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Working Paper
The effect of local housing ordinances
The housing and economic crises have exerted a strong and lingering impact on housing markets across the nation. In this paper, we assess the degree to which local anti-blight policies have infl uenced housing market outcomes following the crises. The analysis is performed for cities in Cuyahoga County, Ohio. We measure outcomes that characterize market distress and that may be influenced by local housing ordinances including foreclosure, bulk sales, flipping, vacancy, and tax delinquency. Using matching procedures on linked data containing property, loan, and transaction characteristics, we ...
Working Paper
Productivity, congested commuting, and metro size
The monocentric city model is generalized to a fully structural form with leisure in utility, congested commuting, and the equalizing of utility and perimeter land price across metros. Exogenous and agglomerative differences in total factor productivity (TFP) drive differences in metro population, radius, land use, commute time, and home prices. Quantitative results approximate observed correspondences among these outcomes across U.S. metros. Traffic congestion proves the critical force constraining population. Self-driving cars significantly increase the sensitivity of metro population to ...
Journal Article
Policy update : Tribes seek Uncle Sam's seal of approval
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q4/policy_update_weblinks.cfm
Working Paper
Do supply restrictions raise the value of urban land? The (neglected) role of production externalities
Restriction on the supply of new urban land is commonly thought to raise the value of existing urban land. Our paper questions this view. We develop a tractable production-externality-based circular city model in which firms and workers choose locations and intensity of land use. Consistent with evidence, the model implies exponentially decaying density and price gradients. For plausible parameter values, an increase in the demand for urban land can lead to a smaller increase in urban rents in cities that cannot expand physically because they are less able to exploit the positive external ...
Journal Article
Recycling urban vacant land inch by inch, row by row: neighbors reclaim neighborhoods
Vacant, abandoned, and contaminated properties in urban areas can provide opportunities for neighborhood transformation- even new jobs. Examples in the Northeast show that sometimes all it takes to get the ball rolling is a group of visionary gardeners.
Journal Article
Recyclical demand
Prices have fallen sharply for recyclables, but there's still a viable scrap market in the district.
Journal Article
Perspective: a New England approach to preserving open space
New England is known for the beauty of its natural landscape and the political independence of its cities and towns. Can we devise policies to preserve both?
Journal Article
The impact of building restrictions on housing affordability
This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 2: Affordable Housing and the Housing Market.
Journal Article
Economic history : The lessons of Jamestown
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q1/economic_history_weblinks.cfm