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In this paper, we examine the effects of state land‐use controls on the aggregate demand and supply of residential land. Previous studies have examined the effect of land‐use regulation on housing prices using single‐equation estimation. We estimate a three‐equation intejurisdidional supply‐demand model of land‐use controls. Our results suggest that land‐use regulations have a significant impact on both the demand and supply of residentid land as expected.
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Shilling et al. (1991) studied this question.
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