construction, 70
property tax assessment of, 32
values for, 33
growth of, 148
ALTIKA database, 78
American Housing Survey (AHS), 102, 130
Asset investment, irreversible, 3
Association of Finnish Local and Regional Authorities, 78
Beachfront property values, 25
Beta coefficients, effectiveness of, 117
Bid Rent Curve, 33
Binomial trees, 7
Biodiversity, 34
Boom-and-bust cycles, 4
British Columbia Assessment Authority (BCAA), 10
Budgetary framework, Solomon’s, 40
Builders delay development, 6
Building
descriptions of, 14
tax rate, 78
Bureau of Economic Analysis (BEA), 133
Burge and Ihlanfeldt’s model of housing, 71
Business fixed investments (BFIs), 94
Capital asset pricing model (CAPM), 3–4
traditional, 4
Capital costs, 124
Capital investment, realms of, 3
CAPM mode, 7
Cash-flow growth, 116
City, creation of, 13
Coastal communities, 23
Coastal Construction Control Line (CCCL), 23–24
costs and benefits of, 26
implementing, 27
installment of, 27
on property values, 25
Coastline development, 23
Columbia Assessment Authority (BCAA), 4
Commercial redevelopment, 123
Community development, 42
Community health, 139
vs. hazard rate, 6
volatility vs., 6
Condo, volatility of, 5
Congressional Budget and Impoundment Act of 1974, 39
Congressional budgetary requirements, 40
Constraints, 57
Construction
categories of, 86
sectors, 94
value of, 86
and growth, 130
house prices and, 106
and prices, 110
types of, 112
comprehensive study of, 93
Construction planning, 56
Construction projects, 96, 105
failed, 71
Contamination cleanup, 125
Contamination probability, 123
of average parcel, 125
defined, 123
of property, 123
Cunningham, Christopher R., 13–14
Current-use value, 124
Damage reduction benefits, 24
Data, 14
Data-supported theories, 117
Demand volatility, 116
importance of, 116
Development
patterns, systems model of, 24
projects, urban and suburban, 69
restrictions, 35
rights acquisition, 34
traditional neighborhood, 61–64
urban-oriented, 15
Economic environment, 123
Economic growth, 13–17, 31, 77, 146, 148
population and, 145
Ecosystems, 34
Elastic housing supply, 132
Employment
level of, 57
of income, 139
Environmental protection, 35
Erber’s analysis, 52
Failed construction projects, 71
Fair Housing Act, 49
Federal Aviation Administration, 145
Federal government, 42
Federal Reserve, 93
Filtered units, 50
Financial crisis of 2008, 77
Finnish property tax system, 78
Finnish tax reform, 77
FIRE sector jobs, 147
First American Real Estate Solutions (FARES), 62
Fiscal Austerity and Urban Innovation project, 56
Fixed-effects Poisson (FEP) model, 79
Fixed effect (FE) variable models, 71
Flat tax, 85
Freddie Mac index, 111
GARCH models, 4
George, Henry, 77
Green, Richard K., 145
Gross national product (GNP) cycles, 93–94
macroeconomic variable of, 96
Growth boundary, 14
boundary and price uncertainty, 14
and real options, 14
urban planners, 13
Growth Management Acts (GMAs), 13–16
Habitats
subsequent destruction of, 31
Hazard rate, competition vs., 6
Hedonic analysis, 63
effectiveness in long run, 36
Hedonic price model, 62
Hedonic regression, 33
Heterogeneity of industry, 94
Homebuyers, 63
Homeless, 139
risk of, 140
without housing, 141
causes of, 137
determinants of, 137
NSHAPC gathered data on, 141
one-point prevalence of, 141
probability of, 138
samples of, 138
appreciation, 130
construction costs and growth in, 130
declining, 104
value of, 130
Homes
medium-sized, 72
price levels, 111
components of, 130
by geographic region, 130
land’s share of, 133
House. See Homes
Households, 139
characteristics of, 141
low-income, 138
markets, variables of, 138
observations of, 138
renovation expenditures, 102
sample of, 138
spending, 140
House of Debt (Mian and Sufi), 81, 96, 117, 140, 147
House prices
changes in, 111
and construction costs, 106
elasticity of, 55
function of changes in, 109
impact on, 129
House pricing, 55
House unit, structural characteristics of, 138
Housing
Burge and Ihlanfeldt’s model of, 71
census of, 145
consumption problems, 41
data, 102
demand of, 58
inadequacies, 43
investment, incremental returns of, 78–79
low-cost, 140
model for, 110
property tax incentives on, 77–78
renting, 138
slums or dilapidated, 43
Housing and Mortgage Credit Programs, 42
Housing Assistance Programs, 42
Housing development
budgetary framework for, 39–44
tool on, 56
Housing market, 101
scholarship, 62
Housing prices, 55
on labor migration, 55
rise in, 57
Housing programs, 141
Housing stock, 71
Idiosyncratic risk, 3
benefits of, 73
data types, 70
stipulation of, 69
study of, 73
view of, 72
Impact of New Housing Construction on Racial Patterns, 49
Incentives, tax, 78
Income eligibility, 140
Inequality, stage of, 77
Infrastructures, public, 145–149
Interest rate
changes in, 111
risk-free, 5
International City Managers Association, 56
behavior, 115
capital, 3
delays in, 4
vs. idiosyncratic risk, 4
real estate development and, 6–7
in volatile markets, 4
behavior, 115
effects on, 116
to invest in office-commercial space, 118
responsiveness, 117
Irreversible asset investment, 3
Irreversible investment, 3
Job training programs, 140
Labor demand, 57
causes, 57
Labor market, 96
Labor migration, 55
dynamics of, 55
housing prices on, 55
