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The Effects of Residential Zoning in U.S. Housing Markets

Date: Thursday, Jun 23, 2022, 12:00 ~ 13:15
Speaker: Jaehee Song(Colorado Boulder)
Location: 우석경제관(223동) 307호
송재희 교수님(University of Colorado at Boulder)의 세미나가 있을 예정입니다. 송재희 교수님은 urban economics, IO 전공이시고, 이번에 발표하실 논문은 주택 공급과 저소득 가계의 후생에 대한 연구로 송 교수님의 Yale 대학 job market paper입니다. 가장 최근의 잡마켓 흐름을 잘 볼 수 있는 기회이니 많은 분들이 참여하시기 바랍니다. 
1시간 세미나 후 간단한 점심이 제공되고 발표자와 참여자가 모두 함께 식사를 할 예정이오니 많은 참여 부탁드립니다. 
(이전에 신청하지 않았어도 참석 가능합니다.)

* 주관: 서울대학교 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21

* 본 세미나는 졸업요건(2022-2학기) 및 BK21+(2022-1학기) 세미나 참석으로 인정됩니다.

세미나 참석인정을 원하는 학생은 세미나 종료 후 참석자 명단을 작성해주시기 바랍니다.


The Effects of Residential Zoning in U.S. Housing Markets  
This paper examines the effects of minimum lot area restrictions on housing prices, construction, and residential sorting in the United States. First, I develop a structural break detection algorithm to estimate neighborhood-level minimum lot areas nationwide and provide new evidence on the prevalence and restrictiveness of residential zoning. Second, I use a spatial discontinuity design to evaluate the impact of minimum lot area restrictions. I find that doubling the minimum lot area increases sales prices by 14 percent and rents by 6 percent and intensifies residential segregation. Third, I develop a model of housing demand and supply to estimate households’ preferences for neighborhood zoning stringency and regulatory costs in housing construction. I find that white households have strong preferences for strict zoning in their neighborhoods. I use the estimated model to evaluate a counterfactual zoning reform that halves minimum lot areas in Connecticut. The reform would substantially increase the supply of small and cheap homes and benefit racial minorities, while minimally affecting existing home values. 


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