Portland, Oregon, is well known for its relatively unique urban growth boundary (UGB), a very tight form of zoning designed to control sprawl. The UGB has recently been criticized for raising housing prices. From a theoretical perspective, the UGB will put upward pressure on land and thus housing prices, but the magnitude of this effect is uncertain. Increasing density should substitute for higher land prices, partially offsetting any reduction in the supply of housing. In addition, at any given moment, speculative factors influence housing price levels in bull markets such as the one Portland has been experiencing. This article presents an econometric analysis assessing these conflicting effects. We find the UGB has created upward pressure on housing prices, but the effect is relatively small in magnitude. (JEL R21, R52)
Portland, Oregon, is well known for its relatively unique urban growth boundary (UGB), a very tight form of zoning designed to control sprawl. The UGB has recently been criticized for raising housing prices. From a theoretical perspective, the UGB will put upward pressure on land and thus housing prices, but the magnitude of this effect is uncertain. Increasing density should substitute for higher land prices, partially offsetting any reduction in the supply of housing. In addition, at any given moment, speculative factors influence housing price levels in bull markets such as the one Portland has been experiencing. This article presents an econometric analysis assessing these conflicting effects. We find the UGB has created upward pressure on housing prices, but the effect is relatively small in magnitude. Copyright 2000 Western Economic Association International.
This paper provides an overview of economic research on the relationship between environmental protection and employment. The paper addresses, first, the impact of existing regulation on overall employment rates, shutdowns and layoffs, and regulation-induced capital flight from developed countries. Second, the paper provides a framework for evaluating claims that, over the longer run, environmental protection measures will boost overall employment and provide the foundation for a robust, sustainable economy.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.