Abstract
Using data from a survey of top local land-use officials in California, this paper provides a measure of both local regulatory stringency and the degree to which geographic constraints inhibit local development. After exploring differences in regulatory patterns across the state, the index is applied to a model of housing prices. While regulation did not play a meaningful role in the recent housing market boom and bust in California, this paper finds that where housing demand increased through the expansion of subprime lending, geographic constraints exacerbated the run-up and subsequent crash of local housing prices.
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