SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

• 成果类型: Article
• 署名作者: Wrenn, Douglas H.; Klaiber, H. Allen
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12380
• 发表日期: 2019
• 页码: 1097-1130
• 关键词: estimating equilibrium-models; prices; parameters

摘要

Property taxes and zoning restrictions are prevalent tools for managing land use. We combine microlevel data on residential subdivision development from the Baltimore, Maryland, metro area from 1994 to 2007 with a competing risks model to examine how both policies influence the density and timing of residential development. Consistent with theory, we demonstrate that the impact of both policies on optimal density and timing depends on whether density and time are substitutes or complements in the profit function. Our results have important implications as they provide key empirical insights into how property taxes and zoning interact to influence development patterns.