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Assistant Professor of Economics, Cornell University. The views expressed are not necessarily those of the PPBS section of the U.S. Department of Housing and Urban Development or the President's Committee on Urban Housing with which the author was associated under the Brookings Economic Policy Fellowship program. I am, however, grateful to Robert C. Colwell, Howard G. Ries, William F. Shaw, and Mortimer Kaplan of HUD/FHA for answering numerous questions of detail and to William M. Capron and his Economic Policy Fellows seminar for overall direction. Anthony M. Yezer, currently a graduate student of City Planning at M.I.T., shared some of the initial pains of data gathering and conceptualization during the summer of 1967. Comments by my colleague, Dennis C. Mueller, and the editor have improved an earlier draft. All computer time has been donated by the Brookings Institution, Washington, D.C.