TY  - SER
AU  - Freemark , Yonah
TI  - Upzoning Chicago: Impacts of a Zoning Reform on Property Values and Housing Construction
PY  - 2020///
PB  - Sage
N2  - What are the local-level impacts of zoning change? I study recent Chicago upzonings that increased allowed densities and reduced parking requirements in a manner exogenous of development plans and neighborhood characteristics. To evaluate outcomes, I use difference-in-differences tests on property transaction prices and housing-unit construction permits. I detect significant, robust increases in values for transactions on parcels that received a boost in allowed building size. I also identify value increases for residential condominiums, indicating that upzoning increased prices of existing housing units. I find no impacts of the reforms, however, on the number of newly permitted dwellings over five years. As such, I demonstrate that the short-term, local-level impacts of upzoning are higher property prices but no additional new housing construction
UR  - https://doi.org/10.1177/1078087418824672
ER  -