Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources

摘要

Many reviews of housing economics (and most of the papers on the subject) have noted that, relative to many other aspects of market behavior, housing supply is understudied. Surveys by John M. Quigley (1979), Edgar O. Olsen (1987) and Lawrence B. Smith (1988), to give but three examples, make this point. The market for research is in turn responding; for example, see the recent special issue of the Journal of Real Estate Finance and Economics devoted to housing supply (Stuart S. Rosenthal, 1999), and especially the review by Denise DiPasquale (1999). Despite these advances, the literature is best described as thin, especially relative to the acknowledged importance of the topic, and there is no firm consensus on the nature of housing supply.