Impact fees and new housing cost: A comparative analysis of the empirical models
Bryant, Lyndall, Silvennoinen, Annastiina, & Eves, Chris (2012) Impact fees and new housing cost: A comparative analysis of the empirical models. In Procedings of 2012 International Conference on Construction & Real Estate Management, China Architecture & Building Press, Intercontinental Hotel, Kansas City, Missouri, United States, pp. 639-643.
Developers and policy makers are consistently at odds over the debate as to whether impact fees increase house prices. This debate continues despite the extensive body of theoretical and empirical international literature that discusses the passing on to home buyers of impact fees, and the corresponding increase to housing prices. In attempting to quantify this impact, over a dozen empirical studies have been carried out in the US and Canada since the 1980’s. However the methodologies used vary greatly, as do the results. Despite similar infrastructure funding policies in numerous developed countries, no such empirical works exist outside of the US/Canada.
The purpose of this research is to analyse the existing econometric models in order to identify, compare and contrast the theoretical bases, methodologies, key assumptions and findings of each. This research will assist in identifying if further model development is required and/or whether any of these models have external validity and are readily transferable outside of the US. The findings conclude that there is very little explicit rationale behind the various model selections and that significant model deficiencies appear still to exist.
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|Item Type:||Conference Paper|
|Keywords:||Impact fees, housing affordability, infrastructure charges, econometric models|
|Subjects:||Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > URBAN AND REGIONAL PLANNING (120500) > Housing Markets Development Management (120503)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Current > Schools > School of Economics & Finance
|Copyright Owner:||Copyright 2012 Please consult the authors|
|Deposited On:||20 Dec 2012 03:57|
|Last Modified:||25 Apr 2013 21:00|
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