TY - CONF T1 - OWNERS OF DEVELOPED LAND VERSUS OWNERS OF UNDEVELOPED LAND: WHY LAND USE IS MORE CONSTRAINED IN THE BAY AREA T2 - 15th Annual European Real Estate Society Conference Y1 - 2008 A1 - Hilber, Christian A. L. A1 - Frederic Robert-Nicoud AB - We model residential land use constraints as the outcome of a political economy game between owners of developed and owners of undeveloped land. Land use constraints are interpreted as shadow taxes that increase the land rent of already developed plots and reduce the amount of new housing developments. In general equilibrium, locations with nicer amenities are more developed and, as a consequence, more regulated. We test our model predictions by geographically matching amenity, land use, and historical Census data to metropolitan area level survey data on regulatory restrictiveness. Following the predictions of the model, we use amenities as instrumental variables and demonstrate that metropolitan areas with better amenities are more developed and more tightly regulated than other areas. Consistent with theory, metropolitan areas that are more regulated also grow more slowly. JA - 15th Annual European Real Estate Society Conference T3 - ERES: Conference CY - Krakow, Poland U3 - RePEc:arz:wpaper:eres2008_160 J1 - Conference 2008 ID - oai:eres.id:eres2008_160 M3 - 10.15396/eres2008_160 ER -