Doesn't upzoning just raise the value of land? An excerpt from the draft of an upcoming piece... @kimmaicutler @hanlonbt @Richard_Floridapic.twitter.com/oUcsTH684s
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What is this home value to replacement ratio? Like it costs five times as much to replace a building there as what?
Details in upcoming study
Avg home value is __ times what it would cost to build anew, at today's construction costs and quality standards
Economists use the term "land-share". You may find higher/better estimates (accounting for depreciation) in literature by searching that.
home-value:replacement is a way to measure divergence b/t production cost & price, ie effect of land-use controls; as in eg Glaeser+Gyourko
G&G usually look at minimum profitable construction cost (MPCC) - not the same as replacement cost, but closely related.
Proxy for value above cost, or unearned surplus
Statements are true enough, but seem blind to fact housing-esp on coasts-is valuable speculative asset, which distorts/destroys the "market"
How so?
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