The value of land is determined by the locations’ attractiveness and the degree of direct land use regulation. When regulations are binding, e.g., when a restriction on the maximum floor area ratio exists, the land price can be directly expressed as a function of the maximum floor area ratio and local amenities. We show theoretically and empirically how this approach can be used to determine land values from rental prices of residential structures built upon that land. From our empirical results, we derive two main sources for a monocentric structure of land prices. First, the location attractiveness of centrally located dwellings makes land prices more expensive. Second, as the maximum floor area ratio is high in central areas, the regulation works as a multiplier for land prices and inflates prices accordingly. Our model gives insights into the determinants of urban land prices and provides a useful approach for land appraisal in regions where land transactions are scarce.

中文翻译：

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从住宅租金中确定土地价值

土地的价值取决于地点的吸引力和直接土地使用管制的程度。当法规具有约束力时，例如，当存在最大建筑面积比例的限制时，可以直接将土地价格表示为最大建筑面积比例和当地便利设施的函数。我们在理论上和经验上都展示了如何使用此方法从在该土地上建造的住宅结构的租赁价格确定土地价值。从我们的经验结果中，我们得出了土地价格单中心结构的两个主要来源。首先，居中位置的吸引力使土地价格更加昂贵。其次，由于中部地区的最大建筑面积比率很高，因此该法规可作为土地价格的乘数，并相应地抬高价格。