Title
Housing Regulation, Externalities and Residential Property Prices
Abbreviated Journal Title
Real Estate Econ.
Keywords
LAND-VALUE FUNCTIONS; RACIAL PREJUDICE; URBAN STRUCTURE; SEGREGATION; GRADIENTS; MODEL; DEMAND; VALUES; Business, Finance; Economics; Urban Studies
Abstract
This article examines the effects of quantity restrictions on residential property prices in the presence of neighborhood externalities. A Brigham Young University policy limiting students' location choices provides a natural experiment for studying the externality and quantity restriction effects on property values. A flexible hedonic model is used to control for nonstudent population spatial sorting by type. The estimates show significant positive quantity restriction and student agglomeration effects on student housing prices. There are also significant differences in the negative student externality across nonstudent neighborhoods, with the quantity restriction reinforcing (offsetting) the student price premium (discount) at the boundary.
Journal Title
Real Estate Economics
Volume
42
Issue/Number
2
Publication Date
1-1-2014
Document Type
Article
Language
English
First Page
422
Last Page
456
WOS Identifier
ISSN
1080-8620
Recommended Citation
"Housing Regulation, Externalities and Residential Property Prices" (2014). Faculty Bibliography 2010s. 5865.
https://stars.library.ucf.edu/facultybib2010/5865
Comments
Authors: contact us about adding a copy of your work at STARS@ucf.edu