We develop and test a demand-side theory of the effect of regulation on land prices, where regulation determines higher urban environment quality by city sections. Our theory opposes supply-side neoclassical models where regulation increases prices due to limiting the supply of built environment. Our tests use a spatial panel database of Barranquilla (Colombia) 1993–2018, including its three master plans during that period: 1993, 2000 and 2012. This structure allows us to transcend traditional analyses about the effect of ‘levels of regulation’, and into the more comprehensive effect of ‘changes in regulation’. We find that Minimum Lot Front and FAR regulation behave according to our theory, while Architectural/Historical Conservation does so in the supply-side neoclassical fashion.

我们开发并测试了法规对土地价格的影响的需求方理论，其中法规决定了按城市划分的更高的城市环境质量。我们的理论反对供应方的新古典主义模型，在这种模型中，管制由于限制建筑环境的供应而提高了价格。我们的测试使用的是Barranquilla（哥伦比亚）1993-2018年的空间面板数据库，包括该时期的三个总体规划：1993、2000和2012。这种结构使我们能够超越有关“监管水平”影响的传统分析，并且进入“法规变化”的更全面效果。我们发现最小地段前沿和FAR法规按照我们的理论行事，而建筑/历史保护则以供应方的新古典主义方式行事。