Central cities and housing supply: Growth and decline in US cities

The Other Side of Eight Mile: Suburban Population and Housing Supply

“…Glaeser and Gyourko (2005) do not estimate supply elasticities, but their model suggests asymmetric elasticities close to 0 in the negative direction but larger in the positive direction. Goodman (2004) provides separate analyses for contracting and expanding central cities, and validates the hypothesis that supply is much less elastic in the negative than in the positive direction. As suburbs are generally expanding, suburban price elasticities would presumably exceed central city elasticities, as the suburbs have access to large tracts of previously undeveloped land that are most often unavailable in central cities.…”

Government intervention in land market and its impacts on land supply and new housing supply: Evidence from major Chinese markets

“…Land supply is an important determinant of housing supply elasticity (Goodman, 2005a(Goodman, , 2005bSaiz, 2010). When there is an adequate supply of land, developers are able to respond quickly to an increase in housing price by building more housing units.…”

Where are the speculative bubbles in US housing markets?

“…Of these, 3,477,000 were used for vacation purposes. shott, 1993Capozza et al, 2004;Case and Shiller, 1987, 2003Krainer and Wei, 2004;Malpezzi and Wachter, 2005); and (3) estimates of housing supply elasticities (Muth, 1960;Follain, 1979;Poterba, 1984;DiPasquale and Wheaton, 1994;Malpezzi and Maclennan, 2001;Green et al, 2005;Goodman, 2005aGoodman, ,b, 2006. Ozanne and Thibodeau (OT, 1983) model spatial variation in house prices using data from the first three waves of the metropolitan American Housing Survey (AHS).…”

“…The longevity of housing capital suggests a kinked supply curve in which price decreases will decrease the housing stock much more slowly than price increases will increase it. Goodman (2005a), for example, looking across central cities finds supply elasticities in those central cities with decreasing stocks of between +0.03 and +0.13, with supply elasticities in growing central cities between +1.05 and +1.08. Since we are concentrating on positive bubbles, with growing housing stocks, we limit our empirical analyses to those places with positive growth in number of units.…”