APPENDIX 2 167
Annual aggregate Implied tax expenditure Implied Average annual
deductible interest for 33% bracket new units permits
$244,394,017 $80,650,026 2,688 4,480
$1,838,641,330 $606,751,639 20,225 21,121
$400,447,469 $132,147,665 4,405 643
$130,060,013 $42,919,804 1,431 1,263
$598,313,186 $197,443,351 6,581 9,554
$452,480,755 $149,318,649 4,977 14,542
$490,823,398 $161,971,721 5,399 1,945
$779,018,636 $257,076,150 8,569 1,341
$237,896,762 $78,505,932 2,617 1,210
$1,337,499,672 $441,374,892 14,712 5,886
$72,667,596 $23,980,307 799 742
$120,535,126 $39,776,591 1,326 2,275
$92,064,332 $30,381,230 1,013 3,268
$680,952,078 $224,714,186 7,490 2,271
$95,931,746 $31,657,476 1,055 1,660
$92,013,503 $30,364,456 1,012 2,967
$138,840,146 $45,817,248 1,527 4,298
$40,972,484 $13,520,920 451 1,410
$61,953,755 $20,444,739 681 2,162
$248,858,117 $82,123,179 2,737 3,667
$144,296,514 $47,617,850 1,587 1,986
$94,939,478 $31,330,028 1,044 1,406
$176,537,484 $58,257,370 1,942 2,138
$89,980,349 $29,693,515 990 2,231
$93,056,600 $30,708,678 1,024 2,609
$88,590,290 $29,234,796 974 1,904
$72,123,948 $23,800,903 793 1,450
$42,411,162 $13,995,683 467 1,068
$199,901,082 $65,967,357 2,199 6,032
$365,872,791 $120,738,021 4,025 1,217
$1,135,267,093 $374,638,141 12,488 6,242
$20,435,413 $6,743,686 225 2,039
$16,468,552 $5,434,622 181 525
$432,093,961 $142,591,007 4,753 1,713
$7,836,485 $2,586,040 86 1,038
$110,168,247 $36,355,522 1,212 5,023
of the number of mortgages from column 2 times the $7,188 annual interest imputed from the SCF.
Implied tax expenditure for 33% bracket is the product of the annual aggregate deductible interest in col-
umn 3 times 0.33 (the assumed tax rate). Implied new units is the implied tax expenditure from column
4 divided by $30,000 (the assumed price of each additional permit). Average annual permits is the yearly
average of all housing permits issued in the county between 2000–2006.