The Welfare Effects of Greenbelt Policy: Evidence from England

• 成果类型: Article
• 署名作者: Koster, Hans R. A.
• 署名单位: Vrije Universiteit Amsterdam; Tinbergen Institute; Vrije Universiteit Amsterdam
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uead077
• 发表日期: 2023
• 页码: 363-401
• 关键词: land-use regulation; residential property-values; urban-growth boundaries; open space; agglomeration economies; congestion; 2nd-best; cities

摘要

I measure the economic effects of greenbelts that prohibit new construction beyond a predefined urban fringe and therefore act as urban growth boundaries. I focus on England, where $13\%$ of the land is designated as greenbelt land. I provide reduced-form evidence and estimate a quantitative equilibrium model that includes amenities, housing supply, a traffic congestion externality, agglomeration forces, productivity and household location choices. Greenbelt policy generates positive amenity effects, but also strongly reduces housing supply. I find that greenbelts increase welfare because amenity effects are sufficiently strong. At the same time, however, greenbelts decrease housing affordability by limiting housing supply.