Understanding the effects of inclusionary zoning on housing markets using a stock-flow model
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1003292373-MIT.pdf
Description
Full printable version
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10.6 MB
Format
Adobe PDF
Checksum (MD5)
ea46a63e0db49561a3333501b752a04d
Author(s)
Mukherjee, Devaditya
Advisor(s)
William Wheaton.
Date Issued
2017
Publisher
Massachusetts Institute of Technology
Abstract
In this thesis I demonstrate how different housing markets would react to an exogenous shock of inclusionary zoning. I develop a stock-flow model of housing based on the model presented in Wheaton (1999). In this model, the degree of durability, elasticity of supply of new construction, and rental elasticity of demand of housing can vary. Various experiments were conducted to understand the dynamic behavior of different (hypothetical) housing markets after the introduction of an inclusionary zoning shock. The above mentioned study is supplemented with an analysis of Boston's inclusionary development program, and its impact on the residual land values. Detailed financial analysis was undertaken for three prototypical projects, to study how residual land values would change for varying levels of inclusionary zoning requirements. The overarching goal of the thesis is to add to the existing literature on the economics of inclusionary zoning, and to produce material of pedagogical value for students of urban planning and real estate, and also relevant policy makers.
Description
Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2017.
Cataloged from PDF version of thesis.
Includes bibliographical references (page 58).
Subjects
Urban Studies and Planning.
MIT Department
Massachusetts Institute of Technology. Department of Urban Studies and Planning
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