Date of Submission
Campus Only Senior Thesis
Bachelor of Arts
2022 Grant H Donaldson
Affordable housing has become increasingly limited in urban America. As a policy response, upzoning, or the process of increasing the number of units a property is zoned for, is becoming a leading solution. The goal of upzoning is to increase housing density, eliminate single-family zoning laws deemed inequitable, and ultimately increase the supply of affordable housing in the United States. In 2019, Minneapolis, Minnesota became the first major city in America to upzone, turning all formerly single-family zoned properties to multi-family zoned properties with its Minneapolis 2040 Plan. Many progressive states and cities are looking to follow the lead of Minneapolis. This paper estimates the effects of the 2040 plan on single-family housing prices using a difference-in-difference approach. My model indicates that the 2040 plan is responsible for increasing single-family home values by approximately 3%. Single-family homes in upper income areas appreciate more than those in lower income areas in response to the 2040 plan. Multi-unit properties in Minneapolis experienced a decrease in value due to the 2040 plan, indicating early success in increased affordable housing.
Donaldson, Grant, "The Impact of Upzoning on Housing Prices: Studying the Effects of the Minneapolis 2040 Plan" (2022). CMC Senior Theses. 3032.
This thesis is restricted to the Claremont Colleges current faculty, students, and staff.