Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2022 erstellt
Description:
This study provides a method to measure the stringency of land use regulations with a focus on the divergence between building stories with and without height regulation. To identify this divergence, this study first provides a dynamic discrete choice model of housing floor space supply and estimates the parameter estimates on parcel owners’ profit function with land use regulation in the central region of the Tokyo metropolitan area. Next, this study examines a counterfactual experiment for relaxing the land use regulation. The results of the counterfactual experiment provide three noteworthy results. First, the supply of building stories increased by 11.7\%. Second, the stringency of land use restrictions tends to be the strongest closest to the city center. Third, the difference between static and dynamic models is about 5\%