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					                                                             Table 2
                                          Variable Definitions and Descriptive Statistics
                                   (205 Observations on LIHTC Projects, completed 1997-2002)
                                                                                                               Standard
          Variable                                          Definition                                 Mean    Deviation
Prevailing Wages           One if prevailing wages were paid as a result of federal, state or local    0.20      0.40
                           requirements, zero otherwise

Units                      Number of units in project                                                  82.79    56.41

Affordability              Fraction of units in project that meet affordability guidelines             0.95      0.14

Targeting
    Non targeted           One if units are not targeted to a specific population, zero otherwise      0.09      0.28
    Senior                 One if units are targeted to seniors, zero otherwise                        0.28      0.45
    SRO                    One if units are single room occupancy, zero otherwise                      0.02      0.15
    Needs                  One if units are targeted to special needs populations, zero otherwise      0.04      0.21

Time                       Occupancy date. Elapsed time in days from July 19, 1995                     1,700     376

Parking                    One if project contains parking beneath the structure, zero otherwise       0.17      0.37

Three Bedrooms             One if ≥50% of units have ≥3 bedrooms, zero otherwise                       0.31      0.46

Island                     One if project is on an island, zero otherwise                              0.00      0.07

Special Facilites          One if project contains special needs facilities, zero otherwise            0.03      0.18

Mitigation                 One if project req'd substantial environmental mitigation, zero otherwise   0.05      0.23

Applicant (Non Profit)     One if applicant is a non-profit organization, zero otherwise               0.22      0.42

Developer (Non Profit)     One if developer is a non-profit organization, zero otherwise               0.41      0.49

Funding                    Fraction of project funding from public sources                             0.19      0.21

Sources                    Number of different funding sources                                         3.63      1.45

Bonds                      One if project received tax-exempt bond finance                             0.40      0.49

Structure
    Townhouse              One if project is a townhouse, zero otherwise                               0.18      0.39
    Cooperative            One if project is a cooperative, zero otherwise                             0.00      0.07
    Two Stories            One if project has two or more stories, zero otherwise                      0.50      0.50
    Single Family          One if project is single family detached, zero otherwise                    0.01      0.10

Infill                     One if development is an inner city infill site, zero otherwise             0.15      0.35

Residential Project Cost   See text (millions of $)                                                    9.39      6.54

Site and Structure Cost    See text (millions of $)                                                    5.14      3.50




                                                                  1
                                       Table 3
                         OLS Models of Construction Costs
                         Dependent Variables in Logarithms
                              (t-ratios in parentheses)
                                    Total Cost                     Cost Per Unit
                          Site and Structure     Project   Site and Structure      Project
          Variable               Cost             Cost            Cost              Cost
Prevailing Wage                0.103             0.097          0.097              0.091
                               (2.41)            (2.82)         (2.22)             (2.56)

Log Units                       0.913             0.917            -                  -
                               (33.39)           (41.67)           -                  -

Affordability                  -0.352            -0.144         -0.303             -0.097
                               (2.91)            (1.49)         (2.47)             (0.97)

Targeting
    Non targeted               -0.150            -0.065         -0.138             -0.053
                               (2.56)            (1.39)         (2.30)             (1.10)

     Senior                    -0.168            -0.200         -0.184             -0.215
                               (4.06)            (5.99)         (4.37)             (6.27)

     SRO                       -0.541            -0.641         -0.577             -0.675
                               (5.62)            (8.28)         (5.88)             (8.46)

     Needs                     -0.011            -0.093         -0.009             -0.091
                               (0.13)            (1.40)         (0.11)             (1.32)

Time                           4.878             6.561          4.597              6.290
                               (3.04)            (5.08)         (2.79)             (4.70)

Parking                        0.173             0.155          0.201              0.182
                               (3.35)            (3.73)         (3.87)             (4.30)

Three Bedrooms                 0.144             0.082          0.156              0.094
                               (3.86)            (2.74)         (4.11)             (3.04)

Island                         0.625             0.379          0.625              0.379
                               (2.94)            (2.22)         (2.87)             (2.14)

Special Facilities             -0.223            0.035          -0.257             0.002
                               (2.19)            (0.42)         (2.47)             (0.02)

Mitigation                     -0.061            0.053          -0.073             0.041
                               (0.84)            (0.90)         (0.98)             (0.68)

Applicant (Non Profit)         -0.005            0.029          -0.008             0.026
                               (0.10)            (0.78)         (0.16)             (0.68)
                                           Table 3
                             OLS Models of Construction Costs
                             Dependent Variables in Logarithms
                                  (t-ratios in parentheses)
                                          Total Cost                           Cost Per Unit
                               Site and Structure      Project        Site and Structure       Project
            Variable                  Cost              Cost                 Cost               Cost
                                       Table 3 (cont'd)
                             OLS Models of Construction Costs
                             Dependent Variables in Logarithms
                                  (t-ratios in parentheses)

                                          Total Cost                           Cost Per Unit
                               Site and Structure      Project        Site and Structure       Project
            Variable                  Cost              Cost                 Cost               Cost
Developer (Non profit)               0.115              0.052               0.147              0.083
                                     (2.69)             (1.53)              (3.46)             (2.40)

Funding                              -0.118             0.142               -0.015             0.241
                                     (1.25)             (1.87)              (0.17)             (3.26)

Sources                              0.016              0.005               0.014              0.003
                                     (1.39)             (0.54)              (1.18)             (0.31)

Bonds                                -0.065             -0.035              -0.098             -0.067
                                     (1.59)             (1.08)              (2.43)             (2.05)

Structure
     Townhouse                       0.155              0.134               0.168              0.146
                                     (3.17)             (3.39)              (3.35)             (3.57)

         Cooperative                 0.697              0.459               0.874              0.629
                                     (2.81)             (2.30)              (3.51)             (3.11)

         Two Stories                 0.102              0.061               0.106              0.065
                                     (2.65)             (1.96)              (2.69)             (2.01)

         Single Family               0.371              0.243               0.399              0.271
                                     (2.43)             (1.98)              (2.55)             (2.13)

Infill                               0.161              0.073               0.179              0.091
                                     (3.15)             (1.77)              (3.44)             (2.14)

Constant                             6.313              4.951               6.190              4.831
                                     (3.80)             (3.70)              (3.63)             (3.48)

R2                                    0.932             0.955               0.732              0.802

Note: Regressions based upon 205 observations on LIHTC projects in California completed from
1997 to 2002. All models include 14 additional controls for geographic location (by MSA).
                                                 Table 3
                           Ordinary Least Squares Models of Construction Costs
                                    Excluding Geographical Identifiers
                                   Dependent Variables in Logarithms

                                      Total Cost                                     Cost Per Unit
                        Site and        Residential       Project      Site and          Residential      Project
          Variable   Structure Cost   Construction Cost    Cost     Structure Cost    Construction Cost    Cost
Prevailing Wage          0.167             0.182          0.172         0.158              0.176          0.164
                         (3.80)            (4.44)         (4.14)        (3.58)             (4.29)         (3.94)

Log Units                0.944              0.958          0.952          -                   -              -
                        (33.83)            (36.78)        (36.14)         -                   -              -

Affordability           -0.341             -0.206         -0.154       -0.319              -0.187         -0.135
                        (2.74)             (1.75)         (1.31)       (2.55)              (1.59)         (1.14)

Targeting
    Non targeted        -0.176             -0.104         -0.083       -0.167              -0.099         -0.076
                        (2.85)             (1.79)         (1.42)       (2.70)              (1.69)         (1.30)

     Senior             -0.148             -0.181         -0.158       -0.157              -0.189         -0.166
                        (3.45)             (4.51)         (3.91)       (3.67)              (4.74)         (4.12)

     SRO                -0.469             -0.467         -0.532       -0.494              -0.485         -0.554
                        (4.53)             (4.86)         (5.44)       (4.77)              (5.07)         (5.67)

     Needs              -0.015             -0.142         -0.093       -0.013              -0.140         -0.091
                        (0.17)             (1.72)         (1.11)       (0.14)              (1.69)         (1.08)

Time                     4.393             6.526          5.454         4.329              6.496          5.400
                         (2.64)            (4.22)         (3.47)        (2.58)             (4.19)         (3.42)

Parking                  0.189             0.192          0.170         0.207              0.205          0.185
                         (3.63)            (3.97)         (3.46)        (4.00)             (4.28)         (3.80)

Three Bedrooms           0.155             0.115          0.101         0.164              0.121          0.108
                         (4.03)            (3.21)         (2.77)        (4.23)             (3.39)         (2.97)

Island                   0.648             0.649          0.365         0.638              0.642          0.356
                         (2.85)            (3.07)         (1.70)        (2.78)             (3.03)         (1.65)

Special Facilities      -0.260             0.033          0.000        -0.277              0.020          -0.015
                        (2.40)             (0.32)         (0.00)       (2.55)              (0.20)         (0.15)

Mitigation              -0.014             0.135          0.106        -0.027              0.126          0.096
                        (0.20)             (1.96)         (1.52)       (0.36)              (1.83)         (1.36)

Applicant
    Non Profit          -0.047             0.027          0.001        -0.046              0.027          0.001
                        (0.98)             (0.61)         (0.01)       (0.96)              (0.60)         (0.03)

Developer
    Non Profit           0.129             0.079          0.055         0.150              0.095          0.073
                         (2.89)            (1.92)         (1.31)        (3.46)             (2.37)         (1.80)

Funding                 -0.083             0.068          0.209        -0.015              0.117          0.268
                        (0.83)             (0.74)         (2.24)       (0.16)              (1.35)         (3.03)

Sources                  0.025             0.012          0.024         0.023              0.011          0.023
                         (2.11)            (1.13)         (2.16)        (1.95)             (0.99)         (2.01)
                                                            Table 3
                                      Ordinary Least Squares Models of Construction Costs
                                               Excluding Geographical Identifiers
                                              Dependent Variables in Logarithms

                                                 Total Cost                                     Cost Per Unit
                                   Site and        Residential       Project      Site and          Residential      Project
            Variable            Structure Cost   Construction Cost    Cost     Structure Cost    Construction Cost    Cost
                                                            Table 3
                                      Ordinary Least Squares Models of Construction Costs
                                               Excluding Geographical Identifiers
                                              Dependent Variables in Logarithms
                                                          (continued)

                                                 Total Cost                                     Cost Per Unit
                                   Site and        Residential       Project      Site and          Residential      Project
            Variable            Structure Cost   Construction Cost    Cost     Structure Cost    Construction Cost    Cost
Bonds                              -0.055             -0.032         -0.036       -0.077              -0.048         -0.055
                                   (1.30)             (0.81)         (0.89)       (1.87)              (1.25)         (1.40)

Structure
     Townhouse                      0.184             0.185          0.206         0.197              0.195          0.217
                                    (3.74)            (4.04)         (4.43)        (4.02)             (4.29)         (4.69)

         Cooperative                0.521             0.335          0.351         0.647              0.429          0.459
                                    (2.08)            (1.44)         (1.48)        (2.64)             (1.90)         (1.99)

         Two Stories                0.129             0.112          0.109         0.129              0.112          0.109
                                    (3.25)            (3.01)         (2.91)        (3.21)             (3.01)         (2.88)

         Single Family              0.380             0.347          0.270         0.391              0.357          0.280
                                    (2.37)            (2.34)         (1.79)        (2.42)             (2.39)         (1.84)

Infill                              0.126             0.089          0.036         0.139              0.099          0.047
                                    (2.31)            (1.75)         (0.69)        (2.55)             (1.94)         (0.92)

Constant                            6.770             4.490          6.034         6.572              4.322          5.862
                                    (3.89)            (2.77)         (3.67)        (3.75)             (2.66)         (3.55)

R2                                  0.911             0.924          0.920         0.665               0.703         0.668

Note: t-ratios in parentheses
                                               Table 4
                    First Stage Instruments in Two Stage Least Squares Models
                               Dependent Variable: Prevailing Wage
                                      (t-ratios in parentheses)

                                                      Mean              First Stage Coefficent
                    Variable                   (Standard deviation)   Model 1a         Model 2b
Number of Adjacent Jurisdictions                     7.440             0.002             0.002
                                                     (9.49)            (0.49)            (0.40)

Fraction Yes Vote on Prop 199                        0.386             -0.013            0.057
Low-income Rental Assistance, 1996                   (0.08)            (0.02)            (0.10)

Fraction Yes Vote on Prop 107                        0.533             1.090             1.084
Housing and Homeless Bonds, 1990                     (0.09)            (1.24)            (1.23)

Fraction Yes Vote on Prop 168                        0.422             -1.283            -1.306
Low Rent Housing Projects, 1993                      (0.10)            (1.56)            (1.59)

Fraction Yes Vote on Prop 155                        0.496             -0.877            -0.973
School Facilities Bonds, 1992                        (0.12)            (0.93)            (1.03)

Fraction Yes Vote on Prop 156                        0.483             0.723             0.757
Passenger Rail and Clean Air Bonds, 1992             (0.09)            (0.82)            (0.86)

Fraction Yes Vote on Prop 157                        0.330             -0.275            -0.427
Toll Roads and Highways, 1992                        (0.13)            (0.26)            (0.41)

Fraction Yes Vote on Prop 160                        0.503             1.734             1.762
Project Tax Exemptions, 1992                         (0.07)            (1.74)            (1.77)

Fraction Yes Vote on Prop 164                        0.575             -0.617            -0.776
Term Limits, 1992                                    (0.12)            (0.72)            (0.89)

Fraction Yes Vote on Prop 167                        0.413             -1.730            -1.724
State Taxes, 1992                                    (0.07)            (1.65)            (1.64)

Fraction Yes Vote on Prop 210                        0.649             1.769             1.770
Mimimum Wage Increase, 1996                          (0.09)            (1.47)            (1.47)

Percent of voters registered as Democrats            0.597             -1.136            -1.102
                                                     (0.13)            (1.35)            (1.31)

Percent of population over 40 years old              0.341             -0.209            -0.117
                                                     (0.06)            (0.34)            (0.19)
                                                   Table 4
                        First Stage Instruments in Two Stage Least Squares Models
                                   Dependent Variable: Prevailing Wage
                                          (t-ratios in parentheses)

                                                                  Mean                     First Stage Coefficent
                        Variable                           (Standard deviation)         Model 1a          Model 2b
                                                   Table 4
                        First Stage Instruments in Two Stage Least Squares Models
                                   Dependent Variable: Prevailing Wage
                                          (t-ratios in parentheses)
                                                 (continued)

                                                                  Mean                     First Stage Coefficent
                        Variable                           (Standard deviation)         Model 1a          Model 2b
Percent of housing units owner-occupied                           0.554                  -0.682             -0.717
                                                                  (0.13)                 (1.60)             (1.68)

Percent working in highly unionized industries                    0.339                  0.841              0.836
                                                                  (0.07)                 (1.31)             (1.31)

Percent working in highly unionized occupations                   0.265                  -1.065             -1.093
                                                                  (0.07)                 (1.57)             (1.61)

Percent Unionized                                                 0.166                  1.446              1.667
                                                                  (0.06)                 (1.13)             (1.28)

F-ratioc                                                                                 1.492              1.492
[p value]                                                                                [0.11]             [0.11]

F-ratiod                                                                                 2.981              2.981
[p value]                                                                                [0.00]             [0.00]

Notes:
a
Regression includes all observed project characteristics (coefficients not shown).
b
    Regression includes log-units regressor, and all observed project characterstics (coefficients not shown).
c
F-test for the joint significance of the instruments.
d
F-test for the joint significance of the instruments in an equation including no other covariates.
Both models include 14 additional controls for geographic location (by MSA).
                                             Table 5
                     Instrumental Variables Estimates of Construction Costs
                              Dependent Variables in Logarithms
                                    (t-ratios in parentheses)

                                         Total Cost                     Cost Per Unit
                               Site and Structure     Project   Site and Structure      Project
          Variable                    Cost             Cost            Cost              Cost
Prevailing Wage                      0.225            0.177           0.248             0.196
                                     (2.58)           (2.50)          (2.76)            (2.67)

Log Units                            0.910             0.914            -                  -
                                    (33.26)           (41.25)           -                  -

Affordability                       -0.363            -0.152         -0.315             -0.105
                                    (3.01)            (1.55)         (2.58)             (1.05)
Targeting
    Non targeted                    -0.187            -0.089         -0.182             -0.084
                                    (2.98)            (1.76)         (2.85)             (1.62)

       Senior                       -0.161            -0.195         -0.176             -0.210
                                    (3.87)            (5.78)         (4.18)             (6.08)

       SRO                          -0.554            -0.649         -0.595             -0.688
                                    (5.75)            (8.32)         (6.08)             (8.59)

       Needs                        -0.047            -0.117         -0.053             -0.122
                                    (0.55)            (1.68)         (0.61)             (1.70)

Time                                 4.327            6.200           3.900             5.806
                                     (2.64)           (4.67)          (2.33)            (4.24)

Parking                              0.169            0.152           0.198             0.180
                                     (3.28)           (3.65)          (3.83)            (4.25)

Three Bedrooms                       0.147            0.084           0.161             0.097
                                     (3.94)           (2.79)          (4.24)            (3.13)

Island                               0.677            0.413           0.689             0.424
                                     (3.16)           (2.38)          (3.15)            (2.36)

Special Facilities                  -0.236            0.026          -0.275             -0.011
                                    (2.32)            (0.31)         (2.66)             (0.13)

Mitigation                          -0.041            0.066          -0.049             0.058
                                    (0.56)            (1.11)         (0.66)             (0.94)

Applicant (Non Profit)              -0.022            0.018          -0.029             0.011
                                    (0.46)            (0.46)         (0.61)             (0.28)

Developer (Non Profit)               0.105            0.046           0.136             0.076
                                     (2.45)           (1.32)          (3.22)            (2.18)
                                               Table 5
                       Instrumental Variables Estimates of Construction Costs
                                Dependent Variables in Logarithms
                                      (t-ratios in parentheses)

                                           Total Cost                     Cost Per Unit
                                 Site and Structure     Project   Site and Structure      Project
            Variable                    Cost             Cost            Cost              Cost
                                               Table 5
                       Instrumental Variables Estimates of Construction Costs
                                Dependent Variables in Logarithms
                                      (t-ratios in parentheses)
                                             (continued)

                                           Total Cost                     Cost Per Unit

                                 Site and Structure     Project   Site and Structure      Project
            Variable                    Cost             Cost            Cost              Cost
Funding                               -0.172            0.106          -0.078             0.197
                                      (1.73)            (1.31)         (0.81)             (2.52)

Sources                                0.015            0.004           0.013             0.002
                                       (1.32)           (0.49)          (1.10)            (0.24)

Bonds                                 -0.073            -0.041         -0.110             -0.075
                                      (1.78)            (1.23)         (2.70)             (2.27)

Structure
     Townhouse                         0.148            0.129           0.160             0.140
                                       (3.02)           (3.24)          (3.20)            (3.43)

         Cooperative                   0.725            0.477           0.916             0.659
                                       (2.92)           (2.37)          (3.70)            (3.25)

         Two Stories                   0.090            0.053           0.092             0.055
                                       (2.32)           (1.69)          (2.32)            (1.69)

         Single Family                 0.418            0.274           0.459             0.312
                                       (2.70)           (2.18)          (2.90)            (2.41)

Infill                                 0.159            0.072           0.179             0.090
                                       (3.13)           (1.74)          (3.46)            (2.13)

Location
                                          Table 5
                  Instrumental Variables Estimates of Construction Costs
                           Dependent Variables in Logarithms
                                 (t-ratios in parentheses)

                                         Total Cost                             Cost Per Unit
                               Site and Structure      Project         Site and Structure       Project
           Variable                   Cost              Cost                  Cost               Cost
Constant                             6.926              5.352                6.943               5.354
                                     (4.07)            (3.88)                (4.00)             (3.76)

    2
R                                    0.932              0.955                0.736              0.802

Note: Regressions based upon 205 observations on LIHTC projects in California completed from
1997 to 2002. All models include controls for geographic location (by MSA).
                                    Table 6
         Cost Increases for Low-Income Housing Projects in California
                     Due to Prevailing Wage Requirements
                                  (in Percent)

                                               Scale
                                             Economies           Site and          Project
     Statistical Model                       Assumed?         Structure Cost        Cost
A. Ordinary Least Squares Estimation
                                                                                              logcoeff              values                 coefficients
      Extended                                 YES               10.4 %              11.0 %     1.1040663 1.1096005 1.1040663 1.1096005             9.9
                                                NO                9.3                10.0       1.0930807 1.0996589 1.0930807 1.0996589             8.9
      Basic                                    YES               10.8                10.2       1.1084914 1.1018604        1.11     1.10           10.3
                                                NO               10.2                 9.5       1.1018604 1.095269 1.1018604 1.095269               9.7

B. Instrumental Variables Estimation

      Extended                                 YES               34.9                33.9      1.3485096 1.339103        1.35      1.34           29.9
                                                NO               37.2                35.9      1.3716303 1.359341 1.3716303 1.359341              31.6
      Basic                                    YES               25.2                19.4      1.2523227 1.1936311 1.2523227 1.1936311            22.5
      Location Excluded                         NO
                                               YES               28.1
                                                                 47.1                21.7
                                                                                     47.0      1.2814599 1.2165269 1.4710847 1.4696143
                                                                                               1.4710847 1.4696143       1.28      1.22           24.8
                                                                                                                                                  38.6


Note: "Extended" models include all observed project characteristics.
      "Basic" models include only the variables reported in Table 3.
      Estimates based upon antilog of coefficients on prevailing wage indicator variable
      in multivariate regressions.
10.4
 9.5
 9.7
 9.1



29.2
30.7
17.7
19.6
38.5
                                                Appendix Table A1
                                               Extended Cost Models
                                               Ordinary Least Squares
                                          Dependent Variables in Logarithms
                                          Total Cost                                         Cost Per Unit
                     Site and Structure     Residential       Project   Site and Structure      Residential       Project
         Variable           Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
Prevailing Wage           0.099                 0.103         0.104           0.089                 0.097         0.095
                          (2.23)                (2.68)        (2.91)          (1.92)                (2.43)        (2.51)

Log Units                  0.895                0.912          0.901            -                     -              -
                          (32.40)              (37.68)        (40.59)           -                     -              -

Affordability             -0.397               -0.299         -0.224          -0.329                -0.235        -0.160
                          (3.00)               (2.54)         (2.11)          (2.40)                (1.94)        (1.43)

Targeting
    Non targeted          -0.168               -0.086         -0.078          -0.148                -1.342        -0.060
                          (2.80)               (1.65)         (1.62)          (2.38)                (0.07)        (1.19)

     Senior               -0.211               -0.212         -0.210          -0.224                -0.226        -0.222
                          (4.52)               (5.18)         (5.59)          (4.61)                (5.34)        (5.61)

     SRO                  -0.670               -0.600         -0.629          -0.703                -0.630        -0.661
                          (5.78)               (5.96)         (6.75)          (5.84)                (6.06)        (6.72)

