Omer Qureshi

Document Type

Thesis or dissertation

Date of this Version



Fernando Ferreira


This thesis explores the intersection between finance and public policy in municipalities. The factor of interest is restrictive zoning and considering whether communities with more restrictive zoning practices will lead to worsened municipal bond market outcomes. The negative consequences and history of exclusionary zoning are provided, as well as a brief overview of the municipal bond market and outcome variables. The analysis is then conducted on county-level data that has average community-level restrictiveness via the Wharton Residential Land Use Regulatory Index (WRLURI) as well as demographic controls as independent variables, and bond market outcomes as dependent variables. The analysis found that in models with fewer inputs, the WRLURI has a significant negative relationship on municipal bond yield and credit enhancement, but as additional factors were added this significance faded. For bond ratings, the analysis found no significance. This provides some descriptive evidence that exclusionary zoning could contribute to lower levels of risk in municipal finance but is inconclusive and the relationships weaken with added controls.


exclusionary zoning, restrictive zoning, municipal bonds, city financing, WRLURI, credit enhancement, bond ratings

Included in

Business Commons



Date Posted: 26 September 2022


To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.