Transcription of Housing Constraints and Spatial Misallocation
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Housing Constraints and Spatial Misallocation
Housing Constraints andSpatial MisallocationChang-Tai HsiehUniversity of Chicago and NBERE nrico Moretti University of California, Berkeley and NBERA pril 25, 2018 AbstractWe quantify the amount of Spatial Misallocation of labor across US citiesand its aggregate costs. Misallocation arises because high productivity citieslike New York and the San Francisco Bay Area have adopted stringent re-strictions to new Housing supply, effectively limiting the number of workerswho have access to such high productivity. Using a Spatial equilibriummodel and data from 220 metropolitan areas we find that these constraintslowered aggregate US growth by 36% from 1964 to 2009.
2 HSIEH AND MORETTI aggregate output and welfare growth are not simply the sum of local shocks in each city. If workers can move across cities, a …
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