     Needs                -0.040               -0.135         -0.086          -0.032                -0.130        -0.079
                          (0.46)               (1.79)         (1.23)          (0.36)                (1.66)        (1.07)

Set Aside                 0.010                -0.037         -0.034          0.010                 -0.032        -0.033
                          (0.10)               (0.45)         (0.45)          (0.10)                (0.39)        (0.42)

High Cost                 -0.042               -0.018         -0.020          -0.027                -0.008        -0.005
                          (1.13)               (0.54)         (0.65)          (0.70)                (0.22)        (0.17)

Elevator                  0.046                 0.014         0.006           0.042                 0.010         0.002
                          (0.94)                (0.31)        (0.16)          (0.81)                (0.23)        (0.05)

Density                   0.001                 0.001         0.000           0.001                 0.000         0.000
                          (1.27)                (0.93)        (0.12)          (1.13)                (0.86)        (0.22)

Time                      5.008                 6.819         6.128           4.653                 6.579         5.796
                          (3.09)                (4.85)        (4.70)          (2.76)                (4.51)        (4.21)

Three Stories             0.033                -0.021         0.003           0.020                 -0.033        -0.009
                          (0.49)               (0.35)         (0.06)          (0.29)                (0.54)        (0.15)

Child Care                0.078                 0.198         0.153           0.061                 0.186         0.137
                          (0.96)                (2.81)        (2.33)          (0.72)                (2.54)        (1.98)

Parking                   0.117                 0.150         0.138           0.162                 0.186         0.180
                          (1.92)                (2.84)        (2.82)          (2.60)                (3.45)        (3.55)

Three Bedrooms            0.125                 0.096         0.065           0.142                 0.111         0.081
                          (3.25)                (2.88)        (2.11)          (3.58)                (3.24)        (2.51)

Island                    0.678                 0.668         0.433           0.661                 0.654         0.417
                          (3.18)                (3.62)        (2.52)          (2.97)                (3.41)        (2.30)

Special Facilities        -0.274               -0.033         -0.023          -0.312                -0.066        -0.059
                          (2.35)               (0.33)         (0.25)          (2.57)                (0.63)        (0.59)

Mitigation                -0.046                0.134         0.080           -0.061                0.123         0.067
                          (0.61)                (2.02)        (1.30)          (0.77)                (1.79)        (1.03)
                                                    Appendix Table A1
                                                   Extended Cost Models
                                                   Ordinary Least Squares
                                              Dependent Variables in Logarithms
                                              Total Cost                                         Cost Per Unit
                         Site and Structure     Residential       Project   Site and Structure      Residential       Project
           Variable             Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
                                                    Appendix Table A1
                                                   Extended Cost Models
                                                   Ordinary Least Squares
                                              Dependent Variables in Logarithms
                                                        (continued)
                                              Total Cost                                         Cost Per Unit

                         Site and Structure     Residential       Project   Site and Structure      Residential       Project
           Variable             Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
Urban                         0.001                 0.001         0.000           0.000                 0.000         0.000
                              (0.48)                (0.53)        (0.47)          (0.22)                (0.27)        (0.17)
Applicant
    CORP                      0.114                 0.034         0.020           0.107                 0.030         0.013
                              (1.50)                (0.52)        (0.32)          (1.36)                (0.44)        (0.20)

         LP                   0.005                -0.075         -0.020          0.004                 -0.073        -0.020
                              (0.10)               (1.83)          -0.53          (0.09)                (1.73)        (0.51)

         SP                   0.375                 0.194         0.351           0.274                 0.114         0.256
                              (2.15)                (1.29)        (2.50)          (1.52)                (0.74)        (1.75)

         JV                   0.130                 0.018         -0.015          0.151                 0.038         0.004
                              (0.80)                (0.13)        (0.11)          (0.89)                (0.26)        (0.03)

Developer
    JV                        -0.121               -0.066         -0.051          -0.153                -0.092        -0.081
                              (2.59)               (1.62)         (1.37)          (3.19)                (2.22)        (2.07)

         For Profit           -0.164               -0.109         -0.085          -0.200                -0.139        -0.118
                              (3.18)               (2.42)         (2.04)          (3.78)                (3.04)        (2.74)

Funding                       -0.203               -0.055         0.043           -0.060                0.062         0.176
                              (1.99)               (0.62)         (0.52)          (0.61)                (0.72)        (2.18)

Sources                       0.015                 0.001         0.002           0.012                 -0.001        0.000
                              (1.26)                (0.12)        (0.23)          (1.03)                (0.08)        (0.02)

Bonds                         -0.044               -0.029         -0.032          -0.082                -0.059        -0.068
                              (1.04)               (0.79)         (0.96)          (1.94)                (1.62)        (1.98)

Structure
     Townhouse                0.154                 0.170         0.135           0.168                 0.183         0.149
                              (3.02)                (3.84)        (3.30)          (3.19)                (4.00)        (3.45)

         Cooperative          0.736                 0.676         0.487           0.941                 0.851         0.679
                              (2.95)                (3.12)        (2.43)          (3.71)                (3.88)        (3.27)

         Two Stories          0.075                 0.080         0.055           0.082                 0.088         0.062
                              (1.70)                (2.08)        (1.56)          (1.78)                (2.20)        (1.65)

         Single Family         0.356                0.348         0.255           0.393                 0.381         0.289
                               (2.35)               (2.64)        (2.09)          (2.49)                (2.79)        (2.24)

Infill                         0.150                0.129         0.090           0.174                 0.145         0.112
                               (2.65)               (2.61)        (1.98)          (2.96)                (2.85)        (2.35)
                                                 Appendix Table A1
                                                Extended Cost Models
                                                Ordinary Least Squares
                                           Dependent Variables in Logarithms
                                           Total Cost                                         Cost Per Unit
                      Site and Structure     Residential       Project   Site and Structure      Residential       Project
      Variable               Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
                                                 Appendix Table A1
                                                Extended Cost Models
                                                Ordinary Least Squares
                                           Dependent Variables in Logarithms
                                                     (continued)
                                           Total Cost                                         Cost Per Unit

                      Site and Structure     Residential       Project   Site and Structure      Residential       Project
      Variable               Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
Location
    San Francisco           0.251                0.247         0.371           0.233                 0.228         0.354
                            (3.17)               (3.57)        (5.81)          (2.82)                (3.18)        (5.25)

    Sacramento              0.135                0.125         0.157           0.141                 0.127         0.163
                            (1.44)               (1.54)        (2.09)          (1.45)                (1.51)        (2.05)

    Fresno                 -0.022                -0.002        -0.060          0.011                 0.025         -0.029
                           (0.22)                (0.02)        (0.74)          (0.11)                (0.28)        (0.34)

    Bakersfield            -0.112                -0.144        -0.110          -0.114                -0.147        -0.113
                           (1.02)                (1.52)        (1.26)          (1.00)                (1.50)        (1.21)

    Los Angeles             0.126                0.114         0.165           0.122                 0.110         0.161
                            (1.61)               (1.68)        (2.62)          (1.49)                (1.56)        (2.41)

    Merced                 -0.078                -0.082        -0.057          -0.058                -0.066        -0.038
                           (0.63)                (0.77)        (0.57)          (0.45)                (0.60)        (0.36)

    Salinas                 0.148                0.038         0.150           0.159                 0.046         0.160
                            (1.14)               (0.34)        (1.43)          (1.17)                (0.39)        (1.44)

    San Diego               0.030                -0.002        0.152           0.022                 -0.012        0.145
                            (0.32)               (0.02)        (2.03)          (0.23)                (0.14)        (1.83)

    San Luis Obispo         0.012                0.016         0.143           0.121                 0.108         0.246
                            (0.10)               (0.15)        (1.45)          (0.98)                (1.01)        (2.42)

    Santa Barbara          -0.140                -0.251        -0.034          -0.124                -0.238        -0.018
                           (0.98)                (2.03)        (0.29)          (0.83)                (1.85)        (0.15)

    Redding                 0.207                0.166         0.146           0.214                 0.168         0.153
                            (1.31)               (1.21)        (1.15)          (1.29)                (1.18)        (1.13)

    Modesto                 0.119                0.112         0.072           0.125                 0.112         0.078
                            (0.73)               (0.79)        (0.55)          (0.74)                (0.76)        (0.56)

    Yuba City              -0.006                -0.113        -0.096          -0.059                -0.159        -0.145
                           (0.03)                (0.61)        (0.55)          (0.26)                (0.83)        (0.80)

    Visalia                 0.008                -0.052        -0.139          0.013                 -0.050        -0.133
                            (0.06)               (0.48)        (1.38)          (0.10)                (0.44)        (1.25)

Constant                    6.434                4.540         5.650           6.333                 4.390         -0.133
                            (3.78)               (3.07)        (4.12)          (3.57)                (2.86)        (1.25)
                                                      Appendix Table A1
                                                     Extended Cost Models
                                                     Ordinary Least Squares
                                                Dependent Variables in Logarithms
                                                Total Cost                                         Cost Per Unit
                           Site and Structure     Residential       Project   Site and Structure      Residential       Project
       Variable                   Cost          Construction Cost    Cost            Cost           Construction Cost    Cost
R2                               0.938                0.954         0.960           0.750                 0.807          0.814

Note: t-ratios in parentheses
                                            Appendix Table A2
                           Instrumental Variables Estimates of Construction Costs
                                    Excluding Geographical Identifiers
                                    Dependent Variables in Logarithms

                                          Total Cost                                            Cost Per Unit
                     Site and Structure       Residential        Project   Site and Structure        Residential   Project
          Variable          Cost             Construction         Cost            Cost              Construction    Cost
Prevailing Wage            0.386                0.421            0.385           0.382                  0.415      0.383
                           (5.10)               (6.07)           (5.40)          (5.08)                 (6.04)     (5.41)

Log Units                  0.929                0.941             0.937            -                      -           -
                          (33.85)              (37.19)           (36.20)           -                      -           -

Affordability             -0.375                -0.245           -0.188         -0.348                  -0.220     -0.163
                          (3.09)                (2.16)           (1.64)         (2.87)                  (1.94)     (1.43)
Targeting
    Non targeted          -0.231                -0.164           -0.137         -0.222                  -0.157     -0.130
                          (3.73)                (2.85)           (2.34)         (3.59)                  (2.73)     (2.22)

     Senior               -0.141                -0.173           -0.151         -0.153                  -0.184     -0.162
                          (3.39)                (4.49)           (3.86)         (3.69)                  (4.82)     (4.16)

     SRO                  -0.511                -0.512           -0.573         -0.544                  -0.539     -0.603
                          (5.04)                (5.52)           (5.99)         (5.38)                  (5.83)     (6.33)

     Needs                -0.085                -0.219           -0.162         -0.085                  -0.217     -0.162
                          (0.96)                (2.70)           (1.93)         (0.95)                  (2.67)     (1.93)

Time                       3.475                5.506            4.558           3.358                  5.441      4.450
                           (2.12)               (3.67)           (2.95)          (2.04)                 (3.61)     (2.87)

Parking                    0.175                0.176            0.156           0.197                  0.194      0.175
                           (3.45)               (3.79)           (3.26)          (3.93)                 (4.24)     (3.72)

Three Bedrooms             0.156                0.115            0.102           0.167                  0.124      0.111
                           (4.16)               (3.36)           (2.87)          (4.45)                 (3.63)     (3.15)

Island                     0.728                0.737            0.443           0.718                  0.727      0.435
                           (3.27)               (3.61)           (2.11)          (3.21)                 (3.57)     (2.07)

Special Facilities        -0.285                0.006            -0.024         -0.308                  -0.013     -0.045
                          (2.70)                0.06             (0.24)         (2.91)                  (0.13)     (0.45)

Mitigation                 0.015                0.167            0.135           0.000                  0.155      0.122
                           0.21                 2.51             1.98            (0.01)                 (2.34)     (1.79)
Applicant
    Non Profit            -0.068                0.004            -0.020         -0.068                  0.004      -0.020
                          (1.46)                0.09             (0.46)         (1.45)                  (0.09)     (0.46)

Developer
    Non Profit             0.108                0.056            0.034           0.135                  0.078      0.058
                           2.47                 1.40             0.83            (3.18)                 (2.03)     (1.46)

Funding                   -0.196                -0.056           0.099          -0.113                  0.012      0.171
                          (1.93)                (0.61)           1.03           (1.19)                  (0.14)     (1.92)

Sources                    0.024                0.012            0.023           0.022                  0.010      0.021
                           (2.11)               (1.11)           (2.16)          (1.90)                 (0.91)     (1.97)


                                                            17
                                                       Appendix Table A2
                                      Instrumental Variables Estimates of Construction Costs
                                               Excluding Geographical Identifiers
                                               Dependent Variables in Logarithms

                                                     Total Cost                                            Cost Per Unit
                                Site and Structure       Residential        Project   Site and Structure        Residential   Project
            Variable                   Cost             Construction         Cost            Cost              Construction    Cost
                                                       Appendix Table A2
                                      Instrumental Variables Estimates of Construction Costs
                                               Excluding Geographical Identifiers
                                               Dependent Variables in Logarithms

                                                     Total Cost                                            Cost Per Unit

                                Site and Structure       Residential        Project   Site and Structure        Residential   Project
            Variable                   Cost             Construction         Cost            Cost              Construction    Cost
Bonds                                -0.076                -0.055           -0.055         -0.105                  -0.077     -0.081
                                     (1.81)                (1.43)           (1.41)         (2.56)                  (2.07)     (2.12)

Structure
     Townhouse                        0.168                0.167            0.190           0.184                  0.181      0.204
                                      (3.49)               (3.78)           (4.19)          (3.86)                 (4.14)     (4.56)

         Cooperative                  0.609                0.430            0.436           0.773                  0.564      0.582
                                      (2.48)               (1.91)           (1.89)          (3.22)                 (2.57)     (2.58)

         Two Stories                  0.103                0.083            0.084           0.101                  0.082      0.082
                                      (2.61)               (2.28)           (2.26)          (2.56)                 (2.27)     (2.21)

         Single Family                0.439                0.411            0.327           0.455                  0.425      0.342
                                      (2.80)               (2.87)           (2.22)          (2.90)                 (2.96)     (2.31)

Infill                                0.128                0.092            0.038           0.145                  0.105      0.053
                                      (2.42)               (1.88)           (0.76)          (2.75)                 (2.17)     (1.07)

Constant                              7.852                5.693            7.091           7.640                  5.482      6.907
                                      (4.57)               (3.61)           (4.37)          (4.44)                 (3.48)     (4.26)

R2                                    0.916                0.930            0.925           0.686                  0.728      0.690

Note: t-ratios in parentheses




                                                                       18
Comparison of Actual Wage Rates and Prevailing Wage Determinations for Four Northern California MSAs

                                                                                                                                                             25th          50th        75th
                                                                                                                      Entry-Level  Mean        Mean        Percentile    Percentile Percentile                 % Diff    % Diff
                                                          MSA        SOC (1)                                            Hourly     Hourly     Annual        Hourly      (Med) Hourly  Hourly     Prevailing   (Mean v   (Med v
           MSA                         County             Code        Code       Occupational Title                    Wage (2)   Wage (2)   Wage (2)      Wage (2)       Wage (2)   Wage (2)    Wage (3)      Prev)     Prev)
Oakland MSA                  Oakland MSA                   5775     47-2031     Carpenters                              $14.23     $22.56      $46,919       $17.32        $22.51      $28.92      $40.49     79.45%    44.40%
Oakland MSA                  Oakland MSA                   5775     47-2081     Drywall and Ceiling Tile Installers     $14.09     $22.07      $45,916       $17.70        $21.42      $29.03      $40.93     85.43%    47.66%
Oakland MSA                  Alameda                       5775     47-2111     Electricians                            $19.53     $31.46      $65,436       $22.42        $32.98      $41.30      $47.73     51.72%    30.90%
Oakland MSA                  Contra Costa                  5775     47-2111     Electricians                            $19.53     $31.46      $65,436       $22.42        $32.98      $41.30      $43.56     38.46%    24.29%
Oakland MSA                  Alameda                       5775     47-2161     Plasterers and Stucco Masons            $16.79     $24.02      $49,946       $18.45        $24.19      $30.47      $37.91     57.83%    36.19%
Oakland MSA                  Contra Costa                  5775     47-2161     Plasterers and Stucco Masons            $16.79     $24.02      $49,946       $18.45        $24.19      $30.47      $37.91     57.83%    36.19%
Oakland MSA                  Alameda                       5775     47-2181     Roofers                                 $12.82     $20.62      $42,895       $14.39        $20.11      $25.81      $33.95     64.65%    40.77%
Oakland MSA                  Contra Costa                  5775     47-2181     Roofers                                 $12.82     $20.62      $42,895       $14.39        $20.11      $25.81      $33.95     64.65%    40.77%
San Francisco MSA            San Francisco MSA             7360     47-2031     Carpenters                              $17.88     $25.83      $53,711       $20.75        $26.14      $31.63      $40.49     56.74%    35.43%
San Francisco MSA            San Francisco MSA             7360     47-2081     Drywall and Ceiling Tile Installers     $20.03     $26.67      $55,489       $21.95        $27.45      $32.16      $40.93     53.45%    32.93%
San Francisco MSA            San Francisco                 7360     47-2111     Electricians                            $16.88     $29.01      $60,342       $20.10        $27.49      $38.77      $56.07     93.26%    50.97%
San Francisco MSA            Marin                         7360     47-2111     Electricians                            $16.88     $29.01      $60,342       $20.10        $27.49      $38.77      $41.60     43.40%    33.92%
San Francisco MSA            San Mateo                     7360     47-2111     Electricians                            $16.88     $29.01      $60,342       $20.10        $27.49      $38.77      $46.37     59.84%    40.72%
San Francisco MSA            San Francisco                 7360     47-2161     Plasterers and Stucco Masons            $17.94     $23.68      $49,249       $23.10        $25.35      $27.60      $37.91     60.09%    33.13%
San Francisco MSA            Marin                         7360     47-2161     Plasterers and Stucco Masons            $17.94     $23.68      $49,249       $23.10        $25.35      $27.60      $34.26     44.68%    26.01%
San Francisco MSA            San Mateo                     7360     47-2161     Plasterers and Stucco Masons            $17.94     $23.68      $49,249       $23.10        $25.35      $27.60      $37.91     60.09%    33.13%
San Francisco MSA            San Francisco                 7360     47-2181     Roofers                                 $11.64     $20.10      $41,804       $14.17        $21.16      $26.09      $34.14     69.85%    38.02%
San Francisco MSA            Marin                         7360     47-2181     Roofers                                 $11.64     $20.10      $41,804       $14.17        $21.16      $26.09      $33.95     68.91%    37.67%
San Francisco MSA            San Mateo                     7360     47-2181     Roofers                                 $11.64     $20.10      $41,804       $14.17        $21.16      $26.09      $34.14     69.85%    38.02%
Santa Jose MSA               Santa Jose MSA                7400     47-2031     Carpenters                              $13.51     $21.53      $44,788       $14.90        $20.97      $27.76      $40.49     88.04%    48.20%
Santa Jose MSA               Santa Jose MSA                7400     47-2081     Drywall and Ceiling Tile Installers     $18.99     $25.60      $53,249       $21.18        $26.04      $31.08      $40.93     59.86%    36.37%
Santa Jose MSA               Santa Clara                   7400     47-2111     Electricians                            $16.76     $23.40      $48,671       $18.68        $21.84      $27.93      $53.58     128.97%   59.24%
Santa Jose MSA               Santa Clara                   7400     47-2161     Plasterers and Stucco Masons            $14.81     $21.06      $43,811       $17.07        $21.22      $25.78      $36.39     72.79%    41.69%
Santa Jose MSA               Santa Clara                   7400     47-2181     Roofers                                 $13.45     $20.53      $42,700       $16.27        $20.23      $25.02      $35.32     72.04%    42.72%
Vallejo-Fairfield-Napa MSA   Vallejo-Fairfield-Napa MSA    8720     47-2031     Carpenters                              $16.52     $22.30      $46,384       $18.63        $21.21      $26.40      $40.49     81.55%    47.61%
Vallejo-Fairfield-Napa MSA   Vallejo-Fairfield-Napa MSA    8720     47-2081     Drywall and Ceiling Tile Installers     $13.59     $18.33      $38,119       $16.03        $19.21      $21.29      $40.93     123.27%   53.06%
Vallejo-Fairfield-Napa MSA   Napa                          8720     47-2111     Electricians                            $18.98     $25.90      $53,860       $20.74        $26.16      $31.72      $41.70     61.00%    37.27%
Vallejo-Fairfield-Napa MSA   Solano                        8720     47-2111     Electricians                            $18.98     $25.90      $53,860       $20.74        $26.16      $31.72      $41.70     61.00%    37.27%
Vallejo-Fairfield-Napa MSA   Napa                          8720     47-2161     Plasterers and Stucco Masons            $12.36     $18.74      $38,979       $13.84        $18.58      $22.29      $34.26     82.82%    45.77%
Vallejo-Fairfield-Napa MSA   Solano                        8720     47-2161     Plasterers and Stucco Masons            $12.36     $18.74      $38,979       $13.84        $18.58      $22.29      $34.26     82.82%    45.77%
Vallejo-Fairfield-Napa MSA   Napa                          8720     47-2181     Roofers                                  $9.56     $16.14      $33,562       $10.57        $15.14      $21.48      $33.95     110.35%   55.41%
Vallejo-Fairfield-Napa MSA   Solano                        8720     47-2181     Roofers                                  $9.56     $16.14      $33,562       $10.57        $15.14      $21.48      $33.95     110.35%   55.41%


NOTES:                                                                                                                                                                                                        72.34%
(1) Standard Occupational Codes
(2) Actual wage data is accurate for the MSA level only for all occupations. The source of the data is the Occupational Employment Statistics Survey
done by the California Employment Development Department.
(3) Prevailing wage determinations are correct at the county level for electricians, plasterers and stucco masons, and roofers, and at the MSA level for
carpenters and drywall installers. These are from the superseded 2001 determinations from the Department of Industrial Relations. 2002
determinations are available, but for comparison purposes with actual wage data, 2001 determinations were used.
Total Labor/Total Cost                                  46.9%

Building costs for this house
This is an estimate for a single-family residence built under competitive conditions in
Zip area 941 San Francisco, California in July, 2003. This estimate includes a
foundation as required for normal soil conditions, excavation for foundation and piers
on a prepared building pad, floor, wall, interior and exterior finishes, roof cover,
interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish
plumbing, built-in appliances, supervision, design fees, permits, utility hook-ups, the
contractors' contingency, overhead and profit. Highly decorative, starkly original or
exceptionally well-appointed residences will cost more.

