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Over the last few decades, Manhattan has been a highly desirable place to live. It offers residents higher wages, unparalleled amenities, and the benefits of agglomeration. However, throughout the 1990s, housing prices in Manhattan soared to the point where prices were more than twice their supply costs. Historically, growth in the housing supply used to keep prices down, but this has not been the case in recent decades. For example, in 1960 alone, 21,000 new units were permitted in Manhattan whereas only 21,000 new units were permitted throughout the entire 1990s. Furthermore, since 1980, the housing stock in Manhattan has grown by less than 10 %. In this paper, Glaeser et al. (2005) argue that the limited supply of housing in Manhattan is the consequence of an increasingly restrictive regulatory environment and strict land-use restrictions.
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Glaeser, E.L., Gyourko, J., and Saks, R. (2005), “Why is Manhattan So Expensive? Regulation and the Rise in House Prices”, Journal of Law and Economics 48, 331-369.
O’Sullivan A. (2012), Urban Economics, Boston: Irwin/McGraw-Hill, 8 th edition.
- Regulation and Housing Prices in Manhattan