Housing supply and affordability: Evidence from rents, housing consumption and household location
نویسندگان
چکیده
We examine the effects of housing supply constraints on affordability, which we measure directly using quality-adjusted rent as well indirectly structure sizes, lot sizes and household location choices. Empirically, find that have only modest rents consumption despite their larger city growth price to purchase homes. Calibration a dynamic, spatial equilibrium model shows increase price-rent ratios because investors expect future more with expected demand growth. Because is what matters for reduced affordability less than commonly understood sizable prices
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ژورنال
عنوان ژورنال: Journal of Urban Economics
سال: 2022
ISSN: ['0094-1190', '1095-9068']
DOI: https://doi.org/10.1016/j.jue.2022.103427