THE IMPACT OF ZONING CHANGES ON HOUSING PRICES: A THEORETICAL AND EMPIRICAL ANALYSIS
Abstract
The objectives of this investigation were to: (1) test the significance of zoning changes on housing prices using a time-series analysis framework, and (2) determine the direction of impacts of these zoning changes on housing prices. This work attempts to clarify the issue by reviewing and critically evaluating previous work in the field. Incorporated in this work are five fundamental areas of contribution to existing literature: (1) theoretical development of economic relationships, (2) comprehensive analysis focusing on interrelationships of key variables, (3) methodological consistency between theoretical analysis and empirical tests, (4) econometric analysis consistent with relationships being investigated, and (5) an accounting for socio-economic variables which place the impact of zoning changes in proper perspective. This study proceeds by way of a time-series approach by comparing pre- and post-event housing prices after a zoning change. It finds that major zoning changes do impact significantly on housing prices. Econometric findings confirm there exists a positive relationship between zoning changes and housing prices.
Degree
Ph.D.
Subject Area
Business community
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