We analyze an economy in which desirable land is inelastically supplied. A single government sets taxes on labor income, real property, and other commodities subject to the constraint that pure land rents and elastically supplied land development and structures are taxed at a common rate. The...

We analyze the effects of supply constraints on housing prices. For plausible parameterizations, loosening regulatory constraints in individual jurisdictions would have little effect on prices, while coordinated loosening across markets could have large price effects.