diamond, Rebecca. "The Determinants and Welfare Implications of U.S. Workers' Diverging Location Choices by Skill: 1980-2000". American Economic Review, Vol 106, no. 3 (2016): 479-524.
  4. Fishel, William. The Homevoter Hypothesis. Cambridge, MA: Harvard University Press, 2001.
  5. Glaeser, Edward and Joseph Gyourko. "The Impact of Zoning on Housing Affordability", FRBNY Economic Policy Review, June 2003: 21-39.
  6. ______________________________. "Urban Decline and Durable Housing", Journal of Political Economy, Vol 113, no. 2 (April 2005): 345-375.
  7. ______________________________. Rethinking Federal Housing Policy. Washington, D.C.: The AEI Press, 2008.
  8. Glaeser, Edward, Joseph Gyourko and Albert Saiz. "Housing Supply and Housing Bubbles", Journal of Urban Economics, Vol. 64, no. 3 (2008): 198-217.
  9. Gyourko, Joseph, Christopher Mayer and Todd Sinai. "Superstar Cities". American Economic Journal-Economic Policy, Vol. 5, no. 4 (2013): 167-199.
  10. Gyourko, Joseph and Raven Molloy. "Regulation and Housing Supply". In Handbook of Regional and Urban Economics, Vol.5b, Edited by Gilles Duranton, J. Vernon Henderson and William Strange. Amsterdam: Elsevier, 2015.
  11. Hayashi, Fumio. "Tobin's Marginal q and Average q: A Neoclassical Interpretation", Econometrica, Vol. 15, no. 1 (January 1982): 213-224.
  12. Moretti, Enrico. "Real Wage Inequality", American Economic Journal: Applied Economics, Vol. 5, no. 1 (January 2013): 65-103.
  13. Piketty, Thomas. Capital in the Twenty-First Century. Cambridge, MA: Harvard Universityh Press, 2014.
  14. Roback, Jennifer. "Wages, Rents and the Quality of Life". Journal of Political Economy, Vol. 90 (December 1982): 1257-78.
  15. Rosen, Sherwin. "Wage-Based Indexes of Urban Quality of Life." In Current Issues in Urban Economics, edited by Peter Mieszkowski and Mahlon Straszheim, Baltimore: Johns Hopkins University Press, 1979.
  16. R.S. Means Company. 2015. RS Means electrical cost data. Kingston, MA: R.S. Means Co. Saiz, Albert (2010). "The Geographic Determinants of Housing Supply", Quarterly Journal of Economics, Vol. 125, no. 3: 1253-1296.
  17. Sinai, Todd and Nicholas Souleles. "Owner-Occupied Housing as a Hedge Against Rent Risk", Quarterly Journal of Economics, Vol. 210, no. 2 (2005): 763-789.
  18. Turner, Matthew A., Andrew Haughwout, Wilbert van der Klaauw. "Land Use Regulation and Welfare", Econometrica, Vol. 82, no. 4 (July 2014): 1341-1403. .
  19. 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

Metadata

Authors
Glaeser, E., & Gyourko, J.
Publisher
National Bureau of Economic Research
Published
2017-09
DOI
10.3386/w23833
Cited by
13
References
12

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