Zoning rules cost home buyers a fortune - and it’ll get worse, says RBA
Zoning rules - a potent combination of government market intervention aimed at appeasing nimbyism, retaining the livability of suburbs and block sizes, and preventing prices from falling - cost the average Sydney home buyer almost $490,000 and it’s going to get worse.
That’s the premium imposed by government land-use regulations, according to Reserve Bank of Australia research, above and beyond the so-called marginal cost of land, or what it actually means to make available extra space for a new home.
Read the full article on the Australian Financial Review.
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