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Housing Supply and Housing Affordability

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Listed:
  • Nathaniel Baum-Snow
  • Gilles Duranton

Abstract

The decline in housing affordability over recent decades has promoted an enhanced interest in housing supply. This chapter presents descriptive evidence about the evolution of us housing prices, quantities, and regulations since 1980, indicating that supply constraints appear to be increasingly binding. We then provide an overview of the various approaches used to model construction and land development for homogeneous and heterogeneous housing in static and dynamic contexts to understand housing supply. Our treatment incorporates empirical implementation and policy implications throughout. Finally, we provide an overview of quantitative evidence on the consequences of relaxing various types of supply constraints.

Suggested Citation

  • Nathaniel Baum-Snow & Gilles Duranton, 2025. "Housing Supply and Housing Affordability," NBER Working Papers 33694, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33694
    Note: PE
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    More about this item

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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