Item Name                           Material            Labor     Equipment        Total
Excavation                             0.00              0.01           0.00        0.01
Foundation, Piers,
Flatwork                                 0.02              0.04         0.00         0.06
Rough Hardware                           0.00              0.00         0.00         0.01
Masonry Frame                            0.07              0.11         0.01         0.18
Insulation                               0.01              0.01         0.00         0.02
Exterior Finish                          0.04              0.02         0.00         0.06
Exterior Trim                            0.00              0.00         0.00         0.01
Doors                                    0.01              0.01         0.00         0.01
Windows                                  0.01              0.01         0.00         0.02
Finish Hardware                          0.00              0.00         0.00         0.00
Garage Door                              0.00              0.00         0.00         0.00

Roofing, Flashing, Fascia                0.03              0.03         0.00         0.05
Finish Carpentry                         0.00              0.02         0.00         0.02
Interior Wall Finish                     0.02              0.03         0.00         0.05
Painting                                 0.01              0.03         0.00         0.04
Wiring                                   0.01              0.02         0.00         0.03
Lighting Fixtures                        0.01              0.00         0.00         0.01
Flooring                                 0.01              0.01         0.00         0.02
Carpeting                                0.02              0.01         0.00         0.02
Bath Accessories                         0.00              0.00         0.00         0.01

Shower & Tub Enclosure                   0.00              0.00         0.00         0.00
Countertops                              0.01              0.01         0.00         0.01
Cabinets                                 0.02              0.01         0.00         0.03
Built In Appliances                      0.01              0.00         0.00         0.01
Plumbing Rough-in and
Connection                               0.01              0.03         0.00         0.04
Plumbing Fixtures                        0.02              0.01         0.00         0.03
Heating and Cooling
Systems                                  0.03              0.05         0.00         0.08

Unit Heating and Cooling                 0.00              0.00         0.00         0.00

Fireplace and Chimney                    0.00              0.00         0.00         0.00


Subtotal Direct Job
Costs                                    0.37             0.47         0.02         0.85

Final Cleanup                            0.00              0.00         0.00         0.00
Insurance                                0.02              0.00         0.00         0.02
Permits & Utilities                      0.01              0.00         0.00         0.01
Plans & Specs                            0.00              0.00         0.00         0.00


Subtotal Indirect Job
Costs                                    0.04             0.00         0.00         0.04

Contractor Markup                        0.10              0.00         0.00         0.10


Total Cost                               0.51             0.47         0.02         1.00


Source: cost estimation website: http://www.building-cost.net/
Total Labor/Total Cost                            43.4%

Building costs for this house
This is an estimate for a single-family residence built under competitive
conditions in Zip area 900-901 Los Angeles, California in July, 2003. This
estimate includes a foundation as required for normal soil conditions,
excavation for foundation and piers on a prepared building pad, floor, wall,
interior and exterior finishes, roof cover, interior partitions, doors, windows,
trim, electric wiring and fixtures, rough and finish plumbing, built-in appliances,
supervision, design fees, permits, utility hook-ups, the contractors'
contingency, overhead and profit. Highly decorative, starkly original or

Item Name                     Material            Labor     Equipment        Total
Excavation                       0.00              0.01           0.00        0.01
Foundation, Piers,
Flatwork                            0.02            0.03          0.01        0.06
Rough Hardware                      0.00            0.00          0.00        0.01
Masonry Frame                       0.07            0.10          0.01        0.17
Insulation                          0.01            0.01          0.00        0.02
Exterior Finish                     0.04            0.02          0.00        0.06
Exterior Trim                       0.00            0.00          0.00        0.01
Doors                               0.01            0.01          0.00        0.01
Windows                             0.01            0.01          0.00        0.02
Finish Hardware                     0.00            0.00          0.00        0.00
Garage Door                         0.00            0.00          0.00        0.00
Roofing, Flashing,
Fascia                              0.03            0.02          0.00        0.05
Finish Carpentry                    0.00            0.02          0.00        0.02
Interior Wall Finish                0.02            0.03          0.00        0.05
Painting                            0.01            0.02          0.00        0.04
Wiring                              0.01            0.02          0.00        0.03
Lighting Fixtures                   0.01            0.00          0.00        0.01
Flooring                            0.01            0.01          0.00        0.02
Carpeting                           0.02            0.01          0.00        0.02
Bath Accessories                    0.00            0.00          0.00        0.01
Shower & Tub
Enclosure                           0.00            0.00          0.00        0.00
Countertops                         0.01            0.01          0.00        0.01
Cabinets                            0.03            0.01          0.00        0.03
Built In Appliances                 0.01            0.00          0.00        0.01
Plumbing Rough-in
and Connection                      0.01            0.03          0.00        0.04
Plumbing Fixtures                   0.02            0.01          0.00        0.03
Heating and Cooling
Systems                             0.03            0.05          0.00        0.08
Unit Heating and
Cooling                             0.00            0.00          0.00        0.00
Fireplace and
Chimney                             0.00            0.00          0.00        0.00


Subtotal Direct
Job Costs                          0.39             0.43         0.02         0.84

Final Cleanup                       0.00            0.00          0.00        0.00
Insurance                           0.02            0.00          0.00        0.02
Permits & Utilities                 0.02            0.00          0.00        0.02
Plans & Specs                       0.00            0.00          0.00        0.00


Subtotal Indirect
Job Costs                          0.04             0.00         0.00         0.05

Contractor Markup                   0.11            0.00          0.00        0.11


Total Cost                         0.55             0.43         0.02         1.00


Source: cost estimation website: http://www.building-cost.net/
                                                                                       Mean Hourly     Prevailing
           Geographical Location                 Occupational Title                     Wage (1)       Wage (2)
San Francisco MSA                                Carpenters                               $25.83          $40.49
San Francisco MSA                                Drywall and Ceiling Tile Installers      $26.67          $40.93
San Francisco County                             Electricians                             $29.01          $56.07
San Francisco County                             Plasterers and Stucco Masons             $23.68          $37.91
San Francisco County                             Roofers                                  $20.10          $34.14

Average Mean-Prevailing Wage Differential


(1) Actual wage data is accurate for the MSA level only for all occupations. The source of the data is the Occupational Employment
Statistics Survey done by the California Employment Development Department.


(2) Prevailing wage determinations are correct at the county level for electricians, plasterers and stucco masons, and roofers, and at the
MSA level for carpenters and drywall installers. These are from the superseded 2001 determinations from the Department of Industrial
Relations. 2002 determinations are available, but for comparison purposes with actual wage data, 2001 determinations were used.



Calculation of % change in cost:

Labor Portion of Total Cost                                                   46.9%
Increase in Labor Cost (Wage Differential)                                    66.7%
New Labor Portion of Total Cost                                               64.8%
Increase in Total Cost                                                        38.3%
               % Diff (Mean
                vs. Prev)
                   56.74%
                   53.45%
                   93.26%
                   60.09%
                   69.85%

                   66.68%


pational Employment



ns, and roofers, and at the
Department of Industrial
minations were used.
1) PCost = A + B*RCost
                          Model Summary
                                                          Std. Error
                                               Adjusted R
Model                R         R Square                     of the
                                                Square
                                                           Estimate
1                    .979(a)           0.958        0.957 1350123.62
a Predictors: (Constant), RCST


                                               ANOVA(b)
                                Sum of                           Mean
Model                                              df                         F            Sig.
                                Squares                         Square

             Regression
                               8.3603E+15                   1 8.3603E+15     4586.421       .000(a)
1
             Residual          3.7004E+14               203 1.8228E+12
             Total             8.7303E+15               204
a Predictors: (Constant), RCST
b Dependent Variable: PCST


                                           Coefficients(a)

                                                              Standardize
                                  Unstandardized
                                                                   d
                                   Coefficients                                t           Sig.
                                                              Coefficients

Model                              B           Std. Error        Beta

             (Constant)
1                              -181656.92 169899.038                           -1.069        0.286
             RCST                       1.66        0.025           0.979      67.723             0
a Dependent Variable: PCST




2) PCost = C + D*S&SCost
                          Model Summary
                                                          Std. Error
                                               Adjusted R
Model                R         R Square                     of the
                                                Square
                                                           Estimate
1                    .964(a)           0.929        0.929 1746054.07
a Predictors: (Constant), SSCST


                                               ANOVA(b)
                                Sum of                           Mean
Model                                              df                         F            Sig.
                                Squares                         Square

             Regression
                               8.1114E+15                   1 8.1114E+15     2660.615       .000(a)
1
             Residual          6.1889E+14               203 3.0487E+12
             Total             8.7303E+15               204
a Predictors: (Constant), SSCST
b Dependent Variable: PCST


                                           Coefficients(a)

                                                              Standardize
                                  Unstandardized
                                                                   d
                                   Coefficients                                t           Sig.
                                                              Coefficients

Model                              B           Std. Error        Beta

             (Constant)
1                              122764.155 217134.926                               0.565     0.572
             SSCST                     1.801        0.035           0.964      51.581             0
a Dependent Variable: PCST
3) RCost = E + F*S&SCost
                          Model Summary
                                                          Std. Error
                                               Adjusted R
Model                R         R Square                     of the
                                                Square
                                                          Estimate
1                    .976(a)           0.952        0.951 849450.53
a Predictors: (Constant), SSCST


                                               ANOVA(b)
                                Sum of                           Mean
Model                                              df                         F            Sig.
                                Squares                         Square

             Regression
                               2.8874E+15                   1 2.8874E+15     4001.598       .000(a)
1
             Residual          1.4648E+14               203 7.2157E+11
             Total             3.0339E+15               204
a Predictors: (Constant), SSCST
b Dependent Variable: RCST


                                           Coefficients(a)

                                                              Standardize
                                  Unstandardized
                                                                   d
                                   Coefficients                                t           Sig.
                                                              Coefficients

Model                              B           Std. Error        Beta

             (Constant)
1                              236904.877 105635.548                               2.243     0.026
             SSCST                     1.075        0.017           0.976      63.258             0
a Dependent Variable: RCST
funding     # units $ per unit % inc in cost $ per unit*cost inc new # units Diff   % chg    Notes
 52,078,900 5,228       9,962           0.09              10,858       4,796    432 (0.08)
 52,078,900 5,228       9,962           0.20              11,939       4,362    866 (0.17)
 52,078,900 5,228       9,962           0.31              13,020       4,000 1,228 (0.23)
 72,910,460 7,319       9,962           0.31              13,020       5,600 1,719 (0.23)    (funding is 2001 amt * (1.75/1.25)
                                      Backup 1
                      Extended Models of Total Construction Costs
                           Instrumental Variables Estimates
                          Dependent Variables in Logarithms

                            Site and Structure          Residential
           Variable                Cost               Construction Cost   Project Cost
Prevailing Wage                   0.299                    0.302             0.292
                                  (2.59)                   (3.01)            (3.14)

Log Units                         0.887                     0.905            0.894
                                 (31.98)                   (37.28)          (40.05)

Affordability                    -0.412                    -0.318           -0.238
                                 (3.12)                    (2.71)           (2.24)
Targeting
    Non targeted                 -0.216                    -0.133           -0.123
                                 (3.33)                    (2.36)           (2.36)

     Senior                      -0.200                    -0.201           -0.199
                                 (4.26)                    (4.89)           (5.28)

     SRO                         -0.648                    -0.577           -0.608
                                 (5.59)                    (5.74)           (6.52)

     Needs                       -0.104                    -0.198           -0.146
                                 (1.12)                    (2.46)           (1.96)

Set Aside                         0.015                    -0.032           -0.028
                                  (0.17)                    0.40             0.38

High Cost                        -0.046                    -0.021           -0.023
                                 (1.22)                    (0.66)           (0.76)

Elevator                          0.045                    0.013             0.005
                                  (0.91)                   (0.29)            (0.12)

Density                           0.001                    0.000             0.000
                                  (1.11)                   (0.73)            0.31

Time                              4.071                    5.886             5.247
                                  (2.41)                   (4.02)            (3.86)

Three Stories                     0.004                    -0.048           -0.024
                                  (0.06)                    0.79             0.43

Child Care                        0.050                    0.169             0.126
                                  (0.60)                   (2.38)            (1.90)

Parking                           0.113                    0.147             0.135
                                  (1.86)                   (2.79)            (2.76)

Three Bedrooms                    0.128                    0.099             0.068
                                  (3.34)                   (2.97)            (2.20)

                                                 27
                                     Backup 1
                     Extended Models of Total Construction Costs
                          Instrumental Variables Estimates
                         Dependent Variables in Logarithms

                           Site and Structure          Residential
          Variable                Cost               Construction Cost   Project Cost
Island                           0.774                     0.764            0.523
                                 (3.55)                   (4.04)            (2.98)

Special Facilities              -0.276                    -0.034           -0.025
                                (2.38)                    (0.34)           (0.27)

Mitigation                      -0.016                    0.163             0.109
                                (0.21)                    2.43              1.74

Urban                           -0.063                    -0.047           -0.050
                                (1.47)                    (1.27)           (1.46)
Applicant
    CORP                         0.156                    0.077             0.059
                                 (1.98)                   (1.12)            (0.93)

     LP                          0.031                    -0.048            0.005
                                 (0.64)                    1.14             (0.13)

     SP                          0.510                    0.330             0.478
                                 (2.71)                   (2.02)            (3.16)

     JV                         -0.004                    -0.001            0.984
                                (0.02)                    (0.74)            (0.99)

Developer
    JV                          -0.107                    -0.077            0.024
                                (2.27)                    (1.27)            (1.01)

     For Profit                 -0.146                    -0.090           -0.068
                                (2.80)                    (1.99)           (1.62)

Funding                         -0.315                    -0.166           -0.063
                                (2.67)                    (1.63)           (0.67)

Sources                          0.016                    0.003             0.004
                                 (1.39)                   (0.25)            (0.38)

Bonds                           -0.146                    -0.090           -0.068
                                (2.80)                    (1.99)           (1.62)

Structure
     Townhouse                   0.147                    0.165             0.129
                                 (2.91)                   (3.73)            (3.16)

     Cooperative                 0.781                    0.720             0.529
                                 (3.13)                   (3.33)            (2.63)

     Two Stories                 0.061                    0.066             0.042
                                 (1.37)         28        (1.71)            (1.18)
                                           Backup 1
                           Extended Models of Total Construction Costs
                                Instrumental Variables Estimates
                               Dependent Variables in Logarithms

                                 Site and Structure          Residential
            Variable                    Cost               Construction Cost   Project Cost

         Single Family                 0.436                    0.428             0.329
                                       (2.78)                   (3.14)            (2.61)

Infill                                 0.172                    0.152             0.111
                                       (3.00)                   (3.02)            (2.40)

Location
    San Francisco                      0.237                    0.232             0.358
                                       (2.99)                   (3.36)            (5.60)

         Sacramento                    0.138                    0.128             0.160
                                       (1.49)                   (1.59)            (2.14)

         Fresno                        0.003                    0.023            -0.036
                                       (0.03)                   (0.26)           (0.44)

         Bakersfield                  -0.119                    -0.151           -0.117
                                      (1.09)                    (1.60)           (1.33)

         Los Angeles                   0.118                    0.106             0.158
                                       (1.51)                   (1.56)            (2.51)

         Merced                       -0.056                    -0.059           -0.036
                                      (0.45)                    (0.55)           (0.36)

         Salinas                       0.152                    0.042             0.153
                                       (1.17)                   (0.38)            (1.47)

         San Diego                     0.076                    0.046             0.196
                                       (0.80)                   (0.55)            (2.54)

         San Luis Obispo               0.061                    0.065             0.190
                                       (0.49)                   (0.60)            (1.89)

         Santa Barbara                -0.096                    -0.208            0.007
                                      (0.67)                    (1.67)            (0.06)

         Redding                       0.218                    0.177             0.156
                                       (1.38)                   (1.29)            (1.23)

         Modesto                       0.070                    0.063             0.026
                                       (0.43)                   (0.44)            (0.19)

         Yuba City                     0.041                    -0.066           -0.052
                                       (0.19)                   (0.35)           (0.30)

         Visalia                       0.058                    -0.003           -0.092
                                       (0.45)         29        (0.03)           (0.90)
                                          Backup 1
                          Extended Models of Total Construction Costs
                               Instrumental Variables Estimates
                              Dependent Variables in Logarithms

                                Site and Structure          Residential
           Variable                    Cost               Construction Cost   Project Cost

Constant                              7.453                    5.558             6.608
                                      (4.19)                   (3.60)            (4.61)

R2                                    0.939                    0.954             0.960

Note: t-ratios in parentheses




                                                     30
                                  Backup 2
                      Extended Models of Construction
                                Cost per Unit
                       Instrumental Variables Estimates
                      Dependent Variables in Logarithms

                       Site and Structure          Residential
           Variable           Cost               Construction Cost   Project Cost
Prevailing Wage              0.316                    0.310             0.307
                             (2.62)                   (2.96)            (3.11)

Affordability               -0.341                    -0.250           -0.171
                            (2.51)                    (2.09)           (1.55)
Targeting
    Non targeted            -0.201                    -0.122           -0.110
                            (3.01)                    (2.09)           (2.01)

     Senior                 -0.212                    -0.215           -0.211
                            (4.37)                    (5.08)           (5.33)

     SRO                    -0.681                    -0.608           -0.640
                            (5.69)                    (5.87)           (6.55)

     Needs                  -0.105                    -0.197           -0.146
                            (1.09)                    (2.36)           (1.87)

Set Aside                    0.016                    -0.028           -0.027
                             (0.17)                   (0.34)           (0.35)

High Cost                   -0.030                    -0.010           -0.008
                            (0.78)                    (0.30)           (0.25)

Elevator                     0.039                    0.009             0.000
                             (0.77)                   (0.20)            (0.00)

Density                      0.001                    0.000             0.000
                             (0.95)                   (0.63)            (0.43)

Time                         3.555                    5.546             4.773
                             (2.02)                   (3.65)            (3.33)

Three Stories               -0.014                    -0.063           -0.041
                            (0.19)                    (1.01)           (0.69)

Child Care                   0.028                    0.154             0.106
                             (0.32)                   (2.08)            (1.52)

Parking                      0.161                    0.186             0.180
                             (2.61)                   (3.48)            (3.57)

Three Bedrooms               0.147                    0.115             0.086
                             (3.72)                   (3.38)            (2.66)

Island                       0.769                    0.756             0.518
                             (3.40)                   (3.86)            (2.80)
                                            31
                                 Backup 2
                     Extended Models of Construction
                               Cost per Unit
                      Instrumental Variables Estimates
                     Dependent Variables in Logarithms

                      Site and Structure          Residential
          Variable           Cost               Construction Cost   Project Cost

Special Facilities         -0.318                    -0.070           -0.064
                           (2.65)                    (0.67)           (0.65)

Mitigation                 -0.027                    0.154             0.098
                           (0.34)                    (2.22)            (1.49)

Urban                       0.000                    0.000             0.000
                            (0.03)                   (0.00)            (0.12)
Applicant
    CORP                    0.154                    0.076             0.057
                            (1.89)                   (1.06)            (0.85)

     LP                     0.034                    -0.045            0.008
                            (0.68)                   (1.02)            (0.19)

     SP                     0.421                    0.252             0.393
                            (2.19)                   (1.52)            (2.51)

     JV                     0.000                    -0.103           -0.136
                            (0.00)                   (0.65)           (0.92)

Developer
    JV                     -0.140                    -0.079           -0.069
                           (2.91)                    (1.91)           (1.75)

     For Profit            -0.183                    -0.122           -0.102
                           (3.44)                    (2.65)           (2.35)

Funding                    -0.177                    -0.048            0.067
                           (1.56)                    (0.49)            (0.72)

Sources                     0.014                    0.000             0.002
                            (1.16)                   (0.04)            (0.16)

Bonds                      -0.107                    -0.082           -0.091
                           (2.45)                    (2.17)           (2.57)

Structure
     Townhouse              0.163                    0.178             0.143
                            (3.10)                   (3.92)            (3.35)

     Cooperative            1.009                    0.913             0.741
                            (3.97)                   (4.16)            (3.58)

     Two Stories            0.067                    0.074             0.048
                            (1.45)                   (1.84)            (1.27)
                                           32
                                       Backup 2
                           Extended Models of Construction
                                     Cost per Unit
                            Instrumental Variables Estimates
                           Dependent Variables in Logarithms

                            Site and Structure          Residential
            Variable               Cost               Construction Cost   Project Cost

         Single Family            0.486                    0.470             0.376
                                  (2.98)                   (3.33)            (2.83)

Infill                            0.201                    0.172             0.138
                                  (3.37)                   (3.31)            (2.83)

Location
    San Francisco                 0.215                    0.211             0.337
                                  (2.61)                   (2.95)            (5.02)

         Sacramento               0.145                    0.131             0.167
                                  (1.50)                   (1.57)            (2.12)

         Fresno                   0.043                    0.054             0.001
                                  (0.41)                   (0.60)            (0.01)

         Bakersfield             -0.122                    -0.155           -0.120
                                 (1.08)                    (1.59)           (1.30)

         Los Angeles              0.112                    0.100             0.152
                                  (1.38)                   (1.43)            (2.30)

         Merced                  -0.031                    -0.040           -0.012
                                 (0.24)                    (0.36)           (0.12)

         Salinas                  0.164                    0.051             0.165
                                  (1.22)                   (0.44)            (1.50)

         San Diego                0.075                    0.040             0.194
                                  (0.75)                   (0.46)            (2.39)

         San Luis Obispo          0.186                    0.169             0.306
                                  (1.46)                   (1.54)            (2.95)

         Santa Barbara           -0.073                    -0.190            0.029
                                 (0.49)                    (1.47)            (0.24)

         Redding                  0.226                    0.180             0.164
                                  (1.38)                   (1.27)            (1.23)

         Modesto                  0.070                    0.061             0.026
                                  (0.41)                   (0.41)            (0.19)

         Yuba City               -0.010                    -0.113           -0.100
                                 (0.04)                    (0.59)           (0.55)

                                                 33
                                            Backup 2
                                Extended Models of Construction
                                          Cost per Unit
                                 Instrumental Variables Estimates
                                Dependent Variables in Logarithms

                                 Site and Structure          Residential
        Variable                        Cost               Construction Cost   Project Cost
     Visalia                           0.071                     0.004            -0.080
                                       (0.53)                   (0.03)            (0.74)

Constant                               7.488                    5.481             6.630
                                       (4.05)                   (3.43)            (4.40)

R2                                     0.755                    0.810             0.818

Note: t-ratios in parentheses




                                                      34
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                               Descriptives                   35 of 52



