The Microgeography of Housing Supply

• 成果类型: Article
• 署名作者: Baum-Snow, Nathaniel; Han, Lu
• 署名单位: University of Toronto; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/728110
• 发表日期: 2024
• 页码: 1897-1946
• 关键词: city; gentrification; decline; GROWTH

摘要

We perform a comprehensive neighborhood-level analysis of housing supply. Predictions of floor space and housing unit supply elasticities using our estimates average 0.5 and 0.3 across all urban neighborhoods in the United States, exhibiting greater variation within than between metro regions. New construction accounts for about 50% of unit supply responses, with important additional roles for teardowns and renovations. Supply responses grow with central business district distance mostly from the increasing availability of undeveloped land, flatter land, and less regulation. Identification comes from variation in labor demand shocks to commuting destinations, as aggregated using insights from a quantitative spatial equilibrium model.