FEEDBACK BETWEEN REAL ESTATE AND URBAN ECONOMICS
研究了美国土地供给约束增强对城市需求的影响，发现需求变化更多资本化为土地价格，导致部分都市区房价难以负担，并影响房主对社区规制的决策。
ABSTRACT This paper considers the implications of increasing land supply constraints in the United States on urban demand. First, because shifts in demand are now capitalized more into the price of land, house prices in some metropolitan areas have grown increasingly unaffordable to typical households. This might have an effect on the fundamental character of such cities. Second, the effect of home owners’ financial interests as landowners on their decisions about what regulations or investments in their communities to support may become stronger. Third, researchers may now be able to better use land prices to make inferences about urban demand. However, interpreting real estate prices still is tricky.