                                                           Std.
             N         Minimum     Maximum     Mean
                                                         Deviation
PW_YES           205        0.00        1.00      0.20          0.40
AFFORD           205        0.20        1.00      0.95         0.14
TYPE_NO          205        0.00        1.00      0.09         0.28
TYPE_SE          205        0.00        1.00      0.28         0.45
TYPE_SI          205        0.00        1.00      0.02         0.15
TYPE_SP          205        0.00        1.00      0.04         0.21
TYPE_LF          205        0.00        1.00      0.57         0.50
MIN_SET          205        0.00        1.00      0.03         0.18
HIGH_COS         205        0.00        1.00      0.52         0.50
ELEVATOR         205        0.00        1.00      0.34         0.48
DENSITY          205        0.60      345.20     31.97        38.96
PIS_IND          205        1.00        1.07      1.05         0.01
PIS_DAYS         205        0.00        2466      1700          376
THR_STOR         205        0.00        1.00      0.12         0.32
CHLD_CR          205        0.00        1.00      0.04         0.21
PK_UNDER         205        0.00        1.00      0.17         0.37
THR_BR           205        0.00        1.00      0.31         0.46
ISLAND           205        0.00        1.00      0.00         0.07
SPEC_NDS         205        0.00        1.00      0.03         0.18
ENV_MIT          205        0.00        1.00      0.05         0.23
URBAN            205        0.00        1.00      0.98         0.12
APP_CORP         205        0.00        1.00      0.06         0.24
APP_LP           205        0.00        1.00      0.69         0.46
APP_SP           205        0.00        1.00      0.01         0.10
APP_JV           205        0.00        1.00      0.01         0.10
DEV_JV           205        0.00        1.00      0.36         0.48
DEV_FP           205        0.00        1.00      0.22         0.42
APP_NP           205        0.00        1.00      0.22         0.42
DEV_NP           205        0.00        1.00      0.41         0.49
PCT_PUBL         205        0.00        0.84      0.19         0.21
SOURCES          205        1.00        8.00      3.63         1.45
TE_BOND          205        0.00        1.00      0.40         0.49
STR_TNHS         205        0.00        1.00      0.18         0.39
STR_COOP         205        0.00        1.00      0.00         0.07
STR_TWO          205        0.00        1.00      0.50         0.50
STR_SF           205        0.00        1.00      0.01         0.10
INNR_CTY         205        0.00        1.00      0.15         0.35
OTHER            205        0.00        1.00      0.04         0.21
SF_O_SJ          205        0.00        1.00      0.25         0.43
C_P              205        0.00        0.00      0.00         0.00
S_Y              205        0.00        1.00      0.09         0.28

                                                                                      printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                   Descriptives                   36 of 52


                                                               Std.
             N         Minimum      Maximum      Mean
                                                             Deviation
FRES             205         0.00         1.00        0.04          0.19
BAKER            205         0.00         1.00        0.03         0.18
LA_R_OC          205         0.00         1.00        0.34         0.47
MERCED           205         0.00         1.00        0.02         0.14
SALINAS          205         0.00         1.00        0.02         0.15
SAN_DIEG         205         0.00         1.00        0.08         0.27
S_L              205         0.00         0.00        0.00         0.00
SLO_A_PR         205         0.00         1.00        0.02         0.15
SB_SM_L          205         0.00         1.00        0.02         0.14
REDDING          205         0.00         1.00        0.01         0.10
MODESTO          205         0.00         1.00        0.01         0.10
YUBA             205         0.00         1.00        0.00         0.07
V_T_P            205         0.00         1.00        0.02         0.14
NUMADJAC         205         1.00        78.00        7.44         9.49
@S_PR199         205         0.24         0.73        0.39         0.08
@S_PR107         205         0.31         0.78        0.53         0.09
@S_PR168         205         0.17         0.70        0.42         0.10
@S_PR155         205         0.20         0.71        0.50         0.12
@S_PR156         205         0.22         0.71        0.48         0.09
@S_PR157         205         0.19         0.73        0.33         0.13
@S_PR160         205         0.26         0.66        0.50         0.07
@S_PR164         205         0.22         0.75        0.58         0.12
@S_PR167         205         0.24         0.61        0.41         0.07
PCT_DEM          205         0.29         0.89        0.60         0.13
P210Y            205         0.41         0.89        0.65         0.09
AGE40            205         0.12         0.60        0.34         0.06
IND_PCT          205         0.09         0.54        0.34         0.07
OCC_PCT          205         0.09         0.59        0.26         0.07
OWN_PCT          205         0.17         0.88        0.55         0.13
UNIONMEM         205         0.00         0.31        0.17         0.06
UNITS            205         7.00      306.00       82.79         56.41
SQFT             205       5,994      307,512      77,677        53,079
PCST             205    1,067,339   42,724,643   9,389,565    6,541,840
RCST             205       2,435    23,877,415   5,765,770    3,856,428
SSCST            205     522,763    23,553,604   5,144,911    3,500,916
PC_U             205      54,756      275,643     124,458        42,133
RC_U             205          66      172,925      77,015        28,219
SC_U             205      19,898      153,590      68,705        24,389
STR_GDN          205         0.00         1.00        0.31         0.46
Valid N
(listwise)       205



                                                                                          printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                     Variable Names                                                                           37 of 52


Short Name    Long Name                                       Description
         OBS# Observation Number
       PW_YES Prevailing Wage                                 One if prevailing wages were paid as a result of federal, state or local
                                                              requirements, zero otherwise
      PRED_PW      Predicted PW                               Predicted value of PW variable from 2SLS model
        AFFORD     Affordability                              Fraction of units in project that meet affordability guidelines
      TYPE_NO      Type -- Non-targeted                       One if units are not targeted to a specific population, zero otherwise
       TYPE_SE     Type -- Senior                             One if units are targeted to seniors, zero otherwise
        TYPE_SI    Type -- Single Room Occupancy              One if units are single room occupancy, zero otherwise
       TYPE_SP     Type -- Special Needs                      One if units are targeted to special needs populations, zero otherwise
       MIN_SET     Minimum Setaside                           One if at least 20 percent of units are affordable to applicants with incomes
                                                              at one half of area median income (AMI); zero if at least 40 percent of units
                                                              are affordable to applicants with incomes at 60 percent of AMI

     HIGH_COS      HUD High Cost Designation Area             One if project is in a HUD High Cost Designation Area, zero otherwise
     ELEVATOR      Elevator                                   One if project contains at least one elevator, zero otherwise
       DENSITY     Density                                    Number of units per acre
        PIS_IND    Placed In Service Date                     Occupancy date. Elapsed time in days from July 19, 1995
     THR_STOR      Three stories or more                      One if project contains buildings with three or more stories, zero otherwise

       CHLD_CR     Childcare facilities                       One if project contains childcare facilities on site, zero otherwise
     PK_UNDER      Parking beneath structure                  One if project contains parking beneath the structure, zero otherwise
         THR_BR    50% of units have 3 or more bedrooms       One if ≥50% of units have ≥3 bedrooms, zero otherwise
          ISLAND   Island                                     One if project is on an island, zero otherwise
     SPEC_NDS      Special Needs                              One if project contains special needs facilities, zero otherwise
        ENV_MIT    Environmental Mitigation                   One if project req'd substantial environmental mitigation, zero otherwise
H005-urban%        Percent of housing units in urban area     Fraction of housing units classified as urban in 1990 Census
                                                              using place level data
     APP_CORP      Applicant -- Corporation                   One if applicant is a corporation, zero otherwise
         APP_LP    Applicant -- Limited Partnership           One if applicant is a limited partnership, zero otherwise
        APP_SP     Applicant -- Sole Proprietorship           One if applicant is a sole proprietorship, zero otherwise
         APP_JV    Applicant -- Joint Venture                 One if applicant is a joint venture, zero otherwise
         DEV_JV    Developer -- Joint Venture                 One if developer is a joint venture, zero otherwise
        DEV_FP     Developer -- For Profit                    One if developer is a for-profit organization, zero otherwise
        APP_NP     Applicant -- Non-profit                    One if applicant is a non-profit organization, zero otherwise
        DEV_NP     Developer -- Non-profit                    One if developer is a non-profit organization, zero otherwise
      PCT_PUBL     % of Funding from public sources           Fraction of project funding from public sources
      SOURCES      Number of Funding Sources                  Number of different funding sources
       TE_BOND     TCAC-Designated Tax-exempt Bond Project    One if project received tax-exempt bond finance
     STR_TNHS      Structure -- Townhouse                     One if project is a townhouse, zero otherwise
     STR_COOP      Structure -- Coop                          One if project is a cooperative, zero otherwise
      STR_TWO      Structure -- Two or more story             One if project has two or more stories, zero otherwise
        STR_SF     Structure -- Single family detached        One if project is single family detached, zero otherwise
      INNR_CTY     Inner City Infill Site                     One if development is an inner city infill site, zero otherwise
                                                                                                                                      printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                             Variable Names                                                                     38 of 52


Short Name       Long Name                                            Description
        SF_O_SJ San Francisco-Oakland-San Jose, CA CMSA               One if development is in San Francisco, Oakland, San Jose CMSA
             S_Y Sacramento-Yolo, CA CMSA                             One if development is in Sacramento MSA
            FRES Fresno, CA MSA                                       One if development is in Fresno MSA
          BAKER Bakersfield, CA MSA                                   One if development is in Bakersfield MSA
        LA_R_OC Los Angeles-Riverside-Orange County, CA               One if development is in Los Angeles, Riverside, Orange County CMSA
        MERCED Merced, CA MSA                                         One if development is in Merced MSA
         SALINAS Salinas, CA MSA                                      One if development is in Salinas, Seaside, Monterrey MSA
       SAN_DIEG San Diego, CA MSA                                     One if development is in San Diego MSA
      SLO_A_PR San Luis Obispo-Atascadero-Paso Robles                 One if development is in San Luis Obispo, Atascadero, Paso Robles MSA
        SB_SM_L Santa Barbara-Santa Maria-Lompoc, CA MS               One if development is in Santa Barbara, Santa Maria-Lompoc MSA
        REDDING Redding, CA MSA                                       One if development is in Redding MSA
       MODESTO Modesto, CA MSA                                        One if development is in Modesto MSA
            YUBA Yuba City, CA MSA                                    One if development is in Yuba City MSA
           V_T_P Visalia-Tulare-Porterville, CA MSA                   One if development is in Visalia, Tulare, Porterville MSA
Dependent Variables
        PCST_SF Residential Project Cost Per Square Foot              Millions of Dollars
       PCST_UNI Residential Project Cost Per Unit
        RCST_BR Residential Construction Cost Per Bedroom
         RCST_LI Residential Construction Cost Per Low-Income Unit
        RCST_SF Residential Construction Cost Per Square Foot         Millions of Dollars
       RCST_UNI Residential Construction Cost Per Unit
      SSCST_SF Site and Structures Cost Per Square Foot
      SSCST_UN Site and Structures Cost Per Unit                      Millions of Dollars
Instruments
NUMADJAC         Number of Adjacent Jurisdictions
@S_PR199         Fraction Yes Vote on Prop 199
@S_PR107         Fraction Yes Vote on Prop 107
@S_PR168         Fraction Yes Vote on Prop 168
@S_PR155         Fraction Yes Vote on Prop 155
@S_PR156         Fraction Yes Vote on Prop 156
@S_PR157         Fraction Yes Vote on Prop 157
@S_PR160         Fraction Yes Vote on Prop 160
@S_PR164         Fraction Yes Vote on Prop 164
@S_PR167         Fraction Yes Vote on Prop 167
% dem            Percent of voters registered as Democrats
P210%Y           Fraction Yes Vote on Prop 210
P013-age%        Percent of population over 40 years old
P077-ind%        Percent working in highly unionized industries
P078-occ%        Percent working in highly unionized occupations
H008-own%        Percent of housing units owner-occupied
unionmem         Union Density



                                                                                                                                        printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                       2SLS-A (ln cost)                                                                                       39 of 52


Dependent Variable: PW_YES

Model Summary
                                       Adjusted R   Std. Error of the
      R                R Square
                                        Square         Estimate
          .717(a)              0.514          0.297             0.336


ANOVA
                    Sum of Squares         df           Mean Square         F        Sig.

Regression                    16.861              63              0.268     2.368    .000(a)
Residual                      15.939             141              0.113
Total                           32.8             204



Coefficients
                                                        Standardized
                     Unstandardized Coefficients
                                                        Coefficients                            Coefficients, cont
                                                                            t        Sig.
                                                                                                                                                  Standardized
                          B            Std. Error          Beta                                               Unstandardized Coefficients
                                                                                                                                                  Coefficients      t        Sig.
(Constant)                     -5.47            3.369                       -1.623    0.107                          B            Std. Error          Beta
AFFORD                         0.212            0.244              0.074     0.867    0.388     INNR_CTY              -0.129              0.103            -0.114    -1.25    0.213
TYPE_NO                        0.264            0.106              0.187     2.498    0.014     SF_O_SJ            6.03E-03                0.12             0.007     0.05     0.96
TYPE_SE                   -9.65E-02             0.088             -0.108    -1.103    0.272     S_Y               -6.80E-02               0.191            -0.048   -0.356    0.723
TYPE_SI                       -0.307            0.213             -0.118    -1.437    0.153     FRES                  -0.231              0.207            -0.112   -1.119    0.265
TYPE_SP                        0.297            0.156              0.152     1.903    0.059     BAKER                  -0.31              0.264            -0.141   -1.174    0.243
MIN_SET                    5.39E-02             0.171              0.024     0.315    0.753     MERCED                 0.284              0.333             0.098    0.855    0.394
HIGH_COS                  -6.36E-03             0.073             -0.008    -0.087    0.931     SALINAS            3.09E-02               0.256             0.012    0.121    0.904
ELEVATOR                  -3.85E-02             0.093             -0.046    -0.416    0.678     SAN_DIEG          -7.14E-02               0.163            -0.048   -0.437    0.663
DENSITY                    7.37E-04             0.001              0.072     0.631    0.529     SLO_A_PR          -2.35E-02               0.267            -0.009   -0.088     0.93
LN_UNITS                   5.25E-02             0.052                 0.1    1.009    0.315     SB_SM_L               -0.214              0.237            -0.074   -0.902    0.368
PIS_IND                        5.386            3.072              0.145     1.753    0.082     REDDING                0.298               0.33             0.073    0.902    0.369
THR_STOR                       0.144            0.122              0.115     1.173    0.243     MODESTO                0.185              0.357             0.045    0.518    0.605
CHLD_CR                        0.105            0.148              0.054     0.711    0.478     YUBA                   -0.34              0.454            -0.059   -0.748    0.456
PK_UNDER                   1.54E-04             0.115                   0    0.001    0.999     V_T_P                  -0.11              0.249            -0.038    -0.44    0.661
THR_BR                    -6.39E-02             0.072             -0.074    -0.888    0.376     NUMADJAC           1.68E-03               0.004              0.04    0.398    0.691
ISLAND                        -0.658            0.425             -0.115    -1.548    0.124     @S_PR199           5.70E-02               0.589             0.011    0.097    0.923
SPEC_NDS                  -1.33E-02             0.214             -0.006    -0.062    0.951     @S_PR107               1.084              0.883             0.255    1.229    0.221
ENV_MIT                        -0.14            0.137             -0.079     -1.02    0.309     @S_PR168                 -1.306          0.822             -0.326   -1.589    0.114
URBAN                     -1.84E-03             0.003             -0.055    -0.731    0.466     @S_PR155                 -0.973          0.948             -0.294   -1.026    0.307
PCT_PUBL                       0.602            0.189              0.308     3.178    0.002     @S_PR156                  0.757          0.884              0.169    0.856    0.393
SOURCES                   -8.14E-03             0.022             -0.029    -0.378    0.706     @S_PR157                 -0.427           1.05             -0.135   -0.406    0.685
TE_BOND                    8.55E-02             0.076              0.104     1.121    0.264     @S_PR160                  1.762          0.997              0.296    1.767    0.079
APP_CORP                      -0.219            0.137             -0.133    -1.601    0.112     @S_PR164                 -0.776          0.875             -0.227   -0.887    0.377
APP_LP                        -0.187            0.088             -0.215    -2.115    0.036     @S_PR167                 -1.724          1.049             -0.294   -1.644    0.102
APP_SP                        -0.724            0.379             -0.178    -1.911    0.058     PCT_DEM                  -1.102          0.845              -0.37   -1.305    0.194
APP_JV                         0.635            0.289              0.156     2.199     0.03     P210Y                      1.77          1.203              0.416    1.471    0.143
DEV_JV                    -6.21E-02             0.091             -0.075    -0.679    0.498     AGE40                    -0.117          0.626             -0.018   -0.187    0.852
DEV_FP                    -4.47E-02             0.104             -0.047    -0.431    0.667     IND_PCT                   0.836           0.64              0.148    1.307    0.193
STR_TNHS                   1.67E-02             0.093              0.016      0.18    0.857     OCC_PCT                  -1.093          0.681             -0.186   -1.605    0.111
STR_COOP                  -5.57E-02             0.445              -0.01    -0.125    0.901     OWN_PCT                  -0.717          0.427             -0.238    -1.68    0.095
STR_TWO                    6.36E-02              0.08               0.08     0.796    0.427     UNIONMEM                  1.667          1.299              0.259    1.283    0.202
STR_SF                        -0.226            0.274             -0.056    -0.828    0.409

                                                                                                                                                                                      printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                2SLS-A (ln cost per unit)                                                                                 40 of 52


Dependent Variable: PW_YES

Model Summary
                                        Adjusted R   Std. Error of the
      R                R Square
                                         Square         Estimate
          .715(a)              0.511           0.297             0.336


ANOVA
                    Sum of Squares          df           Mean Square        F        Sig.

Regression                    16.746               62               0.27    2.389    .000(a)
Residual                      16.054              142              0.113
Total                           32.8              204



Coefficients
                                                         Standardized
                     Unstandardized Coefficients
                                                         Coefficients                          Coefficients, cont
                                                                            t        Sig.
                                                                                                                                              Standardized
                          B             Std. Error          Beta                                             Unstandardized Coefficients
                                                                                                                                              Coefficients      t        Sig.
(Constant)                    -5.739             3.359                      -1.709     0.09                      B            Std. Error          Beta
AFFORD                         0.177             0.242              0.062    0.734    0.464    SF_O_SJ            2.64E-02            0.118             0.029    0.224    0.823
TYPE_NO                         0.26             0.106              0.184    2.463    0.015    S_Y               -3.56E-02            0.188            -0.025   -0.189    0.851
TYPE_SE                   -9.47E-02              0.088             -0.106   -1.083    0.281    FRES                  -0.219           0.206            -0.106   -1.064    0.289
TYPE_SI                          -0.3            0.213             -0.116   -1.406    0.162    BAKER                 -0.267           0.261            -0.121   -1.024    0.308
TYPE_SP                        0.296             0.156              0.151    1.895     0.06    MERCED                 0.247           0.331             0.085    0.748    0.456
MIN_SET                    4.83E-02              0.171              0.022    0.282    0.778    SALINAS            4.41E-02            0.256             0.017    0.172    0.863
HIGH_COS                  -6.24E-03              0.073             -0.008   -0.085    0.932    SAN_DIEG          -9.03E-02            0.162            -0.061   -0.556    0.579
ELEVATOR                  -3.07E-02              0.092             -0.036   -0.332     0.74    SLO_A_PR              -0.107           0.253            -0.041   -0.421    0.674
DENSITY                    8.37E-04              0.001              0.081     0.72    0.473    SB_SM_L               -0.224           0.237            -0.077   -0.945    0.346
PIS_IND                         5.75             3.051              0.155    1.885    0.061    REDDING                0.286            0.33              0.07    0.869    0.387
THR_STOR                       0.151             0.122              0.121    1.235    0.219    MODESTO                0.218           0.356             0.053    0.611    0.542
CHLD_CR                        0.117             0.147               0.06    0.795    0.428    YUBA                  -0.264           0.448            -0.046   -0.589    0.557
PK_UNDER                  -1.73E-02              0.113             -0.016   -0.152    0.879    V_T_P                 -0.102           0.249            -0.035    -0.41    0.683
THR_BR                    -6.99E-02              0.072             -0.081   -0.974    0.332    NUMADJAC           2.04E-03            0.004             0.048    0.485    0.629
ISLAND                        -0.646             0.425             -0.113   -1.521     0.13    @S_PR199          -1.27E-02            0.585            -0.002   -0.022    0.983
SPEC_NDS                   1.14E-02              0.213              0.005    0.053    0.957    @S_PR107                1.09           0.883             0.257    1.235    0.219
ENV_MIT                       -0.132             0.137             -0.074   -0.963    0.337    @S_PR168              -1.283           0.821             -0.32   -1.562     0.12
URBAN                     -1.47E-03              0.002             -0.044    -0.59    0.556    @S_PR155             -0.877           0.943             -0.265    -0.93    0.354
PCT_PUBL                       0.541             0.179              0.277    3.013    0.003    @S_PR156              0.723           0.883              0.161    0.819    0.414
SOURCES                   -6.43E-03              0.021             -0.023   -0.299    0.765    @S_PR157             -0.275           1.039             -0.087   -0.264    0.792
TE_BOND                        0.107             0.073               0.13    1.456    0.148    @S_PR160              1.734           0.997              0.291     1.74    0.084
APP_CORP                      -0.218             0.137             -0.133   -1.597    0.113    @S_PR164             -0.617           0.861              -0.18   -0.716    0.475
APP_LP                        -0.189             0.088             -0.219   -2.145    0.034    @S_PR167              -1.73           1.049             -0.295   -1.649    0.101
APP_SP                        -0.694             0.378              -0.17   -1.836    0.068    PCT_DEM              -1.136           0.844             -0.381   -1.346    0.181
APP_JV                         0.617             0.288              0.152    2.141    0.034    P210Y                 1.769           1.203              0.415     1.47    0.144
DEV_JV                    -4.33E-02               0.09             -0.052   -0.483     0.63    AGE40                -0.209           0.619             -0.033   -0.337    0.737
DEV_FP                    -2.62E-02              0.102             -0.027   -0.256    0.798    IND_PCT               0.841            0.64              0.149    1.314    0.191
STR_TNHS                   1.13E-02              0.092              0.011    0.122    0.903    OCC_PCT              -1.065           0.681             -0.181   -1.565     0.12
STR_COOP                      -0.156             0.434             -0.027   -0.359     0.72    OWN_PCT              -0.682           0.426             -0.227   -1.603    0.111
STR_TWO                    5.95E-02               0.08              0.074    0.746    0.457    UNIONMEM              1.446           1.281              0.225    1.129    0.261
STR_SF                        -0.247             0.273             -0.061   -0.906    0.366
INNR_CTY                      -0.142             0.102             -0.125   -1.382    0.169

                                                                                                                                                                                  printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                        2SLS-B (ln cost per unit)                                                                                                                            41 of 52




Dependent Variable: RCST/UNIT                                                                Dependent Variable: RCST/UNIT                                                               Dependent Variable: RCST/UNIT

Model Summary                                                                                Model Summary                                                                               Model Summary
                                    Adjusted R       Std. Error of the                                                        Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
       R               R Square                                                                    R             R Square                                                                      R             R Square
                                     Square             Estimate                                                               Square       Estimate                                                                       Square       Estimate
             .900(a)           0.81       0.752           0.170864869                                  .889(a)          0.791       0.745     0.173290083                                          .853(a)          0.728       0.694     0.189914749


