Title

Housing Regulation, Externalities And Residential Property Prices

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. © 2013 American Real Estate and Urban Economics Association.

Publication Date

1-1-2014

Publication Title

Real Estate Economics

Volume

42

Issue

2

Number of Pages

422-456

Document Type

Article

Personal Identifier

scopus

DOI Link

https://doi.org/10.1111/1540-6229.12026

Socpus ID

84900832917 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/84900832917

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