It's hard to imagine a better example than this:A natural zoning experiment in Denver: These two homes straddle a 2010 zoning boundary change. The result: The house in duplex zoning converted into two homes, and the other converted into a McMansion that cost 80% more.Arthur Gailes, … [Read more...]
Dataviz links: Over time, across space
Great links for quick data dives:The Historical Housing Prices Project gives rents and home prices from 1890 - 2006 for US cities. It's based on newspaper listings and was led by Ronan C. Lyons, Allison Shertzer, and Rowena Gray. I've added Ronan's blog, Time & Space, to the links below.City … [Read more...]
Can YIMBY policies cause large price declines?
Kevin Erdmann offers a helpful corrective to the "YIMBY triumphalism" of claiming that large relative rent declines in Austin and Minneapolis are results of YIMBY policies. He's mostly correct, especially about the rhetoric: arguing about housing supply from short term fluctuations is like arguing … [Read more...]
The benefit-cost ratio of U.S. social housing
Via The Excellent Kevin Lewis, here's a paper that tries - at least - to estimate the benefit-cost ratio of the most common types of social housing in the U.S.Edgar Olsen and Dirk Early estimate that Housing Choice Vouchers - aka Section 8 - have a respectable benefit to taxpayer cost of 77%. … [Read more...]
“The traditional model”
On Marginal Revolution, Tyler Cowen linked to a new paper in Real Estate Economics by Anthony W. Orlando and Christian L. Redfearn. It's a simple, empirical paper using data from 8 metro areas in California and Texas. It finds that net new housing creating appears to become more expensive and more … [Read more...]
Interrogating the Strong Towns “Ponzi Scheme”
NYU professor Arpit Gupta has channeled the annoyance of economists into a blog post directly calling out the Strong Towns "growth Ponzi scheme" line of argument. Like Arpit, I've never found a clear accounting for the Strong Towns argument. The basic evidence, as Arpit shows, is in the opposite … [Read more...]
Mumbai upzoning
Geetika Nagpal's job market paper, written with Sahil Gandhi, shows that a 2017 increase in allowed floor area ratio in Mumbai had a tremendous impact on affordability by accidentally improving the economics of smaller apartments.(Note that the authors are updating the paper, so some of the … [Read more...]
Responsive Cities in the arena: Brazil floods
Update: Support the recovery work of Responsive Cities Institute by donating via PayPal.Last year, Alain Bertaud and I traveled to Porto Alegre and spent time learning from the excellent architects and urbanists at the Responsive Cities Institute - you can think of it as a practitioner-led, … [Read more...]