ANOVA                                                                                        ANOVA                                                                                       ANOVA
                       Sum of                                                                                    Sum of                                                                                      Sum of
                                          df          Mean Square         F        Sig.                                             df         Mean Square        F           Sig.                                              df         Mean Square        F           Sig.
                       Squares                                                                                   Squares                                                                                     Squares
Regression                  19.3                47               0.411    14.066   .000(a)   Regression              18.84                36             0.523    17.428       .000(a)   Regression             17.333                22             0.788    21.844       .000(a)
Residual                   4.525               155               0.029                       Residual                4.985               166              0.03                           Residual                6.492               180             0.036
Total                      23.825              202                                           Total                   23.825              202                                             Total                   23.825              202


Coefficients                                                                                 Coefficients                                                                                Coefficients
                          Unstandardized              Standardized                                                  Unstandardized             Standardized                                                     Unstandardized             Standardized
                           Coefficients               Coefficients                                                   Coefficients              Coefficients                                                      Coefficients              Coefficients
                                                                          t        Sig.                                                                           t           Sig.                                                                            t           Sig.
                          B           Std. Error          Beta                                                      B           Std. Error        Beta                                                          B           Std. Error        Beta

(Constant)                    5.481            1.6                         3.426    0.001    (Constant)                 4.555         1.519                           2.999      0.003   (Constant)                 5.482         1.576                           3.478      0.001
PRED_PW                       0.31          0.105                  0.26    2.963    0.004    PRED_PW                    0.25          0.079               0.209    3.173         0.002   PRED_PW                   0.415          0.069               0.348    6.039             0
AFFORD                       -0.25           0.12                -0.098   -2.085    0.039    AFFORD                   -0.191          0.108              -0.075   -1.761          0.08   AFFORD                    -0.22          0.113              -0.087   -1.944         0.053
TYPE_NO                     -0.122          0.058                -0.098   -2.093    0.038    TYPE_NO                  -0.112          0.056              -0.091       -2         0.047   TYPE_NO                  -0.157          0.057              -0.127   -2.727         0.007
TYPE_SE                     -0.215          0.042                 -0.28   -5.079        0    TYPE_SE                   -0.21          0.037              -0.274   -5.682             0   TYPE_SE                  -0.184          0.038               -0.24   -4.816             0
TYPE_SI                     -0.608          0.104                -0.275   -5.871        0    TYPE_SI                  -0.589          0.085              -0.266   -6.899             0   TYPE_SI                  -0.539          0.092              -0.244   -5.831             0
TYPE_SP                     -0.197          0.083                -0.118   -2.364    0.019    TYPE_SP                   -0.18          0.076              -0.108   -2.358          0.02   TYPE_SP                  -0.217          0.081               -0.13   -2.672         0.008
MIN_SET                 -2.80E-02           0.083                -0.015   -0.335    0.738    PIS_IND                   6.225          1.461               0.196    4.261             0   PIS_IND                   5.441          1.506               0.171    3.613             0
HIGH_COS                -1.02E-02           0.034                -0.015   -0.304    0.762    PK_UNDER                  0.187          0.045               0.202    4.133             0   PK_UNDER                  0.194          0.046               0.209    4.237             0
ELEVATOR                 8.87E-03           0.044                 0.012    0.201    0.841    THR_BR                    0.124          0.033               0.167    3.738             0   THR_BR                    0.124          0.034               0.168    3.631             0
DENSITY                  3.59E-04           0.001                 0.041    0.632    0.528    ISLAND                    0.686          0.191                0.14     3.59             0   ISLAND                    0.727          0.204               0.149    3.565             0
PIS_IND                      5.546          1.519                 0.175     3.65        0    SPEC_NDS              3.39E-02            0.09               0.018    0.375         0.708   SPEC_NDS             -1.29E-02           0.097              -0.007   -0.134         0.894
THR_STOR                -6.35E-02           0.063                -0.059   -1.009    0.315    ENV_MIT                   0.112          0.065               0.074    1.706          0.09   ENV_MIT                   0.155          0.066               0.102    2.337         0.021
CHLD_CR                      0.154          0.074                 0.093    2.084    0.039    APP_NP                5.04E-02           0.043               0.061    1.182         0.239   APP_NP                3.70E-03           0.043               0.004    0.086         0.932
PK_UNDER                     0.186          0.053                   0.2    3.478    0.001    DEV_NP                8.67E-02           0.037               0.125    2.332         0.021   DEV_NP                7.85E-02           0.039               0.113    2.029         0.044
THR_BR                       0.115          0.034                 0.156    3.375    0.001    PCT_PUBL              4.65E-02           0.084               0.028    0.555          0.58   PCT_PUBL              1.22E-02           0.087               0.007     0.14         0.889
ISLAND                       0.756          0.196                 0.154    3.864        0    SOURCES               2.13E-04            0.01               0.001    0.021         0.983   SOURCES               9.63E-03           0.011               0.041    0.912         0.363
SPEC_NDS                -6.98E-02           0.104                -0.037   -0.671    0.503    TE_BOND              -8.10E-02           0.036              -0.115   -2.274         0.024   TE_BOND              -7.75E-02           0.037               -0.11   -2.071          0.04
ENV_MIT                      0.154           0.07                 0.102    2.216    0.028    STR_TNHS                  0.159          0.044                0.18    3.644             0   STR_TNHS                  0.181          0.044               0.204    4.141             0
URBAN                   -2.82E-06           0.001                     0   -0.003    0.998    STR_COOP                  0.791          0.216               0.162    3.659             0   STR_COOP                  0.564          0.219               0.115    2.573         0.011
PCT_PUBL                -4.80E-02           0.099                -0.029   -0.487    0.627    STR_TWO               7.70E-02           0.035               0.112    2.209         0.029   STR_TWO               8.22E-02           0.036                0.12    2.266         0.025
SOURCES                  4.21E-04            0.01                 0.002    0.041    0.968    STR_SF                    0.418          0.138                0.12    3.018         0.003   STR_SF                    0.425          0.144               0.122    2.957         0.004
TE_BOND                 -8.21E-02           0.038                -0.117   -2.173    0.031    INNR_CTY                  0.138          0.046               0.141    3.026         0.003   INNR_CTY                  0.105          0.049               0.108    2.165         0.032
APP_CORP                 7.55E-02           0.071                 0.054    1.064    0.289    SF_O_SJ                   0.253          0.067               0.318    3.793             0
APP_LP                  -4.47E-02           0.044                 -0.06   -1.016    0.311    S_Y                       0.167          0.073               0.138    2.275         0.024
APP_SP                       0.252          0.166                 0.073    1.517    0.131    FRES                  5.55E-02           0.088               0.031    0.634         0.527
APP_JV                      -0.103          0.158                 -0.03   -0.651    0.516    BAKER                    -0.124          0.095              -0.066   -1.317          0.19
DEV_JV                  -7.94E-02           0.042                -0.112   -1.913    0.058    LA_R_OC                   0.142          0.066               0.196    2.168         0.032
DEV_FP                      -0.122          0.046                -0.148   -2.649    0.009    MERCED               -2.05E-02           0.106              -0.008   -0.193         0.848
STR_TNHS                     0.178          0.045                 0.201    3.923        0    SALINAS               9.93E-02           0.112               0.045    0.884         0.378
STR_COOP                     0.913          0.219                 0.187    4.161        0    SAN_DIEG              7.32E-02           0.077               0.056     0.95         0.344
STR_TWO                  7.36E-02            0.04                 0.107    1.837    0.068    SLO_A_PR                  0.174          0.106               0.079    1.635         0.104
STR_SF                        0.47          0.141                 0.135    3.327    0.001    SB_SM_L                  -0.196          0.125              -0.079   -1.562          0.12
INNR_CTY                     0.172          0.052                 0.176    3.312    0.001    REDDING                   0.181          0.137               0.052    1.316          0.19
SF_O_SJ                      0.211          0.071                 0.265    2.947    0.004    MODESTO               5.34E-02           0.143               0.015    0.373          0.71
S_Y                          0.131          0.083                 0.109    1.568    0.119    YUBA                 -9.07E-02           0.189              -0.019   -0.479         0.632
FRES                     5.42E-02            0.09                 0.031    0.599     0.55    V_T_P                 2.62E-02           0.109               0.011    0.241          0.81
BAKER                       -0.155          0.098                -0.083   -1.586    0.115
LA_R_OC                        0.1           0.07                 0.139    1.429    0.155
MERCED                  -4.03E-02           0.111                -0.016   -0.363    0.717
SALINAS                  5.07E-02           0.116                 0.023    0.436    0.664
SAN_DIEG                 3.98E-02           0.087                  0.03     0.46    0.646
SLO_A_PR                     0.169           0.11                 0.076    1.537    0.126
SB_SM_L                      -0.19          0.129                -0.077   -1.473    0.143
REDDING                       0.18          0.142                 0.052    1.273    0.205
MODESTO                  6.10E-02           0.148                 0.018    0.413     0.68
YUBA                        -0.113          0.192                -0.023   -0.586    0.559
V_T_P                    3.87E-03           0.114                 0.002    0.034    0.973




                                                                                                                                                                                                                                                                   printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                          2SLS-B (ln cost per unit)                                                                                                                             42 of 52




Dependent Variable: PCST/UNIT                                                                  Dependent Variable: PCST/UNIT                                                               Dependent Variable: PCST/UNIT

Model Summary                                                                                  Model Summary                                                                               Model Summary
                                    Adjusted R       Std. Error of the                                                          Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
       R               R Square                                                                      R             R Square                                                                      R             R Square
                                     Square             Estimate                                                                 Square       Estimate                                                                       Square       Estimate
             .904(a)          0.818       0.763           0.161423571                                    .896(a)          0.802        0.76     0.162619704                                          .830(a)           0.69       0.652     0.195727514


ANOVA                                                                                          ANOVA                                                                                       ANOVA
                       Sum of                                                                                      Sum of                                                                                      Sum of
                                          df          Mean Square          F        Sig.                                              df         Mean Square        F           Sig.                                              df         Mean Square         F           Sig.
                       Squares                                                                                     Squares                                                                                     Squares
Regression                18.377                47               0.391     15.005   .000(a)    Regression             18.025                36             0.501    18.933       .000(a)   Regression             15.496                22             0.704     18.386       .000(a)
Residual                   4.091               157               0.026                         Residual                4.443               168             0.026                           Residual                6.972               182             0.038
Total                      22.468              204                                             Total                   22.468              204                                             Total                   22.468              204


Coefficients                                                                                   Coefficients                                                                                Coefficients
                          Unstandardized              Standardized                                                    Unstandardized             Standardized                                                     Unstandardized             Standardized
                           Coefficients               Coefficients                                                     Coefficients              Coefficients                                                      Coefficients              Coefficients
                                                                            t       Sig.                                                                            t           Sig.                                                                             t           Sig.
                          B           Std. Error          Beta                                                        B           Std. Error        Beta                                                          B           Std. Error        Beta

(Constant)                     6.63         1.508                           4.397          0   (Constant)                 5.354         1.423                           3.762          0   (Constant)                 6.907         1.621                            4.262          0
PRED_PW                      0.307          0.099                 0.265     3.109    0.002     PRED_PW                   0.196          0.074               0.169    2.668         0.008   PRED_PW                   0.383          0.071                0.33     5.413             0
AFFORD                      -0.171          0.111                -0.072    -1.545    0.124     AFFORD                   -0.105            0.1              -0.044   -1.049         0.295   AFFORD                   -0.163          0.114              -0.069    -1.427         0.155
TYPE_NO                      -0.11          0.055                -0.094    -2.013    0.046     TYPE_NO              -8.45E-02           0.052              -0.072   -1.615         0.108   TYPE_NO                   -0.13          0.058              -0.111     -2.22         0.028
TYPE_SE                     -0.211           0.04                -0.285    -5.333        0     TYPE_SE                   -0.21          0.034              -0.284   -6.079             0   TYPE_SE                  -0.162          0.039               -0.22    -4.155             0
TYPE_SI                      -0.64          0.098                -0.298    -6.548        0     TYPE_SI                  -0.688           0.08              -0.321   -8.589             0   TYPE_SI                  -0.603          0.095              -0.281    -6.327             0
TYPE_SP                     -0.146          0.078                -0.091    -1.868    0.064     TYPE_SP                  -0.122          0.072              -0.075   -1.701         0.091   TYPE_SP                  -0.162          0.084                 -0.1   -1.932         0.055
MIN_SET                 -2.71E-02           0.078                -0.015    -0.347    0.729     PIS_IND                   5.806          1.369               0.189     4.24             0   PIS_IND                    4.45          1.549               0.145     2.873         0.005
HIGH_COS                -7.92E-03           0.032                -0.012    -0.251    0.802     PK_UNDER                   0.18          0.042               0.203    4.254             0   PK_UNDER                  0.175          0.047               0.197      3.72             0
ELEVATOR                -2.51E-05           0.042                      0   -0.001        1     THR_BR                9.71E-02           0.031               0.135    3.134         0.002   THR_BR                    0.111          0.035               0.155     3.153         0.002
DENSITY                 -2.27E-04           0.001                -0.027    -0.428    0.669     ISLAND                    0.424          0.179               0.089    2.363         0.019   ISLAND                    0.435           0.21               0.091     2.067          0.04
PIS_IND                      4.773          1.433                 0.155      3.33    0.001     SPEC_NDS             -1.07E-02           0.085              -0.006   -0.126           0.9   SPEC_NDS             -4.49E-02           0.099              -0.025    -0.451         0.652
THR_STOR                -4.07E-02           0.059                 -0.04     -0.69    0.491     ENV_MIT               5.78E-02           0.061               0.039    0.942         0.347   ENV_MIT                   0.122          0.068               0.083     1.794         0.074
CHLD_CR                      0.106           0.07                 0.065     1.516    0.132     APP_NP                1.12E-02            0.04               0.014     0.28          0.78   APP_NP               -2.04E-02           0.044              -0.026     -0.46         0.646
PK_UNDER                      0.18           0.05                 0.202     3.569        0     DEV_NP                7.59E-02           0.035               0.113    2.183          0.03   DEV_NP                5.81E-02            0.04               0.086     1.459         0.146
THR_BR                   8.56E-02           0.032                 0.119     2.659    0.009     PCT_PUBL                  0.197          0.078               0.122    2.518         0.013   PCT_PUBL                  0.171          0.089               0.106     1.917         0.057
ISLAND                       0.518          0.185                 0.109     2.803    0.006     SOURCES               2.28E-03            0.01                0.01    0.239         0.811   SOURCES               2.13E-02           0.011               0.093     1.966         0.051
SPEC_NDS                -6.41E-02           0.098                -0.035    -0.654    0.514     TE_BOND              -7.54E-02           0.033              -0.111   -2.268         0.025   TE_BOND              -8.12E-02           0.038               -0.12    -2.117         0.036
ENV_MIT                  9.79E-02           0.066                 0.067     1.492    0.138     STR_TNHS                   0.14          0.041               0.163    3.427         0.001   STR_TNHS                  0.204          0.045               0.237     4.557             0
URBAN                   -1.19E-04           0.001                -0.004    -0.116    0.907     STR_COOP                  0.659          0.203               0.139    3.246         0.001   STR_COOP                  0.582          0.226               0.123     2.579         0.011
PCT_PUBL                 6.70E-02           0.093                 0.041     0.721    0.472     STR_TWO               5.50E-02           0.033               0.083     1.69         0.093   STR_TWO               8.23E-02           0.037               0.124      2.21         0.028
SOURCES                  1.53E-03            0.01                 0.007     0.157    0.876     STR_SF                    0.312           0.13               0.093    2.407         0.017   STR_SF                    0.342          0.148               0.102     2.314         0.022
TE_BOND                 -9.15E-02           0.036                -0.135     -2.57    0.011     INNR_CTY              9.03E-02           0.042               0.096    2.133         0.034   INNR_CTY              5.31E-02            0.05               0.057     1.067         0.287
APP_CORP                 5.69E-02           0.067                 0.042     0.854    0.395     SF_O_SJ                   0.365          0.062               0.477    5.864             0
APP_LP                   7.77E-03           0.041                 0.011     0.188    0.851     S_Y                         0.2          0.069               0.171    2.917         0.004
APP_SP                       0.393          0.157                 0.117     2.507    0.013     FRES                 -1.39E-03           0.082              -0.001   -0.017         0.986
APP_JV                      -0.136          0.149                 -0.04    -0.915    0.362     BAKER                -8.67E-02           0.089              -0.048   -0.978          0.33
DEV_JV                  -6.86E-02           0.039                   -0.1    -1.75    0.082     LA_R_OC                   0.185          0.061               0.264     3.01         0.003
DEV_FP                      -0.102          0.043                -0.128    -2.353     0.02     MERCED                2.89E-03             0.1               0.001    0.029         0.977
STR_TNHS                     0.143          0.043                 0.166     3.349    0.001     SALINAS                   0.205          0.105               0.095    1.947         0.053
STR_COOP                     0.741          0.207                 0.156      3.58        0     SAN_DIEG                    0.2          0.072               0.162    2.789         0.006
STR_TWO                  4.78E-02           0.038                 0.072     1.265    0.208     SLO_A_PR                  0.289            0.1               0.135    2.898         0.004
STR_SF                       0.376          0.133                 0.112     2.827    0.005     SB_SM_L               1.73E-02           0.118               0.007    0.147         0.883
INNR_CTY                     0.138          0.049                 0.147     2.833    0.005     REDDING                   0.171          0.129               0.051     1.33         0.185
SF_O_SJ                      0.337          0.067                  0.44     5.022        0     MODESTO               3.31E-02           0.134                0.01    0.246         0.806
S_Y                          0.167          0.079                 0.143      2.12    0.036     YUBA                 -8.24E-02           0.178              -0.017   -0.464         0.643
FRES                     8.84E-04           0.085                 0.001      0.01    0.992     V_T_P                -8.45E-02           0.102              -0.035   -0.828         0.409
BAKER                        -0.12          0.092                -0.066    -1.301    0.195
LA_R_OC                     0.152           0.066                 0.217     2.296    0.023
MERCED                  -1.24E-02           0.105                -0.005    -0.118    0.906
SALINAS                     0.165            0.11                 0.077     1.498    0.136
SAN_DIEG                    0.194           0.081                 0.157     2.394    0.018
SLO_A_PR                    0.306           0.104                 0.143     2.951    0.004
SB_SM_L                  2.93E-02           0.122                 0.012     0.241     0.81
REDDING                     0.164           0.134                 0.049      1.23    0.221
MODESTO                  2.64E-02           0.139                 0.008      0.19     0.85
YUBA                    -9.96E-02           0.182                -0.021    -0.548    0.584
V_T_P                   -8.02E-02           0.108                -0.033    -0.742    0.459




                                                                                                                                                                                                                                                                       printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                 2SLS-B (ln cost per unit)                                                                                                                                      43 of 52




Dependent Variable: SSCST/UNIT                                                                   Dependent Variable: SSCST/UNIT                                                           Dependent Variable: SSCST/UNIT

Model Summary                                                                                    Model Summary                                                                            Model Summary
                                    Adjusted R       Std. Error of the                                                            Adjusted R Std. Error of the                                                             Adjusted R Std. Error of the
       R               R Square                                                                        R             R Square                                                                   R             R Square
                                     Square             Estimate                                                                   Square       Estimate                                                                    Square       Estimate
             .869(a)          0.755       0.682           0.197874018                                      .858(a)          0.736        0.68       0.1985589                                       .828(a)          0.686       0.648     0.208061391


ANOVA                                                                                            ANOVA                                                                                    ANOVA
                       Sum of                                                                                        Sum of                                                                                   Sum of
                                          df          Mean Square          F          Sig.                                              df         Mean Square         F       Sig.                                              df         Mean Square         F        Sig.
                       Squares                                                                                       Squares                                                                                  Squares
Regression                18.955                47               0.403         10.3   .000(a)    Regression             18.479                36             0.513    13.02    .000(a)    Regression             17.224                22             0.783    18.085    .000(a)
Residual                   6.147               157               0.039                           Residual                6.624               168             0.039                        Residual                7.879               182             0.043
Total                      25.103              204                                               Total                   25.103              204                                          Total                   25.103              204


Coefficients                                                                                     Coefficients                                                                             Coefficients
                          Unstandardized              Standardized                                                      Unstandardized             Standardized                                                  Unstandardized             Standardized
                           Coefficients               Coefficients                                                       Coefficients              Coefficients                                                   Coefficients              Coefficients
                                                                           t          Sig.                                                                             t       Sig.                                                                             t        Sig.
                          B           Std. Error          Beta                                                          B           Std. Error        Beta                                                       B           Std. Error        Beta

