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MODEL Developers build housing using land and capital. Local government charges property tax T on developers: T on land (1-)T on structure. Recall that who

MODEL
Developers build housing using land and capital.
Local government charges property tax T on developers:
T on land
(1-)T on structure.
Recall that who pays tax does not matter.
We analyze land market and structure (housing) market separately.
Land supply isvertical while housing supply is horizontal.

Housing Market P D S1 (1-a)T DWL So

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