Table 3

Intensive Margin Values of Land

Metropolitan Statistical Area	β₁		N	R²
Bakersfield	7.65	0.30	6,816	0.85
Fresno	3.60	0.33	4,950	0.87
Modesto	3.03	1.79	452	0.83
Oakland	19.57	0.49	10,374	0.87
Riverside-San Bernardino	6.99	0.19	37,167	0.75
Sacramento	9.06	0.16	24,477	0.84
San Jose	16.63	0.67	5,509	0.83
Santa Rosa	17.67	0.49	4,660	0.86
Stockton-Lodi	6.45	0.24	14,747	0.82
Vallejo-Fairfield-Napa	9.15	0.42	4,719	0.88
Ventura	13.95	0.54	6,438	0.83

Note: Values are in 2005 dollars per square foot. The columns denote the parameter estimate for the county fixed effect, standard deviation of the estimated parameter, the number of observations, and R-squared.