(Constant)                    7.488         1.848                          4.051             0   (Constant)                 6.943         1.737                       3.996           0   (Constant)                  7.64         1.723                        4.435           0
PRED_PW                      0.316          0.121                 0.258     2.616       0.01     PRED_PW                   0.248           0.09               0.203    2.763    0.006     PRED_PW                   0.382          0.075               0.312    5.078         0
AFFORD                      -0.341          0.136                -0.136    -2.511      0.013     AFFORD                   -0.315          0.122              -0.126   -2.577    0.011     AFFORD                   -0.348          0.121              -0.139   -2.865     0.005
TYPE_NO                     -0.201          0.067                -0.163    -3.009      0.003     TYPE_NO                  -0.182          0.064              -0.147   -2.854    0.005     TYPE_NO                  -0.222          0.062               -0.18   -3.586         0
TYPE_SE                     -0.212          0.048                -0.271    -4.373          0     TYPE_SE                  -0.176          0.042              -0.225   -4.184        0     TYPE_SE                  -0.153          0.042              -0.196   -3.691         0
TYPE_SI                     -0.681           0.12                   -0.3   -5.686          0     TYPE_SI                  -0.595          0.098              -0.262   -6.081        0     TYPE_SI                  -0.544          0.101               -0.24   -5.375         0
TYPE_SP                     -0.105          0.096                -0.061     -1.09      0.277     TYPE_SP              -5.33E-02           0.088              -0.031   -0.608    0.544     TYPE_SP              -8.49E-02           0.089               -0.05   -0.954     0.341
MIN_SET                  1.65E-02           0.096                 0.009     0.172      0.864     PIS_IND                     3.9          1.672                0.12    2.333    0.021     PIS_IND                   3.358          1.646               0.103     2.04     0.043
HIGH_COS                -3.01E-02           0.039                -0.043    -0.777      0.438     PK_UNDER                  0.198          0.052               0.211    3.834        0     PK_UNDER                  0.197           0.05               0.209     3.93         0
ELEVATOR                 3.95E-02           0.051                 0.053     0.773      0.441     THR_BR                    0.161          0.038               0.212    4.243        0     THR_BR                    0.167          0.037                0.22    4.451         0
DENSITY                  6.16E-04           0.001                 0.068     0.948      0.344     ISLAND                    0.689          0.219               0.137    3.147    0.002     ISLAND                    0.718          0.224               0.143    3.214     0.002
PIS_IND                      3.555          1.757                 0.109     2.023      0.045     SPEC_NDS                 -0.275          0.104              -0.143   -2.655    0.009     SPEC_NDS                 -0.308          0.106               -0.16   -2.911     0.004
THR_STOR                -1.36E-02           0.072                -0.013    -0.189      0.851     ENV_MIT              -4.91E-02           0.075              -0.032   -0.656    0.513     ENV_MIT               4.78E-04           0.072                   0    0.007     0.995
CHLD_CR                  2.76E-02           0.085                 0.016     0.322      0.748     APP_NP               -2.95E-02           0.049              -0.035   -0.606    0.545     APP_NP               -6.82E-02           0.047              -0.081   -1.451     0.149
PK_UNDER                     0.161          0.062                 0.171     2.607       0.01     DEV_NP                    0.136          0.042               0.192    3.216    0.002     DEV_NP                    0.135          0.042               0.189    3.181     0.002
THR_BR                       0.147          0.039                 0.194     3.724          0     PCT_PUBL             -7.80E-02           0.096              -0.046   -0.814    0.417     PCT_PUBL                 -0.113          0.095              -0.066   -1.194     0.234
ISLAND                       0.769          0.226                 0.153     3.396      0.001     SOURCES               1.28E-02           0.012               0.053    1.099    0.273     SOURCES               2.19E-02           0.012                0.09    1.897     0.059
SPEC_NDS                    -0.318           0.12                -0.165    -2.647      0.009     TE_BOND                   -0.11          0.041              -0.153   -2.701    0.008     TE_BOND                  -0.105          0.041              -0.146   -2.562     0.011
ENV_MIT                 -2.72E-02            0.08                -0.018    -0.338      0.736     STR_TNHS                   0.16           0.05               0.175    3.198    0.002     STR_TNHS                  0.184          0.048               0.202    3.861         0
URBAN                   -4.12E-05           0.001                -0.001    -0.033      0.974     STR_COOP                  0.916          0.248               0.182    3.697        0     STR_COOP                  0.773           0.24               0.154    3.221     0.002
PCT_PUBL                    -0.177          0.114                -0.104    -1.559      0.121     STR_TWO               9.20E-02            0.04               0.132    2.317    0.022     STR_TWO                   0.101           0.04               0.145    2.562     0.011
SOURCES                  1.39E-02           0.012                 0.058     1.163      0.247     STR_SF                    0.459          0.158               0.129      2.9    0.004     STR_SF                    0.455          0.157               0.128    2.895     0.004
TE_BOND                     -0.107          0.044                -0.149    -2.451      0.015     INNR_CTY                  0.179          0.052                0.18    3.458    0.001     INNR_CTY                  0.145          0.053               0.147     2.75     0.007
APP_CORP                     0.154          0.082                 0.108     1.889      0.061     SF_O_SJ                   0.257          0.076               0.317    3.378    0.001
APP_LP                   3.45E-02           0.051                 0.045     0.681      0.497     S_Y                       0.188          0.084               0.152     2.24    0.026
APP_SP                       0.421          0.192                 0.118     2.188       0.03     FRES                  5.36E-02             0.1                0.03    0.535    0.593
APP_JV                  -3.05E-04           0.183                      0   -0.002      0.999     BAKER                -8.76E-02           0.108              -0.045   -0.809     0.42
DEV_JV                       -0.14          0.048                -0.192    -2.908      0.004     LA_R_OC                   0.153          0.075               0.207    2.039    0.043
DEV_FP                      -0.183          0.053                -0.218     -3.44      0.001     MERCED               -4.59E-03           0.122              -0.002   -0.038     0.97
STR_TNHS                     0.163          0.052                 0.179     3.099      0.002     SALINAS                   0.186          0.129               0.082     1.45    0.149
STR_COOP                     1.009          0.254                 0.201     3.974          0     SAN_DIEG                  0.102          0.088               0.078    1.159    0.248
STR_TWO                  6.70E-02           0.046                 0.096     1.447       0.15     SLO_A_PR                  0.192          0.122               0.085    1.573    0.118
STR_SF                       0.486          0.163                 0.137      2.98      0.003     SB_SM_L              -7.82E-02           0.144              -0.031   -0.544    0.587
INNR_CTY                     0.201           0.06                 0.203     3.368      0.001     REDDING                   0.243          0.157               0.068    1.543    0.125
SF_O_SJ                      0.215          0.082                 0.265      2.61       0.01     MODESTO               9.43E-02           0.164               0.026    0.575    0.566
S_Y                          0.145          0.096                 0.117     1.504      0.135     YUBA                  2.40E-02           0.217               0.005    0.111    0.912
FRES                     4.29E-02           0.105                 0.024     0.409      0.683     V_T_P                     0.109          0.125               0.043    0.878    0.381
BAKER                       -0.122          0.113                -0.063     -1.08      0.282
LA_R_OC                      0.112          0.081                 0.151     1.382      0.169
MERCED                  -3.07E-02           0.128                -0.012    -0.239      0.811
SALINAS                      0.164          0.135                 0.072     1.217      0.226
SAN_DIEG                 7.49E-02           0.099                 0.057     0.754      0.452
SLO_A_PR                     0.186          0.127                 0.082     1.462      0.146
SB_SM_L                 -7.25E-02           0.149                -0.029    -0.486      0.628
REDDING                      0.226          0.164                 0.064     1.382      0.169
MODESTO                  7.02E-02           0.171                  0.02     0.411      0.681
YUBA                    -9.79E-03           0.223                -0.002    -0.044      0.965
V_T_P                    7.05E-02           0.132                 0.028     0.533      0.595




                                                                                                                                                                                                                                                                        printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                             OLS (ln cost)                                                                                                                           44 of 52




Dependent Variable: LN_RCST                                                              Dependent Variable: LN_RCST                                                              Dependent Variable: LN_RCST

Model Summary                                                                            Model Summary                                                                            Model Summary
                                   Adjusted R Std. Error of the                                                             Adjusted R Std. Error of the                                                             Adjusted R Std. Error of the
      R             R Square                                                                   R             R Square                                                                   R             R Square
                                    Square       Estimate                                                                    Square       Estimate                                                                    Square       Estimate
          .977(a)          0.954         0.939         0.16598                                     .973(a)          0.948         0.936           0.1703                                    .961(a)          0.924         0.914           0.1975


ANOVA                                                                                    ANOVA                                                                                    ANOVA
                    Sum of                                                                                   Sum of                                                                                   Sum of
                                       df         Mean Square        F        Sig.                                              df         Mean Square        F        Sig.                                              df         Mean Square        F         Sig.
                    Squares                                                                                  Squares                                                                                  Squares
Regression             87.177                48             1.816    65.927    .000(a)   Regression             86.632                37             2.341    80.687    .000(a)   Regression             84.435                23             3.671    94.081      .000(a)
Residual                4.242               154             0.028                        Residual                4.788               165             0.029                        Residual                6.985               179             0.039
Total                      91.42            202                                          Total                      91.42            202                                          Total                      91.42            202


Coefficients                                                                             Coefficients                                                                             Coefficients
                      Unstandardized              Standardized                                                 Unstandardized              Standardized                                                 Unstandardized              Standardized
                       Coefficients               Coefficients                                                  Coefficients               Coefficients                                                  Coefficients               Coefficients
                                                                     t        Sig.                                                                            t        Sig.                                                                            t         Sig.
                       B           Std. Error        Beta                                                       B           Std. Error        Beta                                                       B           Std. Error        Beta

(Constant)               4.540           1.481                        3.066     0.003    (Constant)               3.983           1.456                        2.736     0.007    (Constant)               4.490           1.618                        2.774       0.006
PW_YES                   0.103           0.039               0.062    2.678     0.008    PW_YES                   0.108           0.037               0.064    2.873     0.005    PW_YES                   0.182           0.041               0.109    4.441       0.000
AFFORD                  -0.299           0.118              -0.060   -2.541     0.012    AFFORD                  -0.223           0.108              -0.045   -2.077     0.039    AFFORD                  -0.206           0.118              -0.041   -1.747       0.082
TYPE_NO                 -0.086           0.052              -0.036   -1.649     0.101    TYPE_NO                 -0.079           0.052              -0.032   -1.523     0.130    TYPE_NO                 -0.104           0.058              -0.043   -1.788       0.076
TYPE_SE                 -0.212           0.041              -0.141   -5.179     0.000    TYPE_SE                 -0.202           0.037              -0.135   -5.520     0.000    TYPE_SE                 -0.181           0.040              -0.120   -4.514       0.000
TYPE_SI                 -0.600           0.101              -0.139   -5.964     0.000    TYPE_SI                 -0.541           0.084              -0.125   -6.435     0.000    TYPE_SI                 -0.467           0.096              -0.108   -4.860       0.000
TYPE_SP                 -0.135           0.075              -0.041   -1.794     0.075    TYPE_SP                 -0.140           0.073              -0.043   -1.935     0.055    TYPE_SP                 -0.142           0.082              -0.043   -1.721       0.087
MIN_SET                 -0.037           0.081              -0.010   -0.452     0.652    LN_UNITS                 0.926           0.024               1.045   38.154     0.000    LN_UNITS                 0.958           0.026               1.082   36.775       0.000
HIGH_COS                -0.018           0.033              -0.013   -0.542     0.589    PIS_IND                  7.093           1.404               0.114    5.051     0.000    PIS_IND                  6.526           1.545               0.105    4.223       0.000
ELEVATOR                 0.014           0.043               0.010    0.314     0.754    PK_UNDER                 0.167           0.045               0.092    3.688     0.000    PK_UNDER                 0.192           0.048               0.105    3.969       0.000
DENSITY                  0.001           0.001               0.030    0.931     0.353    THR_BR                   0.109           0.033               0.075    3.326     0.001    THR_BR                   0.115           0.036               0.079    3.205       0.002
LN_UNITS                 0.912           0.024               1.030   37.684     0.000    ISLAND                   0.625           0.186               0.065    3.366     0.001    ISLAND                   0.649           0.211               0.068    3.073       0.002
PIS_IND                  6.819           1.407               0.110    4.845     0.000    SPEC_NDS                 0.080           0.089               0.022    0.900     0.369    SPEC_NDS                 0.033           0.100               0.009    0.324       0.746
THR_STOR                -0.021           0.060              -0.010   -0.348     0.729    ENV_MIT                  0.098           0.064               0.033    1.539     0.126    ENV_MIT                  0.135           0.069               0.045    1.958       0.052
CHLD_CR                  0.198           0.071               0.061    2.807     0.006    APP_NP                   0.076           0.041               0.047    1.856     0.065    APP_NP                   0.027           0.044               0.017    0.609       0.543
PK_UNDER                 0.150           0.053               0.082    2.838     0.005    DEV_NP                   0.070           0.037               0.051    1.869     0.063    DEV_NP                   0.079           0.041               0.058    1.916       0.057
THR_BR                   0.096           0.033               0.066    2.878     0.005    PCT_PUBL                 0.020           0.082               0.006    0.241     0.810    PCT_PUBL                 0.068           0.092               0.021    0.735       0.463
ISLAND                   0.668           0.185               0.070    3.615     0.000    SOURCES                  0.003           0.010               0.007    0.326     0.745    SOURCES                  0.012           0.011               0.027    1.127       0.261
SPEC_NDS                -0.033           0.101              -0.009   -0.327     0.744    TE_BOND                 -0.043           0.036              -0.032   -1.216     0.226    TE_BOND                 -0.032           0.039              -0.023   -0.813       0.417
ENV_MIT                  0.134           0.066               0.045    2.019     0.045    STR_TNHS                 0.155           0.043               0.089    3.595     0.000    STR_TNHS                 0.185           0.046               0.106    4.039       0.000
URBAN                    0.001           0.001               0.010    0.528     0.598    STR_COOP                 0.598           0.218               0.062    2.749     0.007    STR_COOP                 0.335           0.233               0.035    1.437       0.153
PCT_PUBL                -0.055           0.088              -0.017   -0.618     0.538    STR_TWO                  0.085           0.034               0.063    2.507     0.013    STR_TWO                  0.112           0.037               0.083    3.014       0.003
SOURCES                  0.001           0.010               0.003    0.117     0.907    STR_SF                   0.333           0.134               0.049    2.489     0.014    STR_SF                   0.347           0.149               0.051    2.339       0.020
TE_BOND                 -0.029           0.036              -0.021   -0.785     0.434    INNR_CTY                 0.124           0.045               0.064    2.743     0.007    INNR_CTY                 0.089           0.051               0.047    1.752       0.082
APP_CORP                 0.034           0.066               0.012    0.519     0.605    SF_O_SJ                  0.297           0.065               0.191    4.566     0.000
APP_LP                  -0.075           0.041              -0.051   -1.833     0.069    S_Y                      0.172           0.072               0.073    2.395     0.018
APP_SP                   0.194           0.151               0.029    1.285     0.201    FRES                     0.019           0.086               0.006    0.224     0.823
APP_JV                   0.018           0.140               0.003    0.131     0.896    BAKER                   -0.114           0.093              -0.031   -1.231     0.220
DEV_JV                  -0.066           0.041              -0.047   -1.621     0.107    LA_R_OC                  0.161           0.064               0.113    2.498     0.013
DEV_FP                  -0.109           0.045              -0.067   -2.418     0.017    MERCED                  -0.041           0.105              -0.008   -0.388     0.699
STR_TNHS                 0.170           0.044               0.098    3.839     0.000    SALINAS                  0.098           0.110               0.023    0.884     0.378
STR_COOP                 0.676           0.217               0.071    3.120     0.002    SAN_DIEG                 0.058           0.075               0.022    0.774     0.440
STR_TWO                  0.080           0.039               0.060    2.082     0.039    SLO_A_PR                 0.060           0.106               0.014    0.568     0.571
STR_SF                   0.348           0.132               0.051    2.640     0.009    SB_SM_L                 -0.245           0.122              -0.051   -2.005     0.047
INNR_CTY                 0.129           0.049               0.067    2.605     0.010    REDDING                  0.184           0.135               0.027    1.361     0.175
SF_O_SJ                  0.247           0.069               0.159    3.573     0.000    MODESTO                  0.107           0.139               0.016    0.764     0.446
S_Y                      0.125           0.081               0.053    1.537     0.126    YUBA                    -0.075           0.186              -0.008   -0.402     0.688
FRES                    -0.002           0.087              -0.001   -0.024     0.981    V_T_P                   -0.003           0.106              -0.001   -0.024     0.981
BAKER                   -0.144           0.095              -0.039   -1.523     0.130
LA_R_OC                  0.114           0.068               0.081    1.682     0.095
MERCED                  -0.082           0.107              -0.017   -0.765     0.445
SALINAS                  0.038           0.113               0.009    0.339     0.735
SAN_DIEG                -0.002           0.081              -0.001   -0.022     0.982
SLO_A_PR                 0.016           0.106               0.004    0.148     0.882
SB_SM_L                 -0.251           0.123              -0.052   -2.031     0.044
REDDING                  0.166           0.138               0.024    1.208     0.229
MODESTO                  0.112           0.142               0.016    0.788     0.432
YUBA                    -0.113           0.186              -0.012   -0.606     0.545
V_T_P                   -0.052           0.109              -0.011   -0.481     0.631




                                                                                                                                                                                                                                                           printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                            OLS (ln cost)                                                                                                                          45 of 52




Dependent Variable: LN_PCST                                                             Dependent Variable: LN_PCST                                                              Dependent Variable: LN_PCST

Model Summary                                                                           Model Summary                                                                            Model Summary
                                  Adjusted R Std. Error of the                                                             Adjusted R Std. Error of the                                                            Adjusted R Std. Error of the
      R             R Square                                                                  R             R Square                                                                   R             R Square
                                   Square       Estimate                                                                    Square       Estimate                                                                   Square       Estimate
          .980(a)          0.96         0.947         0.15415                                     .977(a)          0.955         0.945           0.1568                                    .959(a)          0.92          0.91           0.2012


ANOVA                                                                                   ANOVA                                                                                    ANOVA
                    Sum of                                                                                  Sum of                                                                                   Sum of
                                      df         Mean Square        F        Sig.                                              df         Mean Square        F        Sig.                                             df         Mean Square        F         Sig.
                    Squares                                                                                 Squares                                                                                  Squares
Regression             88.206               48             1.838    77.329    .000(a)   Regression              87.81                37             2.373    96.586    .000(a)   Regression             84.587               23             3.678    90.866      .000(a)
Residual                3.707              156             0.024                        Residual                4.103               167             0.025                        Residual                7.326              181              0.04
Total                  91.913              204                                          Total                  91.913               204                                          Total                  91.913              204


Coefficients                                                                            Coefficients                                                                             Coefficients
                      Unstandardized             Standardized                                                 Unstandardized              Standardized                                                 Unstandardized             Standardized
                       Coefficients              Coefficients                                                  Coefficients               Coefficients                                                  Coefficients              Coefficients
                                                                    t        Sig.                                                                            t        Sig.                                                                           t         Sig.
                       B          Std. Error        Beta                                                       B           Std. Error        Beta                                                       B          Std. Error        Beta

(Constant)               5.650          1.370                        4.123     0.000    (Constant)               4.951           1.337                        3.703     0.000    (Constant)               6.034          1.644                        3.671       0.000
PW_YES                   0.104          0.036               0.062    2.909     0.004    PW_YES                   0.097           0.034               0.058    2.817     0.005    PW_YES                   0.172          0.042               0.103    4.136       0.000
AFFORD                  -0.224          0.107              -0.047   -2.105     0.037    AFFORD                  -0.144           0.097              -0.030   -1.486     0.139    AFFORD                  -0.154          0.118              -0.032   -1.313       0.191
TYPE_NO                 -0.078          0.048              -0.033   -1.624     0.106    TYPE_NO                 -0.065           0.047              -0.028   -1.386     0.168    TYPE_NO                 -0.083          0.058              -0.035   -1.424       0.156
TYPE_SE                 -0.210          0.038              -0.141   -5.592     0.000    TYPE_SE                 -0.200           0.033              -0.134   -5.992     0.000    TYPE_SE                 -0.158          0.040              -0.106   -3.907       0.000
TYPE_SI                 -0.629          0.093              -0.145   -6.753     0.000    TYPE_SI                 -0.641           0.077              -0.148   -8.280     0.000    TYPE_SI                 -0.532          0.098              -0.123   -5.444       0.000
TYPE_SP                 -0.086          0.070              -0.026   -1.234     0.219    TYPE_SP                 -0.093           0.067              -0.029   -1.397     0.164    TYPE_SP                 -0.093          0.084              -0.029   -1.113       0.267
MIN_SET                 -0.034          0.075              -0.009   -0.453     0.651    LN_UNITS                 0.917           0.022               1.038   41.671     0.000    LN_UNITS                 0.952          0.026               1.078   36.135       0.000
HIGH_COS                -0.020          0.030              -0.015   -0.645     0.520    PIS_IND                  6.561           1.291               0.105    5.084     0.000    PIS_IND                  5.454          1.571               0.088    3.472       0.001
ELEVATOR                 0.006          0.040               0.004    0.158     0.875    PK_UNDER                 0.155           0.041               0.086    3.729     0.000    PK_UNDER                 0.170          0.049               0.094    3.455       0.001
DENSITY                  0.000          0.001              -0.003   -0.118     0.906    THR_BR                   0.082           0.030               0.057    2.739     0.007    THR_BR                   0.101          0.036               0.070    2.773       0.006
LN_UNITS                 0.901          0.022               1.021   40.591     0.000    ISLAND                   0.379           0.171               0.039    2.219     0.028    ISLAND                   0.365          0.215               0.038    1.697       0.091
PIS_IND                  6.128          1.304               0.098    4.698     0.000    SPEC_NDS                 0.035           0.082               0.009    0.421     0.674    SPEC_NDS                 0.000          0.102               0.000   -0.002       0.998
THR_STOR                 0.003          0.055               0.001    0.056     0.955    ENV_MIT                  0.053           0.058               0.018    0.903     0.368    ENV_MIT                  0.106          0.070               0.036    1.517       0.131
CHLD_CR                  0.153          0.065               0.047    2.334     0.021    APP_NP                   0.029           0.037               0.018    0.781     0.436    APP_NP                   0.001          0.045               0.000    0.012       0.990
PK_UNDER                 0.138          0.049               0.077    2.822     0.005    DEV_NP                   0.052           0.034               0.038    1.526     0.129    DEV_NP                   0.055          0.042               0.040    1.307       0.193
THR_BR                   0.065          0.031               0.045    2.108     0.037    PCT_PUBL                 0.142           0.076               0.043    1.872     0.063    PCT_PUBL                 0.209          0.094               0.064    2.236       0.027
ISLAND                   0.433          0.172               0.045    2.523     0.013    SOURCES                  0.005           0.009               0.011    0.539     0.591    SOURCES                  0.024          0.011               0.052    2.162       0.032
SPEC_NDS                -0.023          0.094              -0.006   -0.246     0.806    TE_BOND                 -0.035           0.033              -0.026   -1.081     0.281    TE_BOND                 -0.036          0.040              -0.026   -0.890       0.375
ENV_MIT                  0.080          0.061               0.027    1.302     0.195    STR_TNHS                 0.134           0.039               0.077    3.391     0.001    STR_TNHS                 0.206          0.046               0.118    4.430       0.000
URBAN                    0.000          0.001               0.008    0.473     0.637    STR_COOP                 0.459           0.200               0.048    2.298     0.023    STR_COOP                 0.351          0.237               0.037    1.479       0.141
PCT_PUBL                 0.043          0.082               0.013    0.518     0.605    STR_TWO                  0.061           0.031               0.045    1.964     0.051    STR_TWO                  0.109          0.038               0.082    2.913       0.004
SOURCES                  0.002          0.009               0.005    0.230     0.818    STR_SF                   0.243           0.123               0.036    1.984     0.049    STR_SF                   0.270          0.151               0.040    1.786       0.076
TE_BOND                 -0.032          0.034              -0.024   -0.963     0.337    INNR_CTY                 0.073           0.041               0.038    1.770     0.079    INNR_CTY                 0.036          0.051               0.019    0.693       0.489
APP_CORP                 0.020          0.061               0.007    0.322     0.748    SF_O_SJ                  0.403           0.060               0.260    6.767     0.000
APP_LP                  -0.020          0.038              -0.014   -0.525     0.600    S_Y                      0.206           0.066               0.087    3.113     0.002
APP_SP                   0.351          0.140               0.052    2.498     0.014    FRES                    -0.033           0.079              -0.010   -0.421     0.675
APP_JV                  -0.015          0.130              -0.002   -0.112     0.911    BAKER                   -0.076           0.086              -0.021   -0.891     0.374
DEV_JV                  -0.051          0.038              -0.037   -1.366     0.174    LA_R_OC                  0.202           0.059               0.143    3.416     0.001
DEV_FP                  -0.085          0.041              -0.053   -2.040     0.043    MERCED                  -0.015           0.096              -0.003   -0.153     0.879
STR_TNHS                 0.135          0.041               0.078    3.299     0.001    SALINAS                  0.202           0.101               0.046    1.986     0.049
STR_COOP                 0.487          0.201               0.051    2.426     0.016    SAN_DIEG                 0.195           0.068               0.078    2.869     0.005
STR_TWO                  0.055          0.036               0.041    1.555     0.122    SLO_A_PR                 0.179           0.097               0.041    1.846     0.067
STR_SF                   0.255          0.122               0.037    2.087     0.039    SB_SM_L                 -0.025           0.112              -0.005   -0.218     0.827
INNR_CTY                 0.090          0.046               0.048    1.984     0.049    REDDING                  0.177           0.124               0.026    1.426     0.156
SF_O_SJ                  0.371          0.064               0.240    5.814     0.000    MODESTO                  0.073           0.128               0.011    0.571     0.569
S_Y                      0.157          0.075               0.066    2.092     0.038    YUBA                    -0.050           0.171              -0.005   -0.293     0.770
FRES                    -0.060          0.081              -0.017   -0.740     0.460    V_T_P                   -0.103           0.097              -0.021   -1.062     0.290
BAKER                   -0.110          0.088              -0.030   -1.255     0.211
LA_R_OC                  0.165          0.063               0.117    2.620     0.010
MERCED                  -0.057          0.100              -0.012   -0.570     0.570
SALINAS                  0.150          0.105               0.034    1.427     0.156
SAN_DIEG                 0.152          0.075               0.061    2.030     0.044
SLO_A_PR                 0.143          0.099               0.033    1.454     0.148
SB_SM_L                 -0.034          0.115              -0.007   -0.294     0.769
REDDING                  0.146          0.128               0.022    1.148     0.253
MODESTO                  0.072          0.131               0.011    0.546     0.586
YUBA                    -0.096          0.173              -0.010   -0.554     0.580
V_T_P                   -0.139          0.101              -0.029   -1.375     0.171




