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A recent study of house price behavior in U.S. cities by Gyourko, Mayer, and Sinai (2006) raises questions about so-called superstar cities in which housing is so inelastically supplied that it becomes unaffordable, as higher-income families outbid residents. We consider the case of Accra, Ghana, in this light, estimating the elasticity of housing supply and discussing the implications for growth and income distribution. There is not a great deal of data available to examine trends in Accra, so our method is indirect. First, we use a variant of the traditional monocentric city model to calculate the elasticity of Accra's housing supply relative to those of other similarly-sized African cities. This suggests that housing supply responsiveness is much higher elsewhere. This muted supply responsiveness is consistent with the observed higher housing prices. Second, we estimate a number of traditional housing demand equations and reduced form equations. Placing a number of restrictions on the equations allows us to infer Accra's housing supply elasticity. Taken together, our approaches suggest that lower-income families in Accra have such poor housing conditions because the market is extremely unresponsive to demand. Although the outcomes we have traced-high housing prices and low quality-are not unusual relative to the other developed country superstar cities, they are extreme. The welfare costs are considerable, so much so that in addition to direct housing market effects, these policies also appear to have potentially significant implications for the achievement of more equitable growth.
Adverse Effects --- Banks and Banking Reform --- Communities & Human Settlements --- Development Economics --- Economic Theory and Research --- Economics --- Elasticity --- Equations --- Gross Domestic Product --- Housing and Human Habitats --- Income --- Income Groups --- Inflation Rate --- Macroeconomics and Economic Growth --- Markets and Market Access --- Public Sector Management and Reform --- Underestimates
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Why is productivity higher in cities? Does urbanization cause growth or does growth cause urbanization? Do countries achieve rapid growth or high incomes without urbanization? How can policy makers reap the benefits of urbanization without paying too high a cost? Does supporting urbanization imply neglecting rural areas? Why do so few governments welcome urbanization? What should governments do to improve housing conditions in cities as they urbanize? Are innovations in housing finance a blessing or a curse for developing countries? How will governments finance the trillions
Urban economics. --- Urbanization --- Cities and towns --- Economic aspects. --- Growth. --- Cities and towns, Movement to --- Urban development --- Urban systems --- Social history --- Sociology, Rural --- Sociology, Urban --- Urban policy --- Rural-urban migration --- City economics --- Economics of cities --- Economics --- Growth, Urban --- Sprawl, Urban --- Urban growth --- Urban sprawl --- Migration, Internal --- Population --- Vital statistics --- Economic aspects
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Land. Real estate --- Money market. Capital market --- United States of America
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Cities and towns --- Municipal government --- Municipal services
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