In Massachusetts, Proposition 2½ limits local property taxes to 2.5% of assessed value (the "levy ceiling") and restricts the current limit on property tax revenue (the "levy limit") to an annual growth rate of 2.5%. Town residents can vote to override the 2.5% increase in the levy limit, but...

There has been an increased focus on zoning as a cause of high house prices in many metropolitan areas in the United States. But isolating the direct causal impact of zoning on house prices is difficult. This study overcomes the problems in the existing literature by investigating the effect of...