                                                                                                                                                                                                                                                         printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                                  OLS (ln cost)                                                                                                                                 46 of 52




Dependent Variable: LN_SSCST                                                            Dependent Variable: LN_SSCST                                                            Dependent Variable: LN_SSCST

Model Summary                                                                           Model Summary                                                                           Model Summary
                                   Adjusted R Std. Error of the                                                            Adjusted R Std. Error of the                                                            Adjusted R Std. Error of the
      R             R Square                                                                  R             R Square                                                                  R             R Square
                                    Square       Estimate                                                                   Square       Estimate                                                                   Square       Estimate
          .969(a)          0.938         0.919         0.19168                                    .965(a)          0.932         0.916            0.195                                   .955(a)          0.911           0.9           0.2131


ANOVA                                                                                   ANOVA                                                                                   ANOVA
                    Sum of                                                                                  Sum of                                                                                  Sum of
                                       df         Mean Square         F       Sig.                                             df         Mean Square         F       Sig.                                             df         Mean Square         F       Sig.
                    Squares                                                                                 Squares                                                                                 Squares
Regression             87.002                48             1.813     49.33   .000(a)   Regression             86.387                37             2.335     61.43   .000(a)   Regression             84.512                23             3.674    80.888   .000(a)
Residual                5.732               156             0.037                       Residual                6.347               167             0.038                       Residual                8.222               181             0.045
Total                  92.734               204                                         Total                  92.734               204                                         Total                  92.734               204


Coefficients                                                                            Coefficients                                                                            Coefficients
                      Unstandardized              Standardized                                                Unstandardized              Standardized                                                Unstandardized              Standardized
                       Coefficients               Coefficients                                                 Coefficients               Coefficients                                                 Coefficients               Coefficients
                                                                      t       Sig.                                                                            t       Sig.                                                                            t       Sig.
                       B           Std. Error        Beta                                                      B           Std. Error        Beta                                                      B           Std. Error        Beta

(Constant)               6.434           1.704                        3.776    0.000    (Constant)               6.313           1.662                        3.798    0.000    (Constant)               6.770           1.742                        3.887    0.000
PW_YES                   0.099           0.044               0.059    2.227    0.027    PW_YES                   0.103           0.043               0.061    2.408    0.017    PW_YES                   0.167           0.044               0.099    3.800    0.000
AFFORD                  -0.397           0.133              -0.082   -2.995    0.003    AFFORD                  -0.352           0.121              -0.073   -2.913    0.004    AFFORD                  -0.341           0.125              -0.071   -2.740    0.007
TYPE_NO                 -0.168           0.060              -0.071   -2.798    0.006    TYPE_NO                 -0.150           0.059              -0.063   -2.563    0.011    TYPE_NO                 -0.176           0.062              -0.074   -2.851    0.005
TYPE_SE                 -0.211           0.047              -0.141   -4.520    0.000    TYPE_SE                 -0.168           0.041              -0.112   -4.058    0.000    TYPE_SE                 -0.148           0.043              -0.098   -3.447    0.001
TYPE_SI                 -0.670           0.116              -0.154   -5.780    0.000    TYPE_SI                 -0.541           0.096              -0.124   -5.618    0.000    TYPE_SI                 -0.469           0.104              -0.108   -4.530    0.000
TYPE_SP                 -0.040           0.086              -0.012   -0.459    0.647    TYPE_SP                 -0.011           0.083              -0.003   -0.134    0.894    TYPE_SP                 -0.015           0.089              -0.005   -0.172    0.864
MIN_SET                  0.010           0.093               0.003    0.104    0.918    LN_UNITS                 0.913           0.027               1.030   33.393    0.000    LN_UNITS                 0.944           0.028               1.065   33.831    0.000
HIGH_COS                -0.042           0.038              -0.031   -1.125    0.262    PIS_IND                  4.878           1.605               0.078    3.039    0.003    PIS_IND                  4.393           1.664               0.070    2.640    0.009
ELEVATOR                 0.046           0.049               0.033    0.936    0.351    PK_UNDER                 0.173           0.052               0.095    3.349    0.001    PK_UNDER                 0.189           0.052               0.105    3.633    0.000
DENSITY                  0.001           0.001               0.046    1.269    0.206    THR_BR                   0.144           0.037               0.099    3.856    0.000    THR_BR                   0.155           0.039               0.107    4.027    0.000
LN_UNITS                 0.895           0.028               1.009   32.398    0.000    ISLAND                   0.625           0.213               0.065    2.941    0.004    ISLAND                   0.648           0.228               0.067    2.845    0.005
PIS_IND                  5.008           1.622               0.080    3.088    0.002    SPEC_NDS                -0.223           0.102              -0.060   -2.190    0.030    SPEC_NDS                -0.260           0.108              -0.070   -2.401    0.017
THR_STOR                 0.033           0.068               0.016    0.488    0.626    ENV_MIT                 -0.061           0.073              -0.020   -0.839    0.403    ENV_MIT                 -0.014           0.074              -0.005   -0.195    0.846
CHLD_CR                  0.078           0.081               0.024    0.958    0.340    APP_NP                  -0.005           0.046              -0.003   -0.099    0.921    APP_NP                  -0.047           0.048              -0.029   -0.981    0.328
PK_UNDER                 0.117           0.061               0.065    1.915    0.057    DEV_NP                   0.115           0.043               0.084    2.693    0.008    DEV_NP                   0.129           0.044               0.094    2.891    0.004
THR_BR                   0.125           0.038               0.086    3.254    0.001    PCT_PUBL                -0.118           0.094              -0.036   -1.254    0.212    PCT_PUBL                -0.083           0.099              -0.025   -0.833    0.406
ISLAND                   0.678           0.213               0.070    3.177    0.002    SOURCES                  0.016           0.011               0.034    1.385    0.168    SOURCES                  0.025           0.012               0.054    2.112    0.036
SPEC_NDS                -0.274           0.117              -0.074   -2.348    0.020    TE_BOND                 -0.065           0.041              -0.047   -1.593    0.113    TE_BOND                 -0.055           0.043              -0.040   -1.302    0.195
ENV_MIT                 -0.046           0.076              -0.016   -0.609    0.543    STR_TNHS                 0.155           0.049               0.089    3.167    0.002    STR_TNHS                 0.184           0.049               0.105    3.737    0.000
URBAN                    0.001           0.001               0.010    0.480    0.632    STR_COOP                 0.697           0.249               0.072    2.806    0.006    STR_COOP                 0.521           0.251               0.054    2.075    0.039
PCT_PUBL                -0.203           0.102              -0.062   -1.986    0.049    STR_TWO                  0.102           0.038               0.076    2.649    0.009    STR_TWO                  0.129           0.040               0.096    3.245    0.001
SOURCES                  0.015           0.012               0.031    1.258    0.210    STR_SF                   0.371           0.153               0.054    2.432    0.016    STR_SF                   0.380           0.160               0.056    2.373    0.019
TE_BOND                 -0.044           0.042              -0.032   -1.044    0.298    INNR_CTY                 0.161           0.051               0.084    3.145    0.002    INNR_CTY                 0.126           0.055               0.066    2.312    0.022
APP_CORP                 0.114           0.076               0.041    1.504    0.135    SF_O_SJ                  0.302           0.074               0.194    4.082    0.000
APP_LP                   0.005           0.047               0.003    0.102    0.919    S_Y                      0.194           0.082               0.082    2.353    0.020
APP_SP                   0.375           0.175               0.055    2.145    0.034    FRES                     0.014           0.098               0.004    0.145    0.885
APP_JV                   0.130           0.162               0.019    0.804    0.423    BAKER                   -0.076           0.106              -0.021   -0.715    0.476
DEV_JV                  -0.121           0.047              -0.087   -2.587    0.011    LA_R_OC                  0.173           0.074               0.122    2.354    0.020
DEV_FP                  -0.164           0.052              -0.102   -3.179    0.002    MERCED                  -0.026           0.120              -0.005   -0.220    0.826
STR_TNHS                 0.154           0.051               0.088    3.021    0.003    SALINAS                  0.183           0.126               0.042    1.447    0.150
STR_COOP                 0.736           0.250               0.076    2.950    0.004    SAN_DIEG                 0.088           0.085               0.035    1.038    0.301
STR_TWO                  0.075           0.044               0.056    1.695    0.092    SLO_A_PR                 0.066           0.121               0.015    0.545    0.587
STR_SF                   0.356           0.152               0.052    2.346    0.020    SB_SM_L                 -0.132           0.140              -0.027   -0.946    0.346
INNR_CTY                 0.150           0.057               0.079    2.650    0.009    REDDING                  0.247           0.154               0.036    1.597    0.112
SF_O_SJ                  0.251           0.079               0.162    3.166    0.002    MODESTO                  0.149           0.159               0.022    0.932    0.352
S_Y                      0.135           0.093               0.057    1.444    0.151    YUBA                     0.047           0.213               0.005    0.223    0.824
FRES                    -0.022           0.101              -0.006   -0.220    0.826    V_T_P                    0.080           0.121               0.016    0.659    0.511
BAKER                   -0.112           0.109              -0.030   -1.021    0.309
LA_R_OC                  0.126           0.078               0.089    1.612    0.109
MERCED                  -0.078           0.124              -0.016   -0.631    0.529
SALINAS                  0.148           0.130               0.034    1.135    0.258
SAN_DIEG                 0.030           0.093               0.012    0.320    0.749
SLO_A_PR                 0.012           0.123               0.003    0.097    0.923
SB_SM_L                 -0.140           0.143              -0.029   -0.983    0.327
REDDING                  0.207           0.159               0.030    1.308    0.193
MODESTO                  0.119           0.163               0.017    0.728    0.468
YUBA                    -0.006           0.215              -0.001   -0.026    0.979
V_T_P                    0.008           0.125               0.002    0.064    0.949




                                                                                                                                                                                                                                                                        printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                           OLS (ln cost per unit)                                                                                                                                47 of 52




Dependent Variable: RCST/UNIT                                                                 Dependent Variable: RCST/UNIT                                                                 Dependent Variable: RCST/UNIT

Model Summary                                                                                 Model Summary                                                                                 Model Summary
                                     Adjusted R Std. Error of the                                                                  Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
        R             R Square                                                                        R             R Square                                                                      R             R Square
                                      Square       Estimate                                                                         Square       Estimate                                                                       Square       Estimate
            .898(a)          0.807         0.748    0.172386134                                           .887(a)          0.788         0.742    0.174593484                                         .838(a)          0.703         0.666    0.198390958


ANOVA                                                                                         ANOVA                                                                                         ANOVA
                      Sum of                                                                                        Sum of                                                                                      Sum of
                                         df         Mean Square        F           Sig.                                                df         Mean Square        F           Sig.                                              df         Mean Square        F           Sig.
                      Squares                                                                                       Squares                                                                                     Squares
Regression               19.219                47             0.409        13.76    .000(a)   Regression               18.765                36             0.521         17.1    .000(a)   Regression             16.741                22             0.761    19.333        .000(a)
Residual                  4.606               155              0.03                           Residual                   5.06               166              0.03                           Residual                7.085               180             0.039
Total                    23.825               202                                             Total                    23.825               202                                             Total                  23.825               202


Coefficients                                                                                  Coefficients                                                                                  Coefficients
                        Unstandardized              Standardized                                                      Unstandardized              Standardized                                                    Unstandardized              Standardized
                         Coefficients               Coefficients                                                       Coefficients               Coefficients                                                     Coefficients               Coefficients
                                                                       t           Sig.                                                                              t           Sig.                                                                            t           Sig.
                         B           Std. Error        Beta                                                            B            Std. Error       Beta                                                          B           Std. Error        Beta

(Constant)                    4.39         1.537                           2.856     0.005    (Constant)                   3.829         1.491                           2.567     0.011    (Constant)                 4.322         1.622                           2.664      0.008
PW_YES                       0.097         0.040              0.114        2.430     0.016    PW_YES                       0.105         0.038              0.123        2.729     0.007    PW_YES                     0.176         0.041              0.206        4.286      0.000
AFFORD                    -0.235           0.121              -0.093   -1.943        0.054    AFFORD                    -0.176           0.109              -0.069   -1.613        0.109    AFFORD                  -0.187           0.118              -0.074   -1.585         0.115
TYPE_NO                   -0.073           0.054              -0.059   -1.342        0.181    TYPE_NO                   -0.071           0.053              -0.057   -1.340        0.182    TYPE_NO                 -0.099           0.058              -0.080   -1.691         0.092
TYPE_SE                   -0.226           0.042              -0.295   -5.342        0.000    TYPE_SE                   -0.219           0.037              -0.285   -5.890        0.000    TYPE_SE                 -0.189           0.040              -0.247   -4.740         0.000
TYPE_SI                   -0.630           0.104              -0.285   -6.057        0.000    TYPE_SI                   -0.572           0.086              -0.259   -6.677        0.000    TYPE_SI                 -0.485           0.096              -0.220   -5.074         0.000
TYPE_SP                   -0.130           0.078              -0.078   -1.662        0.098    TYPE_SP                   -0.138           0.074              -0.083   -1.861        0.064    TYPE_SP                 -0.140           0.083              -0.084   -1.690         0.093
MIN_SET                   -0.032           0.084              -0.017   -0.386        0.700    PIS_IND                      6.893         1.438              0.217        4.794     0.000    PIS_IND                    6.496         1.552              0.204        4.185      0.000
HIGH_COS                  -0.008           0.034              -0.011   -0.222        0.825    PK_UNDER                     0.190         0.046              0.204        4.153     0.000    PK_UNDER                   0.205         0.048              0.220        4.276      0.000
ELEVATOR                     0.010         0.045              0.014        0.231     0.818    THR_BR                       0.120         0.033              0.162        3.602     0.000    THR_BR                     0.121         0.036              0.164        3.391      0.001
DENSITY                      0.000         0.001              0.055        0.855     0.394    ISLAND                       0.625         0.190              0.128        3.282     0.001    ISLAND                     0.642         0.212              0.131        3.026      0.003
PIS_IND                      6.579         1.460              0.207        4.506     0.000    SPEC_NDS                     0.051         0.091              0.027        0.562     0.575    SPEC_NDS                   0.020         0.100              0.011        0.197      0.844
THR_STOR                  -0.033           0.062              -0.031   -0.536        0.593    ENV_MIT                      0.089         0.065              0.059        1.372     0.172    ENV_MIT                    0.126         0.069              0.083        1.827      0.069
CHLD_CR                      0.186         0.073              0.112        2.543     0.012    APP_NP                       0.071         0.042              0.086        1.707     0.090    APP_NP                     0.027         0.045              0.033        0.604      0.547
PK_UNDER                     0.186         0.054              0.200        3.452     0.001    DEV_NP                       0.097         0.037              0.140        2.617     0.010    DEV_NP                     0.095         0.040              0.137        2.371      0.019
THR_BR                       0.111         0.034              0.150        3.235     0.001    PCT_PUBL                     0.106         0.079              0.063        1.334     0.184    PCT_PUBL                   0.117         0.087              0.070        1.348      0.179
ISLAND                       0.654         0.192              0.134        3.410     0.001    SOURCES                      0.001         0.010              0.005        0.125     0.901    SOURCES                    0.011         0.011              0.046        0.988      0.324
SPEC_NDS                  -0.066           0.105              -0.035   -0.627        0.531    TE_BOND                   -0.070           0.036              -0.100   -1.978        0.050    TE_BOND                 -0.048           0.038              -0.068   -1.248         0.214
ENV_MIT                      0.123         0.069              0.081        1.793     0.075    STR_TNHS                     0.166         0.044              0.188        3.790     0.000    STR_TNHS                   0.195         0.046              0.220        4.290      0.000
URBAN                        0.000         0.001              0.010        0.273     0.785    STR_COOP                     0.751         0.217              0.153        3.460     0.001    STR_COOP                   0.429         0.227              0.088        1.895      0.060
PCT_PUBL                     0.062         0.086              0.037        0.718     0.474    STR_TWO                      0.090         0.035              0.132        2.608     0.010    STR_TWO                    0.112         0.037              0.163        3.010      0.003
SOURCES                   -0.001           0.010              -0.004   -0.081        0.935    STR_SF                       0.360         0.137              0.104        2.633     0.009    STR_SF                     0.357         0.149              0.103        2.394      0.018
TE_BOND                   -0.059           0.037              -0.085   -1.617        0.108    INNR_CTY                     0.137         0.046              0.140        2.986     0.003    INNR_CTY                   0.099         0.051              0.101        1.937      0.054
APP_CORP                     0.030         0.069              0.022        0.444     0.657    SF_O_SJ                      0.275         0.066              0.346        4.149     0.000
APP_LP                    -0.073           0.042              -0.098   -1.725        0.087    S_Y                          0.167         0.074              0.138        2.262     0.025
APP_SP                       0.114         0.155              0.033        0.736     0.463    FRES                         0.034         0.088              0.019        0.384     0.702
APP_JV                       0.038         0.146              0.011        0.260     0.796    BAKER                     -0.122           0.095              -0.065   -1.279        0.203
DEV_JV                    -0.092           0.041              -0.129   -2.222        0.028    LA_R_OC                      0.151         0.066              0.209        2.296     0.023
DEV_FP                    -0.139           0.046              -0.169   -3.039        0.003    MERCED                    -0.033           0.107              -0.013   -0.305        0.761
STR_TNHS                     0.183         0.046              0.206        3.996     0.000    SALINAS                      0.098         0.113              0.044        0.865     0.388
STR_COOP                     0.851         0.219              0.174        3.878     0.000    SAN_DIEG                     0.041         0.076              0.032        0.541     0.589
STR_TWO                      0.088         0.040              0.128        2.201     0.029    SLO_A_PR                     0.134         0.106              0.060        1.266     0.207
STR_SF                       0.381         0.137              0.110        2.792     0.006    SB_SM_L                   -0.232           0.125              -0.094   -1.848        0.066
INNR_CTY                     0.145         0.051              0.149        2.846     0.005    REDDING                      0.173         0.138              0.050        1.248     0.214
SF_O_SJ                      0.228         0.072              0.286        3.179     0.002    MODESTO                      0.097         0.143              0.028        0.678     0.499
S_Y                          0.127         0.084              0.105        1.508     0.134    YUBA                      -0.126           0.190              -0.026   -0.663        0.508
FRES                         0.025         0.090              0.014        0.277     0.782    V_T_P                     -0.009           0.108              -0.004   -0.082        0.934
BAKER                     -0.147           0.098              -0.079   -1.498        0.136
LA_R_OC                      0.110         0.071              0.152        1.557     0.121
MERCED                    -0.066           0.111              -0.027   -0.596        0.552
SALINAS                      0.046         0.117              0.021        0.391     0.697
SAN_DIEG                  -0.012           0.084              -0.009   -0.137        0.891
SLO_A_PR                     0.108         0.107              0.049        1.005     0.317
SB_SM_L                   -0.238           0.128              -0.096   -1.854        0.066
REDDING                      0.168         0.143              0.048        1.176     0.241
MODESTO                      0.112         0.147              0.032        0.764     0.446
YUBA                      -0.159           0.193              -0.033   -0.827        0.410
V_T_P                     -0.050           0.113              -0.020   -0.441        0.660


                                                                                                                                                                                                                                                                       printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                            OLS (ln cost per unit)                                                                                                                                48 of 52




Dependent Variable: PCST/UNIT                                                                  Dependent Variable: PCST/UNIT                                                                 Dependent Variable: PCST/UNIT

Model Summary                                                                                  Model Summary                                                                                 Model Summary
                                     Adjusted R Std. Error of the                                                                   Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
        R             R Square                                                                         R             R Square                                                                      R             R Square
                                      Square       Estimate                                                                          Square       Estimate                                                                       Square       Estimate
            .902(a)          0.814         0.759    0.163078924                                            .895(a)          0.802         0.759    0.162878669                                         .817(a)          0.668         0.628    0.202446476


ANOVA                                                                                          ANOVA                                                                                         ANOVA
                      Sum of                                                                                         Sum of                                                                                      Sum of
                                         df          Mean Square        F           Sig.                                                df         Mean Square        F           Sig.                                              df         Mean Square        F           Sig.
                      Squares                                                                                        Squares                                                                                     Squares
Regression               18.292                47              0.389    14.634       .000(a)   Regression               18.011                36                0.5   18.858       .000(a)   Regression             15.009                22             0.682    16.646        .000(a)
Residual                  4.175               157              0.027                           Residual                  4.457               168             0.027                           Residual                7.459               182             0.041
Total                    22.468               204                                              Total                    22.468               204                                             Total                  22.468               204


Coefficients                                                                                   Coefficients                                                                                  Coefficients
                        Unstandardized               Standardized                                                      Unstandardized              Standardized                                                    Unstandardized              Standardized
                         Coefficients                Coefficients                                                       Coefficients               Coefficients                                                     Coefficients               Coefficients
                                                                        t           Sig.                                                                              t           Sig.                                                                            t           Sig.
                         B           Std. Error         Beta                                                            B            Std. Error       Beta                                                          B           Std. Error        Beta