Lagged dependent (LD) variable models, 71
Land, 123
agricultural, 32
prices and uncertainty, 129–133
private, 32
residential, 129
restrictions on, 33
share of home value, 132
share of housing, 132
share of new homes, 130
use regulations, 23
value of, 129
extra charge on, 34
Landowner value, Turnbull’s definition of, 78
Land prices, 130
growth rate of, 133
Level of employment, 57
Low-cost housing, 140
Low-income consumers, 70
Low-income households, 138, 139
Mac, Freddie, 110
Macroeconomic analysis, real estate development in, 8
Market conditions, extensive analysis of, 7
Market contractions, 94
Markets, household, 138
Market volatility
across neighborhoods, 5
vs. irreversible investment, 3
Mayer, Christopher, 109
Medium-sized homes, 72
Metropolitan statistical areas (MSAs), 102, 133
Missouri Law Review, 34
Mortgage credit market, 42
National Committee Against Discrimination in Housing (NCDH), 51
National Flood Insurance Program, 24
National Register of Historic Places (NRHP), 56
National Survey of Homelessness Assistance Providers and Clients (NSHAPC), 138
Natural habitats, 31
Neighborhood price-level, 5
New Urbanist movement, 61, 63–64
Nonwater/sewer fees (NWSIF), 71
Office-commercial construction, 115–118
de-incentivized, 116
demand volatility on, 116
factors and triggers of, 117
Office-commercial market
change in, 117
Optimal redevelopment rule, 124
Pennsylvania
construction data from, 86
two-rate taxes in, 85
Policy instruments, 43
Policy makers, 16
Population
census of, 145
and economic growth, 145
Postdevelopment tax rates, 81
Potential contamination, 125
Predevelopment tax rates, 81
Prices to construction cost (P/CC), 103
Price uncertainty, 14
annual average of, 15
Primary economic model, 124
Private land
protect habitats on, 32
use of, 32
Private property, government/entities on, 32
Property
characteristics of, 125
contamination, 123
data, 123
overcrowded, 41
tax assessment, 36
tax assessment of, 32
Property taxes, 78
rates, 78
relationship of, 77
Property values
in area, 14
CCCL on, 25
impacts on, 25
Public housing, 94
Public infrastructures, 145–149
Public policy, 101
initiatives, 104
Quality-adjusted housing prices, 14–15
Racial discrimination, 49
Racial distribution, 52
impact on, 51
Racial segregation, 49
Random trend (RT) variable models, 71
Real estate development
in macroeconomic analysis, 8
market volatility and irreversible investment in, 3
Real estate industry, 115
“Real Estate Principles: A Value Approach,” 112
Real house prices, 131
components of, 4
description of, 7
flexibility and availability of, 7
irreversible investment, 6
longitudinal study using, 8
markets using, 8
Redeveloped property data, 124
Redevelopment
contamination risk and, 123
of industrial properties, 124
probability of, 125
value of, 124
Regional Council of Governments, 56
models of, 71
Reinvestment
expenditures, 104
Renovation
expenditures, 104
spending, 103
Rent units, vacancy rates for, 139
Residential construction, 109
Residential land
appreciation in, 131
price and value of, 129
real terms of, 131
value of, 130
Risk
contamination. See Contamination risk
idiosyncratic, 3
Risk-free interest rate, 5
Role policy, 137
RS Means Company, 102
Sacramento County Assessor’s Office, 32
Sales index, 4
Single-family developments, 4
Single-family homebuyers, 61–62
Single-family homes, 80
nonurbanist, 62
prices of, 63
value, 129
Somerville, Tsuriel, 109
Standard Metropolitan Statistical Areas (SMSAs), 50
Standard regression techniques, 87
State’s Beach and Shore Preservation Act, 23
Strata development in Vancouver, 4, 7, 9–10
Structural contamination, 123
Suburban development projects, 69
Survey compliance tests, Erber’s review of, 52
Sustainable neighborhoods
Tax
expenditure, 42
incentives, 78
Taxation
power of, 77
reform, 81
Taxpayers, extra charge on, 34
Theoretical mathematical model, 78
Three-rate tax system, 79
implementation of, 78
for single-family homes, 80
Tobit model, 102
Traditional neighborhood development (TNDs), 61–64
attributes and benefits of, 64
prices for homes in, 63
value of homes in, 64
Transit-oriented neighborhood design principles, 61
Transportation Security Administration (TSA) regulations, 149
Two-rate property taxes on construction, 85–88
used standard regression techniques, 87
Two-rate property tax system, 79
United States
budget, 39
economy, 39
GDP for, 39
Urban Consumer Price Index (CPI-U), 102
Urban development, 123
projects, 69
Urban growth boundaries (UGBs), 13–17
defined, 14
description of, 13
Seattle area’s enactment of, 16
timing inside and outside of, 15
Urban housing markets, 101, 102
deterioration of, 104
Urbanism, 63
planning, 63
Urbanist community, 63
price premium, 63
Urbanist developments, 62
Urbanist home prices, 64
Urbanization process, 13, 31, 51
Urban land, 33
Urban market, construction cost for, 105
Urban-oriented development, 15
Urban planners, 16
Urban rent prices, 78
U.S. Department of Housing and Urban Development, 137
U.S. Geological survey (USGS) topography maps, 32
Vital protection dune systems, 23
vs. competition, 6
of condo, 5
demand, 116
hazard rate of construction, 6
market, 3
source of, 95
Wages, 57
Water/sewer impact fees (WSIF), 71
Wharton Urban Decentralization Project, 56
Williamson Act, 34