Housing Constraints and Spatial Misallocation
Ограничения жилищного строительства и пространственное нерациональное распределение ресурсов
2019-04-01
SCID: 54.1/set3qeq5
Discuss with AI
US metropolitan areasaggregate economic growthhousing supply restrictionsspatial equilibrium modelspatial misallocation
Figures from the paper
Abstract (AI)
We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs. Misallocation arises because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial equilibrium model and data from 220 metropolitan areas we find that these constraints lowered aggregate US growth by 36 percent from 1964 to 2009. (JEL E23, J24, J31, R23, R31)
Key Findings
1
Housing constraints in cities such as New York and the San Francisco Bay Area substantially contribute to spatial labor misallocation.
2
Stringent restrictions on new housing supply in highly productive cities limit workers’ access to those locations.
3
The paper quantifies spatial misallocation of labor across 220 U.S. metropolitan areas using a spatial equilibrium model.
4
These constraints lowered aggregate U.S. economic growth by 36 percent between 1964 and 2009.
Research Object
Labor allocation across 220 US metropolitan areas under housing-supply constraints
Research Subject
The extent and aggregate growth costs of spatial labor misallocation caused by restrictive housing-supply policies in high-productivity cities
Publication Details
Publication Date
2019-04-01
Journal
Publisher
ISSN
Open access PDF
Access Type
Author Information
Download PDF
Subscribe to digest