Publications Tagged ‘housing prices’
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Policy Brief
The Effects of Inclusionary Zoning on Local Housing Markets
This study evaluates the impact of Inclusionary Zoning policies on housing markets in the San Francisco, Washington D.C. and suburban Boston areas. The analysis provides local decision-makers with valuable evidence on the impacts of IZ—a popular but often-controversial affordable housing policy. The policy brief includes an update from February 2010, summarizing additional research that has been completed since the original publication in March, 2008.
Amy Armstrong, Vicki Been, Rachel Meltzer, Jenny Schuetz. March 2008.
affordable housing, housing prices, inclusionary zoning, land use
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Working Paper
The Effects of Inclusionary Zoning on Local Housing Markets
Many local governments in metropolitan areas with high housing costs are adopting inclusionary zoning (IZ) as a means of producing housing that is affordable to low- and moderate-income households without direct public subsidies. Critics charge that IZ ordinances impose additional costs on new development and may lead to reductions in supply and increases in the price of market rate housing. Advocates of IZ argue that any negative effects IZ might have on production can be mitigated through density bonuses or other cost offsets. Rigorous empirical study of the effects of inclusionary zoning ordinances has been hampered by the lack of accurate, timely data describing IZ and the land use regulatory schemes in which IZ programs fit. In this paper, we use panel data on the adoption and characteristics of IZ in the San Francisco and Washington DC metropolitan areas and the Boston-area suburbs to analyze which jurisdictions adopt IZ, how much affordable housing the programs produce and the effects of IZ on the prices and production of market-rate housing. The IZ programs among our sample jurisdictions are complex policies and exhibit considerable variation in their design, particularly across the three regions. We find that larger, more highly educated jurisdictions and those surrounded by more neighbors with IZ are more likely to adopt IZ. Whether and how many affordable units are produced under IZ depends primarily on the length of time IZ has been in place. The results from Boston-area suburbs provide some evidence that IZ has contributed to increased housing prices and lower rates of housing production. There is no evidence that IZ has constrained supply or increased prices among Bay Area jurisdictions. Limitations on the availability and quality of our data suggest that our results should be interpreted cautiously, but also suggest that IZ programs should be designed cautiously to mitigate possible negative impacts on housing supply.
Jenny Schuetz, Rachel Meltzer, Vicki Been. November 2007.
affordable housing, housing prices, inclusionary zoning, land use
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Book
Reducing the Cost of New Housing Construction in New York City: 2005 Update
As was the case in 1999, the major housing problem facing residents of New York City in 2005 is the affordability of housing. More than one out of every five renters in the city pay over half their incomes in rent. It is especially problematic that the vast majority of households who experience these severe housing affordability problems earn low incomes. Nevertheless, high housing costs are a significant problem for households throughout the income spectrum. While limited data suggest that housing affordability problems may have moderated a tiny bit for renters from 1999 to 2004, they worsened for owners.
Salama, Jerry J., Michael H. Schill, and Jonathan Springer. April 2005.
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Article
Impact Fees and Housing Affordability
The increasing use of impact fees and the costs that they may add to the development process raises serious concerns about the effect using impact fees to fund infrastructure will have on the affordability of housing.
Been, Vicki. Cityscape: A Journal of Policy Development and Research, 8(1), pp. 139-185 . December 2004.
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Article
Has Falling Crime Driven New York City’s Real Estate Boom?
We investigate whether falling crime has driven New York City’s post-1994 real estate boom, as media reports suggest. We address this by decomposing trends in the city’s property value from 1988 to 1998 into components due to crime, the city’s investment in subsidized low-income housing, the quality of public schools, and other factors. We use rich data and employ both hedonic and repeat-sales house price models, which allow us to control for unobservable neighborhood and building-specific effects. We find that the popular story touting the overwhelming importance of crime rates has some truth to it. Falling crime rates are responsible for about a third of the post-1994 boom in property values. However, this story is incomplete because it ignores the revitalization of New York City’s poorer communities and the large role that housing subsidies played in mitigating the earlier bust.
Schwartz, Amy Ellen, Scott Susin and Ioan Voicu. Journal of Housing Research, 14(1), pp. 101-135 . December 2002.
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Chapter
Regulatory Barriers to Housing Development in the United States
Nothing provides as much material for comparative legal study as the great variety of rule-making that characterizes land law. Land law is perhaps the only legal area in which the leveling march of globalized uniformity has had to yield to the progressive development of local customary law.
Schill, Michael H., Ingrid Gould Ellen, Amy Ellen Schwartz, and Ioan Voicu. Land Law in Comparative Perspective (Aspen Publishers) . September 2002.
affordable housing, housing prices, land use, neighborhoods, subsidized housing
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Article
Revitalizing Inner City Neighborhoods: New York City’s Ten Year Plan For Housing
This article examines the impact of New York City’s Ten-Year-Plan on the sale prices of homes in surrounding neighborhoods. Beginning in the mid-1980s, New York City invested $5.1 billion in constructing or rehabilitating over 180,000 units of housing in many of the city’s most distressed neighborhoods. One of the main purposes was to spurn neighborhood revitalization.
Schill, Michael H., Ingrid Gould Ellen, Amy Ellen Schwartz, and Ioan Voicu. Housing Policy Debate, 13(3), pp. 529-566 . June 2002.
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