| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w23833
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| 来源ID | Working Paper 23833
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| The Economic Implications of Housing Supply |
| Edward Glaeser; Joseph Gyourko
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| 发表日期 | 2017-09-18
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | In this essay, we review the basic economics of housing supply and the functioning of US housing markets to better understand the distribution of home prices, household wealth and the spatial distribution of people across markets. We employ a cost-based approach to gauge whether a housing market is delivering appropriately priced units. Specifically, we investigate whether market prices (roughly) equal the costs of producing the housing unit. If so, the market is well-functioning in the sense that it efficiently delivers housing units at their production cost. Of course, poorer households still may have very high housing cost burdens that society may wish to address via transfers. But if housing prices are above this cost in a given area, then the housing market is not functioning well— and housing is too expensive for all households in the market, not just for poorer ones. The gap between price and production cost can be understood as a regulatory tax, which might be efficiently incorporating the negative externalities of new production, but typical estimates find that the implicit tax is far higher than most reasonable estimates of those externalities. |
| 主题 | Microeconomics
; Market Structure and Distribution
; Regional and Urban Economics
; Regional Economics
; Real Estate
|
| URL | https://www.nber.org/papers/w23833
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581506
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推荐引用方式
GB/T 7714 |
Edward Glaeser,Joseph Gyourko. The Economic Implications of Housing Supply. 2017.
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文件名：
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w23833.pdf
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格式：
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Adobe PDF
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