Land Price Fluctuations, Commercial-Residential Segregation, and Gentrification

Hangtian Xu

MPRA Paper from University Library of Munich, Germany

Abstract: By examining the impact of a real estate bubble on residential distribution in Tokyo and Osaka, we show that land price fluctuations influence the residential location choice within a metropolitan area. During a period of rising land prices, land developers favor commercial development over residential use in the central city, thereby increasing the daytime population while decreasing the residential population there. Thus, commercial-residential segregation is intensified. In a downturn period, however, with the shrinking demand for commercial space, homes are favored by land developers. Hence, gentrification occurs as an unintended consequence of this endogenous conversion of the land-use pattern.

Keywords: gentrification; real estate bubble; land-use pattern; housing policy (search for similar items in EconPapers)
JEL-codes: R23 R31 (search for similar items in EconPapers)
Date: 2020-02-27
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:98844

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