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Working Paper
Housing externalities : evidence from spatially concentrated urban revitalization programs
Using data compiled from concentrated residential urban revitalization programs implemented in Richmond, VA, between 1999 and 2004, we study residential externalities. Specifically, we provide evidence that in neighborhoods targeted by the programs, sites that did not directly benefit from capital improvements nevertheless experienced considerable increases in land value relative to similar sites in a control neighborhood. Within the targeted neighborhoods, increases in land value are consistent with externalities that fall exponentially with distance. In particular, we estimate that housing ...
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.
Working Paper
A tractable circular city model with an application to the effects of development constraints on land rents
Superseded by working paper 13-37.> A tractable production-externality-based circular city model in which both firms and workers choose location as well as intensity of land use is presented. The equilibrium structure of the city has either (i) no commuting ("mixed-use" form) or (ii) a central business district (CBD) of positive radius and a surrounding residential ring. Regardless of which form prevails, the intra-city variation in all endogenous variables displays the negative exponential form: x(r) = x(0)exr (where r is the distance from the city center and x depends only on preference ...
Journal Article
Housing reform in New Jersey: the Mount Laurel decision
Journal Article
Recyclical demand
Prices have fallen sharply for recyclables, but there's still a viable scrap market in the district.
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
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.
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 ...