Swings in Commercial and Residential Land Prices in the United States

Nichols, Joseph; Oliner, Stephen D.; Mulhall, Michael R.

doi:10.2139/ssrn.2215021

Cited by 20 publications

(28 citation statements)

References 64 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In the short run, this lower volatility may be explained by the fact that the transaction-based index is based on a relatively small number of observations on land sales, whereas the DP index relies upon changes in capital costs, which move slowly over time, and changes in the house price index, which is fairly smooth (on a quarterly basis). In the longer run, the price swings are also substantially larger for land prices than for home prices, which is in line with recent findings of Nichols et al (2013). Home price indexes cover a bundle of land and structures, and our results confirm that residential land prices have been more variable than the prices of housing structures.…”

Section: Land Prices and Housing Prices Over Timesupporting

confidence: 91%

“…As Hamilton (1978) and Fischel (1980) posit in what came to be called the ''homevoter hypothesis,'' municipalities, responding to voter preferences, 3 Data from CoStar on the hedonic and financial characteristics of commercial office buildings have formed the basis for several recent microeconomic analyses of US property markets (e.g., Eichholtz et al, 2010, Fuerst andMcAllister, 2011). Nichols et al (2013) use these data to create land price indexes for 23 MSAs; a subset of the CoStar data was exploited by Haughwout et al (2008) in their analysis of land prices in New York. 4 The nine-county San Francisco Bay Area includes the MSAs of San FranciscoOakland-Fremont, San Jose-Sunnyvale-Santa Clara, Santa Rosa-Petaluma, VallejoFairfield, and Napa.…”

Section: Land Use Regulationmentioning

confidence: 99%

See 1 more Smart Citation

Land use regulations and the value of land and housing: An intra-metropolitan analysis

Kok

Monkkonen

Quigley

2014

Journal of Urban Economics

179

View full text Add to dashboard Cite

a b s t r a c tInferences about the determinants of land prices in urban areas are typically based on housing transactions, which combine payments for land and long-lived improvements. In contrast, we investigate directly the determinants of urban land prices within a metropolitan area -the San Francisco Bay Area. Our analysis focuses on the relationship between the regulation of urban development within different jurisdictions and land prices, while considering other factors that shape the value of land, such as topography and access to jobs. We find that cities that require a greater number of independent reviews to obtain a building permit or a zoning change have higher land prices, ceteris paribus. Finally, we relate the variation in land prices to the prices paid for housing in the region and show that local land use regulations are closely linked to the value of houses sold. This is in part because regulations are so pervasive, and also because land values represent such a large fraction of house values in the San Francisco Bay Area.

show abstract

Section: Land Prices and Housing Prices Over Timesupporting

confidence: 91%

Section: Land Use Regulationmentioning

confidence: 99%

Land use regulations and the value of land and housing: An intra-metropolitan analysis

Kok

Monkkonen

Quigley

2014

Journal of Urban Economics

179

View full text Add to dashboard Cite

show abstract

“…Land costs. We obtained the price of land (priceLand(d)) for locations in the US using the methodology presented in [28], which gets its data from a real-estate portal 3 and calculates an average price for each location. We use data about industrial land with more than 1K square-meters.…”

Section: A Instantiating the Framework Parametersmentioning

confidence: 99%

Building Green Cloud Services at Low Cost

Berral

Goiri

Nguyen

et al. 2014

2014 IEEE 34th International Conference on Distributed Computing Systems

View full text Add to dashboard Cite

Abstract-Interest in powering datacenters at least partially using on-site renewable sources, e.g. solar or wind, has been growing. In fact, researchers have studied distributed services comprising networks of such "green" datacenters, and load distribution approaches that "follow the renewables" to maximize their use. However, prior works have not considered where to site such a network for efficient production of renewable energy, while minimizing both datacenter and renewable plant building costs. Moreover, researchers have not built real load management systems for follow-the-renewables services. Thus, in this paper, we propose a framework, optimization problem, and solution approach for siting and provisioning green datacenters for a follow-the-renewables HPC cloud service. We illustrate the location selection tradeoffs by quantifying the minimum cost of achieving different amounts of renewable energy. Finally, we design and implement a system capable of migrating virtual machines across the green datacenters to follow the renewables. Among other interesting results, we demonstrate that one can build green HPC cloud services at a relatively low additional cost compared to existing services.

show abstract

“…7 Recently, some researchers have used data on land sales collected by the CoStar group. See, for example, Turner, Haughwout and van der Klaauw (2014) and Nichols, Oliner and Mulhall (2013). 8 The recent house price cycle provides a helpful illustration of how incorporating land prices matters for calculating the regulatory tax.…”

Section: Ii1 Indirect Measurementmentioning

confidence: 99%

Regulation and Housing Supply

Gyourko

Molloy

2014

View full text Add to dashboard Cite

A wide array of local government regulations influences the amount, location, and shape of residential development. In this chapter, we review the literature on the causes and effects of this type of regulation. We begin with a discussion of how researchers measure regulation empirically, which highlights the variety of methods that are used to constrain development. Many theories have been developed to explain why regulation arises, including the role of homeowners in the local political process, the influence of historical density, and the fiscal and exclusionary motives for zoning. As for the effects of regulation, most studies have found substantial effects on the housing market. In particular, regulation appears to raise house prices, reduce construction, reduce the elasticity of housing supply, and alter urban form. Other research has found that regulation influences local labor markets and household sorting across communities. Finally, we discuss the welfare implications of regulation. Although some specific rules clearly mitigate negative externalities, the benefits of more general forms of regulation are very difficult to quantify. On balance, a few recent studies suggest that the overall efficiency losses from binding constraints on residential development could be quite large.

show abstract

Swings in Commercial and Residential Land Prices in the United States

Cited by 20 publications

References 64 publications

Land use regulations and the value of land and housing: An intra-metropolitan analysis

Land use regulations and the value of land and housing: An intra-metropolitan analysis

Building Green Cloud Services at Low Cost

Regulation and Housing Supply

Contact Info

Product

Resources

About