An interesting study released by a University of Washington professor.
From the Globe’s real estate blog:
Government regulations that limit or delay development — the so-called Zoning Tax — accounted for 99 percent of the increase in Boston housing prices between 1989 and 2006, according to a new study by a University of Washington professor …
… The paper by Professor Theo Eicher, “Municipal and Statewide Land Use Regulations and Housing Prices Across 250 Major US Cities,” found regulation in Boston is more onerous than in all but a few other American cities …
… Eicher calculated that regulation (or limitations on supply) raised housing prices in Boston by $162,694 between 1989 and 2006. By contrast, increased demand raised prices by only $1,942 …
I think the professor’s conclusions could raise a lot of objections, but certainly, it should surprise no one who has followed real estate over the past couple years that zoning is one of the main reasons prices have increased.
It’s simple supply & demand.
Source: Regulating home prices – By Binyamin Appelbaum, The Boston Globe
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