Zoning and Industrial Land Values: The Case of Philadelphia
利用特征价格模型，研究发现费城工业用地因分区政策滞后导致价格折价58%，揭示了静态分区在动态市场中的负面影响。
This paper examines the market effects of zoning. Using the hedonic framework, we perform an empirical analysis that shows that lots zoned for industrial use in our study area are associated with a 58% price discount. The paper highlights the outcome of static zoning policies in a dynamic world. As the demand for industrial land in Philadelphia declined (resulting in vacancies), prices fell, but zoning was slow to adjust, therefore land conversion did not occur to re‐equilibrate.