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首页> 外文期刊>Journal of Urban Economics >Land-use regulations, property values, and rents: Decomposing the effects of the California Coastal Act
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Land-use regulations, property values, and rents: Decomposing the effects of the California Coastal Act

机译：土地使用法规，财产价值和租金：分解《加利福尼亚沿海法》的影响

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摘要

Land-use regulations can lower real estate prices by imposing costs on property owners, but may raise prices by restricting supply and generating amenities. We study the effects of the California Coastal Act, one of the nation's most stringent land-use regulations, on the price and rental income of multifamily housing. The Coastal Act applies to a narrow section of the California coast, allowing us to compare properties just on either side of the jurisdictional boundary. The setting is advantageous for the study of land-use regulation: boundary location is plausibly exogenous, which we confirm with historical data on boundary placement, and orthogonal to other jurisdictional divisions. We decompose the effects of the regulation into (i) a neighbor effect, the value of restrictions on adjacent properties, (ii) a local effect, which reflects the net effect of own-lot restrictions and the neighbor effect, and (iii) an external effect, the value of amenities generated by restrictions on all properties within the regulated area. Our analysis of multifamily housing prices reveals local and external effects of approximately + 6% and + 13%, respectively. We use data on rental income to estimate a zero neighbor effect. Together with evidence on building ages and assessed building and land values, this suggests that property owners anticipate that the Coastal Act will provide protection from undesirable development on adjacent properties, even though material differences have not yet appeared.
机译：土地使用法规可以通过向业主施加成本来降低房地产价格，但可以通过限制供应和提供便利来提高价格。我们研究了美国最严格的土地使用法规之一《加利福尼亚沿海法》对多户住房价格和租金收入的影响。 《沿海法》适用于加利福尼亚海岸的一小部分，使我们能够比较管辖范围内任一侧的财产。该设置有利于研究土地利用法规：边界位置似乎是外生的，我们可以通过边界位置的历史数据来证实这一点，并且该边界与其他辖区正交。我们将管制的影响分解为（i）邻居效应，对相邻物业的限制价值；（ii）局部效应，反映了自有地块限制和邻居效应的净效应；以及（iii）外部影响，即受限制区域内所有物业的限制所产生的便利设施的价值。我们对多户住房价格的分析显示，本地和外部影响分别约为+ 6％和+ 13％。我们使用租金收入数据来估计零邻居效应。连同有关建筑年龄以及评估的建筑物和土地价值的证据一起，这表明财产所有人预计，即使尚未出现实质性差异，《沿海法》也将提供保护，以防止相邻财产遭受不良发展。

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