The regulatory tax and house price appreciation in Florida

Much attention was given to the soaring price of housing that took place in different parts of the country in the 1990s and the first half of the current decade. Traditional explanations for the increase include rising land values and costs of construction, but a strand of literature, popularized by Glaeser et al. [Glaeser, Edward L., Gyourko, Joseph, Saks, Raven, 2005a. Why have housing prices gone up? National Bureau of Economic Research Working Paper #11129; Glaeser, Edward L., Gyourko, Joseph, Saks, Raven, 2005b. Why is manhattan so expensive? Regulation and the rise in housing prices. The Journal of Law and Economics 48(2)], has looked at the role of land use regulations and posits that complying with them imposes a regulatory tax on housing consumers. In this paper, we apply and extend Glaeser and Gyourko's methodology in order to estimate the regulatory tax on an individual house level in a set of Florida metropolitan areas. Our novel data address some of the quality measurement concerns raised about the Glaeser and Gyourko methodology and allow us to look at the evolution of the regulatory tax over a 10-year period. We find that the tax is an important component of sales price and that as a percentage of sales price has increased in a majority of Florida's MSAs. In addition, we decompose the overall house price increase into land, materials and regulatory components and find that increasing stringency in the regulatory environment within Florida represents a substantial portion of the run-up in house prices in most metropolitan areas.Regulatory tax Cost of regulation House prices Land use regulation

Market value assessment and idiosyncratic tax-price risk: Understanding the consequences of alternative definitions of the property tax base

I develop a framework, based on tax price, that measures the distributional consequences of any alternative property tax base definition. Using administrative data, I show that defining tax base as market value produces large amounts of idiosyncratic tax-price risk. I show that an assessment limit can reduce the tax-price risk generated by the market value definition and that the benefits of the assessment limit vary over time and accrue to a majority of taxpayers. In addition, I argue that the tax-price framework is appropriate for estimating behavioral responses to alternative tax base definitions

Policy of Delay: Evidence from a Bayesian Analysis of Metropolitan Land-Use Choices

Do local policymakers strategically use delay in permitting development to forestall the growth machine? The mantras of smart growth and sustainable development assume local governments can balance the competing values of economic development, ecology, and equity interests in a community. We employ a political market framework to explain differences in local government land use decisions. This framework conceptualizes policy choices as resulting from the interplay between the aggregate policy demand by residents, developers, and environmental interests and the aggregate supply by government authorities. Delays can be imposed strategically through processes of development approval by city governments where industry strength and form of government vary within county-level service-delivery fragmentation. We utilize novel Bayesian multilevel modelling of data collected from 2007 and 2015 surveys of Florida city planners and find strong institutional effects and multilevel relationships.Portuguese Foundation for Science and Technology and the Portuguese Ministry of Education and Science through national funds (UID/CPO/00758/2013) and by the“Programa Operacional da Regiao Norte,”NORTE2020,in the context of project NORTE-01-0145-FEDER-000037(SmartEGOV)info:eu-repo/semantics/publishedVersio