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Housing Supply and Suppliers: Are the Microeconomics of Housing Developers Important?

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  • Chris Leishman

Abstract

In this paper, I review the US, UK and international literature on the responsiveness of housing supply to demand. This is a well-developed area of the literature, but I put forward two new arguments: that developers face downward sloping demand curves in the housing market, and that housing developers as firms are sufficiently heterogenous that their output decisions cannot be generalised. I draw on the international literature but use the recent UK experience as a lens, arguing that the post Barker review planning policy and housing supply reforms did not yield as much additional housing supply as had been hoped and expected by policy markets and the housing development industry itself. After introducing two specific propositions, I present new statistical estimates that are at least highly suggestive that firm-specific factors are of importance in understanding supply responsiveness.

Suggested Citation

  • Chris Leishman, 2015. "Housing Supply and Suppliers: Are the Microeconomics of Housing Developers Important?," Housing Studies, Taylor & Francis Journals, vol. 30(4), pages 580-600, July.
    • Handle: RePEc:taf:chosxx:v:30:y:2015:i:4:p:580-600
    DOI: 10.1080/02673037.2015.1021767
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    Cited by:

    1. Rowley, Steven & Leishman, Chris & Olatunji, Oluwole & Zuo, Jian & Crowe, Adam, 2022. "Understanding how policy settings affect developer decisions," SocArXiv 8e659, Center for Open Science.
    2. Gilbert, Catherine & Gurran, Nicole, 2021. "Can ceding planning controls for major projects support metropolitan housing supply and diversity? The case of Sydney, Australia," Land Use Policy, Elsevier, vol. 102(C).
    3. Stephen Malpezzi, 2023. "Housing affordability and responses during times of stress: A preliminary look during the COVID‐19 pandemic," Contemporary Economic Policy, Western Economic Association International, vol. 41(1), pages 9-40, January.

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