Why Zoning Increases House Prices

With just six percent of US land developed, zoning laws should reflect community needs, writes Samuel R. Staley.

When we talk about the sky-rocketing housing prices of the last few years, we usually focus on mortgage rates, investor speculation, and high demand driven by local economic growth. But we often overlook a primary culprit behind rising prices â€" zoning laws.

...Restrictive zoning hits the housing market it two ways: It increases costs by adding to delays in approvals, and it reduces the number of homes built to satisfy demand. Economists Christopher Mayer and Tsueriel Somerville found that adding just three months of delay to the approval process could reduce new housing construction by 45 percent. But zoning and conventional land-use planning has an even more destructive impact. The prevent communities from changing to naturally meet new needs and community concerns."

Full Story: Zoning Laws Drive Housing Prices Higher




...I guess anyone can get a PhD these days. Old argument--no explanation for the sudden rise of the past 5 years--and a totally uninteresting take on zoning reform. Reason must have some article quota for their staff.

Knee-jerk Macros

This guy hasn't written a new article on this subject in years. I'm sure he has a macro to churn out this stuff.



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