Congestion Effects of Spatial Growth Restrictions: A Model and Empirical Analysis

摘要: The present study characterizes the congestion effect of spatially designated growth controls, such as greenbelt or urban boundaries. developed model demonstrates that externality caused by a binding restriction can understate total welfare costs regulation but overstate amount transfer from renters land to landowners. This article also examines and benefits different development options given restriction, shows non-consideration is likely skew choice toward high-density development. To test hypothesized regulatory effect, pooled time-series cross-sectional analysis performed with price data Seoul, Korea. results offer evidence gradient-flattening in area.