(Constant)                   5.553            1.45                          3.831          0   (Constant)                   4.831         1.389                           3.479     0.001    (Constant)                 5.862         1.652                           3.550      0.000
PW_YES                       0.095         0.038               0.114        2.510     0.013    PW_YES                       0.091         0.036              0.110        2.561     0.011    PW_YES                     0.164         0.042              0.198        3.938      0.000
AFFORD                    -0.160           0.112               -0.068   -1.434        0.154    AFFORD                    -0.097           0.100              -0.041   -0.968        0.334    AFFORD                  -0.135           0.118              -0.057   -1.141         0.255
TYPE_NO                   -0.060           0.051               -0.052   -1.187        0.237    TYPE_NO                   -0.053           0.049              -0.046   -1.095        0.275    TYPE_NO                 -0.076           0.059              -0.065   -1.295         0.197
TYPE_SE                   -0.222           0.040               -0.301   -5.606        0.000    TYPE_SE                   -0.215           0.034              -0.291   -6.272        0.000    TYPE_SE                 -0.166           0.040              -0.225   -4.118         0.000
TYPE_SI                   -0.661           0.098               -0.308   -6.723        0.000    TYPE_SI                   -0.675           0.080              -0.315   -8.458        0.000    TYPE_SI                 -0.554           0.098              -0.258   -5.673         0.000
TYPE_SP                   -0.079           0.074               -0.049   -1.071        0.286    TYPE_SP                   -0.091           0.069              -0.056   -1.317        0.190    TYPE_SP                 -0.091           0.084              -0.057   -1.082         0.281
MIN_SET                   -0.033           0.079               -0.018   -0.421        0.674    PIS_IND                      6.290         1.339              0.204        4.697     0.000    PIS_IND                    5.400         1.581              0.175        3.416      0.001
HIGH_COS                  -0.005           0.032               -0.008   -0.167        0.868    PK_UNDER                     0.182         0.042              0.205        4.301     0.000    PK_UNDER                   0.185         0.049              0.208        3.799      0.000
ELEVATOR                     0.002         0.042               0.003        0.046     0.964    THR_BR                       0.094         0.031              0.131        3.039     0.003    THR_BR                     0.108         0.036              0.151        2.970      0.003
DENSITY                      0.000         0.001               -0.013   -0.215        0.830    ISLAND                       0.379         0.178              0.080        2.135     0.034    ISLAND                     0.356         0.216              0.075        1.646      0.101
PIS_IND                      5.796         1.378               0.188        4.207     0.000    SPEC_NDS                     0.002         0.085              0.001        0.022     0.983    SPEC_NDS                -0.015           0.103              -0.008   -0.148         0.883
THR_STOR                  -0.009           0.058               -0.009   -0.154        0.878    ENV_MIT                      0.041         0.061              0.028        0.679     0.498    ENV_MIT                    0.096         0.070              0.065        1.363      0.175
CHLD_CR                      0.137         0.069               0.085        1.984     0.049    APP_NP                       0.026         0.039              0.033        0.676     0.500    APP_NP                     0.001         0.045              0.002        0.028      0.978
PK_UNDER                     0.180         0.051               0.203        3.547     0.001    DEV_NP                       0.083         0.035              0.123        2.403     0.017    DEV_NP                     0.073         0.041              0.109        1.795      0.074
THR_BR                       0.081         0.032               0.113        2.505     0.013    PCT_PUBL                     0.241         0.074              0.149        3.260     0.001    PCT_PUBL                   0.268         0.088              0.165        3.025      0.003
ISLAND                       0.417         0.181               0.088        2.297     0.023    SOURCES                      0.003         0.010              0.013        0.311     0.756    SOURCES                    0.023         0.011              0.099        2.013      0.046
SPEC_NDS                  -0.059           0.099               -0.032   -0.592        0.554    TE_BOND                   -0.067           0.033              -0.100   -2.047        0.042    TE_BOND                 -0.055           0.039              -0.081   -1.402         0.163
ENV_MIT                      0.067         0.065               0.045        1.026     0.306    STR_TNHS                     0.146         0.041              0.169        3.574     0.000    STR_TNHS                   0.217         0.046              0.252        4.694      0.000
URBAN                        0.000         0.001               0.006        0.172     0.863    STR_COOP                     0.629         0.202              0.132        3.109     0.002    STR_COOP                   0.459         0.231              0.097        1.987      0.048
PCT_PUBL                     0.176         0.081               0.109        2.176     0.031    STR_TWO                      0.065         0.032              0.097        2.013     0.046    STR_TWO                    0.109         0.038              0.165        2.883      0.004
SOURCES                      0.000         0.010               0.001        0.015     0.988    STR_SF                       0.271         0.127              0.080        2.126     0.035    STR_SF                     0.280         0.152              0.083        1.839      0.067
TE_BOND                   -0.068           0.035               -0.101   -1.979        0.050    INNR_CTY                     0.091         0.042              0.097        2.138     0.034    INNR_CTY                   0.047         0.051              0.050        0.918      0.360
APP_CORP                     0.013         0.065               0.010        0.202     0.840    SF_O_SJ                      0.381         0.062              0.497        6.183     0.000
APP_LP                    -0.020           0.040               -0.028   -0.508        0.612    S_Y                          0.200         0.069              0.171        2.912     0.004
APP_SP                       0.256         0.147               0.076        1.746     0.083    FRES                      -0.018           0.082              -0.010   -0.217        0.829
APP_JV                       0.004         0.137               0.001        0.032     0.975    BAKER                     -0.085           0.089              -0.047   -0.955        0.341
DEV_JV                    -0.081           0.039               -0.118   -2.066        0.040    LA_R_OC                      0.191         0.061              0.273        3.112     0.002
DEV_FP                    -0.118           0.043               -0.149   -2.739        0.007    MERCED                    -0.006           0.100              -0.002   -0.058        0.954
STR_TNHS                     0.149         0.043               0.173        3.447     0.001    SALINAS                      0.204         0.105              0.095        1.934     0.055
STR_COOP                     0.679         0.207               0.143        3.272     0.001    SAN_DIEG                     0.178         0.071              0.145        2.527     0.012
STR_TWO                      0.062         0.038               0.094        1.647     0.102    SLO_A_PR                     0.260         0.098              0.121        2.644     0.009
STR_SF                       0.289         0.129               0.086        2.241     0.026    SB_SM_L                   -0.009           0.117              -0.004   -0.076        0.940
INNR_CTY                     0.112         0.048               0.120        2.345     0.020    REDDING                      0.166         0.129              0.049        1.286     0.200
SF_O_SJ                      0.354         0.067               0.462        5.248     0.000    MODESTO                      0.065         0.133              0.019        0.488     0.626
S_Y                          0.163         0.079               0.139        2.049     0.042    YUBA                      -0.107           0.177              -0.023   -0.606        0.546
FRES                      -0.029           0.085               -0.017   -0.335        0.738    V_T_P                     -0.110           0.101              -0.046   -1.088        0.278
BAKER                     -0.113           0.093               -0.062   -1.209        0.228
LA_R_OC                      0.161         0.067               0.230        2.412     0.017
MERCED                    -0.038           0.105               -0.016   -0.360        0.719
SALINAS                      0.160         0.111               0.074        1.439     0.152
SAN_DIEG                     0.145         0.079               0.117        1.833     0.069
SLO_A_PR                     0.246         0.101               0.115        2.422     0.017
SB_SM_L                   -0.018           0.121               -0.008   -0.152        0.879
REDDING                      0.153         0.135               0.045        1.132     0.259
MODESTO                      0.078         0.139               0.023        0.561     0.575
YUBA                      -0.145           0.182               -0.031   -0.795        0.428
V_T_P                     -0.133           0.107               -0.056   -1.250        0.213


                                                                                                                                                                                                                                                                        printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                             OLS (ln cost per unit)                                                                                                                                  49 of 52




Dependent Variable: SSCST/UNIT                                                             Dependent Variable: SSCST/UNIT                                                            Dependent Variable: SSCST/UNIT

Model Summary                                                                              Model Summary                                                                             Model Summary
                                     Adjusted R Std. Error of the                                                               Adjusted R Std. Error of the                                                            Adjusted R Std. Error of the
        R             R Square                                                                     R             R Square                                                                  R             R Square
                                      Square       Estimate                                                                      Square       Estimate                                                                   Square       Estimate
            .866(a)           0.75         0.676    0.199798346                                        .856(a)          0.732         0.675    0.200116137                                     .816(a)          0.665         0.625      0.21489403


ANOVA                                                                                      ANOVA                                                                                     ANOVA
                      Sum of                                                                                     Sum of                                                                                  Sum of
                                         df         Mean Square         F       Sig.                                                df         Mean Square         F       Sig.                                             df         Mean Square         F       Sig.
                      Squares                                                                                    Squares                                                                                 Squares
Regression               18.835                47             0.401    10.039   .000(a)    Regression               18.375                36              0.51    12.745   .000(a)   Regression             16.698                22             0.759    16.436   .000(a)
Residual                  6.267               157              0.04                        Residual                  6.728               168              0.04                       Residual                8.405               182             0.046
Total                    25.103               204                                          Total                    25.103               204                                         Total                  25.103               204


Coefficients                                                                               Coefficients                                                                              Coefficients
                        Unstandardized              Standardized                                                   Unstandardized              Standardized                                                Unstandardized              Standardized
                         Coefficients               Coefficients                                                    Coefficients               Coefficients                                                 Coefficients               Coefficients
                                                                        t       Sig.                                                                               t       Sig.                                                                            t       Sig.
                         B           Std. Error        Beta                                                         B           Std. Error        Beta                                                      B           Std. Error        Beta

(Constant)                   6.333         1.776                        3.566          0   (Constant)                   6.190         1.706                        3.628    0.000    (Constant)                 6.572         1.753                        3.749    0.000
PW_YES                       0.089         0.046              0.102     1.924    0.056     PW_YES                       0.097         0.044              0.111     2.217    0.028    PW_YES                     0.158         0.044              0.180     3.575    0.000
AFFORD                    -0.329           0.137              -0.131   -2.404    0.017     AFFORD                    -0.303           0.123              -0.121   -2.466    0.015    AFFORD                  -0.319           0.125              -0.127   -2.548    0.012
TYPE_NO                   -0.148           0.062              -0.120   -2.381    0.018     TYPE_NO                   -0.138           0.060              -0.111   -2.295    0.023    TYPE_NO                 -0.167           0.062              -0.135   -2.695    0.008
TYPE_SE                   -0.224           0.049              -0.287   -4.614    0.000     TYPE_SE                   -0.184           0.042              -0.236   -4.373    0.000    TYPE_SE                 -0.157           0.043              -0.202   -3.671    0.000
TYPE_SI                   -0.703           0.120              -0.310   -5.842    0.000     TYPE_SI                   -0.577           0.098              -0.254   -5.877    0.000    TYPE_SI                 -0.494           0.104              -0.218   -4.769    0.000
TYPE_SP                   -0.032           0.090              -0.019   -0.357    0.722     TYPE_SP                   -0.009           0.085              -0.005   -0.106    0.916    TYPE_SP                 -0.013           0.090              -0.008   -0.144    0.886
MIN_SET                      0.010         0.097              0.005     0.102    0.919     PIS_IND                      4.597         1.645              0.141     2.794    0.006    PIS_IND                    4.329         1.678              0.133     2.580    0.011
HIGH_COS                  -0.027           0.039              -0.039   -0.699    0.486     PK_UNDER                     0.201         0.052              0.214     3.865    0.000    PK_UNDER                   0.207         0.052              0.220     4.000    0.000
ELEVATOR                     0.042         0.052              0.056     0.806    0.421     THR_BR                       0.156         0.038              0.206     4.105    0.000    THR_BR                     0.164         0.039              0.216     4.234    0.000
DENSITY                      0.001         0.001              0.082     1.128    0.261     ISLAND                       0.625         0.218              0.124     2.865    0.005    ISLAND                     0.638         0.230              0.127     2.779    0.006
PIS_IND                      4.653         1.688              0.143     2.756    0.007     SPEC_NDS                  -0.257           0.104              -0.133   -2.471    0.014    SPEC_NDS                -0.277           0.109              -0.144   -2.548    0.012
THR_STOR                     0.020         0.071              0.019     0.288    0.774     ENV_MIT                   -0.073           0.074              -0.047   -0.982    0.328    ENV_MIT                 -0.027           0.074              -0.017   -0.361    0.719
CHLD_CR                      0.061         0.085              0.036     0.723    0.471     APP_NP                    -0.008           0.048              -0.009   -0.163    0.871    APP_NP                  -0.046           0.048              -0.055   -0.958    0.339
PK_UNDER                     0.162         0.062              0.172     2.596    0.010     DEV_NP                       0.147         0.042              0.207     3.458    0.001    DEV_NP                     0.150         0.043              0.212     3.460    0.001
THR_BR                       0.142         0.040              0.188     3.579    0.000     PCT_PUBL                  -0.015           0.091              -0.009   -0.171    0.865    PCT_PUBL                -0.015           0.094              -0.009   -0.157    0.876
ISLAND                       0.661         0.222              0.132     2.973    0.003     SOURCES                      0.014         0.012              0.057     1.176    0.241    SOURCES                    0.023         0.012              0.096     1.946    0.053
SPEC_NDS                  -0.312           0.121              -0.162   -2.574    0.011     TE_BOND                   -0.098           0.040              -0.137   -2.426    0.016    TE_BOND                 -0.077           0.041              -0.108   -1.869    0.063
ENV_MIT                   -0.061           0.079              -0.039   -0.765    0.445     STR_TNHS                     0.168         0.050              0.184     3.348    0.001    STR_TNHS                   0.197         0.049              0.217     4.015    0.000
URBAN                        0.000         0.001              0.009     0.220    0.826     STR_COOP                     0.874         0.249              0.174     3.513    0.001    STR_COOP                   0.647         0.245              0.129     2.638    0.009
PCT_PUBL                  -0.060           0.099              -0.035   -0.609    0.543     STR_TWO                      0.106         0.039              0.151     2.686    0.008    STR_TWO                    0.129         0.040              0.184     3.207    0.002
SOURCES                      0.012         0.012              0.051     1.031    0.304     STR_SF                       0.399         0.156              0.112     2.554    0.012    STR_SF                     0.391         0.161              0.110     2.424    0.016
TE_BOND                   -0.082           0.042              -0.115   -1.941    0.054     INNR_CTY                     0.179         0.052              0.181     3.440    0.001    INNR_CTY                   0.139         0.055              0.141     2.553    0.012
APP_CORP                     0.107         0.079              0.075     1.356    0.177     SF_O_SJ                      0.280         0.076              0.345     3.693    0.000
APP_LP                       0.004         0.049              0.006     0.090    0.928     S_Y                          0.188         0.085              0.152     2.222    0.028
APP_SP                       0.274         0.180              0.077     1.522    0.130     FRES                         0.030         0.100              0.017     0.301    0.764
APP_JV                       0.151         0.168              0.042     0.894    0.373     BAKER                     -0.085           0.109              -0.044   -0.778    0.438
DEV_JV                    -0.153           0.048              -0.210   -3.185    0.002     LA_R_OC                      0.162         0.075              0.219     2.145    0.033
DEV_FP                    -0.200           0.053              -0.238   -3.784    0.000     MERCED                    -0.017           0.123              -0.007   -0.139    0.889
STR_TNHS                     0.168         0.053              0.185     3.185    0.002     SALINAS                      0.185         0.130              0.082     1.428    0.155
STR_COOP                     0.941         0.254              0.187     3.705    0.000     SAN_DIEG                     0.070         0.087              0.054     0.810    0.419
STR_TWO                      0.082         0.046              0.117     1.783    0.077     SLO_A_PR                     0.150         0.121              0.066     1.238    0.217
STR_SF                       0.393         0.158              0.110     2.485    0.014     SB_SM_L                   -0.116           0.144              -0.046   -0.808    0.420
INNR_CTY                     0.174         0.059              0.175     2.957    0.004     REDDING                      0.235         0.158              0.066     1.483    0.140
SF_O_SJ                      0.233         0.083              0.288     2.818    0.005     MODESTO                      0.140         0.164              0.039     0.857    0.393
S_Y                          0.141         0.097              0.114     1.446    0.150     YUBA                      -0.012           0.218              -0.002   -0.055    0.956
FRES                         0.011         0.105              0.006     0.108    0.914     V_T_P                        0.073         0.124              0.029     0.586    0.559
BAKER                     -0.114           0.114              -0.059   -1.001    0.318
LA_R_OC                      0.122         0.082              0.164     1.490    0.138
MERCED                    -0.058           0.129              -0.023   -0.450    0.653
SALINAS                      0.159         0.136              0.070     1.167    0.245
SAN_DIEG                     0.022         0.097              0.017     0.230    0.819
SLO_A_PR                     0.121         0.124              0.053     0.975    0.331
SB_SM_L                   -0.124           0.149              -0.049   -0.833    0.406
REDDING                      0.214         0.165              0.060     1.294    0.198
MODESTO                      0.125         0.170              0.035     0.738    0.462
YUBA                      -0.059           0.223              -0.012   -0.262    0.794
V_T_P                        0.013         0.131              0.005     0.103    0.918


                                                                                                                                                                                                                                                                             printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                                   2SLS-B (ln cost)                                                                                                                            50 of 52




Dependent Variable: LN_RCST                                                                    Dependent Variable: LN_RCST                                                                 Dependent Variable: LN_RCST

Model Summary                                                                                  Model Summary                                                                               Model Summary
                                    Adjusted R       Std. Error of the                                                          Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
       R               R Square                                                                      R             R Square                                                                      R             R Square
                                     Square             Estimate                                                                 Square       Estimate                                                                       Square       Estimate
             .977(a)          0.954        0.94                   0.165                                  .974(a)          0.948       0.936           0.1699                                         .964(a)           0.93       0.921           0.1895


ANOVA                                                                                          ANOVA                                                                                       ANOVA
                       Sum of                                                                                      Sum of                                                                                      Sum of
                                          df          Mean Square         F         Sig.                                              df         Mean Square        F           Sig.                                              df         Mean Square        F           Sig.
                       Squares                                                                                     Squares                                                                                     Squares
Regression                87.227                48               1.817    66.744    .000(a)    Regression              86.66                37             2.342    81.186       .000(a)   Regression             84.989                23             3.695    102.86       .000(a)
Residual                   4.193               154               0.027                         Residual                 4.76               165             0.029                           Residual                 6.43               179             0.036
Total                         91.42            202                                             Total                      91.42            202                                             Total                      91.42            202


Coefficients                                                                                   Coefficients                                                                                Coefficients
                          Unstandardized              Standardized                                                    Unstandardized             Standardized                                                     Unstandardized             Standardized
                           Coefficients               Coefficients                                                     Coefficients              Coefficients                                                      Coefficients              Coefficients
                                                                          t         Sig.                                                                            t           Sig.                                                                            t           Sig.
                          B           Std. Error          Beta                                                        B           Std. Error        Beta                                                          B           Std. Error        Beta

(Constant)                    5.558         1.544                             3.6          0   (Constant)                 4.614         1.489                           3.099      0.002   (Constant)                 5.693         1.579                           3.606          0
PRED_PW                      0.302            0.1                  0.13    3.013     0.003     PRED_PW                   0.233          0.077                 0.1    3.044         0.003   PRED_PW                   0.421          0.069               0.181     6.07             0
AFFORD                      -0.318          0.117                -0.064   -2.709     0.008     AFFORD                   -0.238          0.107              -0.048   -2.218         0.028   AFFORD                   -0.245          0.113              -0.049   -2.158         0.032
TYPE_NO                     -0.133          0.056                -0.055    -2.36      0.02     TYPE_NO                  -0.115          0.055              -0.048   -2.085         0.039   TYPE_NO                  -0.164          0.058              -0.068   -2.846         0.005
TYPE_SE                     -0.201          0.041                -0.134    -4.89         0     TYPE_SE                  -0.194          0.037              -0.129   -5.295             0   TYPE_SE                  -0.173          0.038              -0.115   -4.492             0
TYPE_SI                     -0.577            0.1                -0.133   -5.743         0     TYPE_SI                  -0.555          0.084              -0.128    -6.59             0   TYPE_SI                  -0.512          0.093              -0.118   -5.519             0
TYPE_SP                     -0.198           0.08                -0.061   -2.461     0.015     TYPE_SP                  -0.177          0.075              -0.054   -2.358          0.02   TYPE_SP                  -0.219          0.081              -0.067   -2.695         0.008
MIN_SET                 -3.23E-02           0.081                -0.009   -0.401     0.689     LN_UNITS                  0.922          0.024               1.041   38.036             0   LN_UNITS                  0.941          0.025               1.063   37.193             0
HIGH_COS                -2.14E-02           0.033                -0.016   -0.655     0.513     PIS_IND                   6.528          1.431               0.105    4.561             0   PIS_IND                   5.506          1.502               0.088    3.665             0
ELEVATOR                 1.25E-02           0.043                 0.009    0.293      0.77     PK_UNDER                  0.164          0.045                0.09    3.627             0   PK_UNDER                  0.176          0.046               0.097    3.789             0
DENSITY                  3.97E-04           0.001                 0.023    0.725      0.47     THR_BR                    0.111          0.033               0.077    3.418         0.001   THR_BR                    0.115          0.034               0.079    3.355         0.001
LN_UNITS                     0.905          0.024                 1.022    37.28         0     ISLAND                    0.678          0.187               0.071    3.621             0   ISLAND                    0.737          0.204               0.077    3.614             0
PIS_IND                      5.886          1.463                 0.095    4.022         0     SPEC_NDS              6.68E-02           0.089               0.018    0.749         0.455   SPEC_NDS              5.51E-03           0.097               0.001    0.057         0.955
THR_STOR                -4.81E-02           0.061                -0.023   -0.792     0.429     ENV_MIT                   0.118          0.064                0.04    1.831         0.069   ENV_MIT                   0.167          0.066               0.056    2.514         0.013
CHLD_CR                      0.169          0.071                 0.052    2.376     0.019     APP_NP                5.77E-02           0.042               0.036    1.382         0.169   APP_NP                3.92E-03           0.043               0.002    0.091         0.927
PK_UNDER                     0.147          0.053                 0.081    2.788     0.006     DEV_NP                5.94E-02           0.038               0.044     1.58         0.116   DEV_NP                5.60E-02            0.04               0.041    1.401         0.163
THR_BR                   9.86E-02           0.033                 0.068     2.97     0.003     PCT_PUBL             -3.56E-02           0.087              -0.011   -0.408         0.684   PCT_PUBL             -5.64E-02           0.093              -0.017   -0.605         0.546
ISLAND                       0.764          0.189                  0.08    4.041         0     SOURCES               2.42E-03            0.01               0.005    0.242         0.809   SOURCES               1.17E-02           0.011               0.025     1.11         0.269
SPEC_NDS                -3.43E-02           0.101                -0.009    -0.34     0.734     TE_BOND              -5.13E-02           0.036              -0.037    -1.43         0.155   TE_BOND              -5.46E-02           0.038               -0.04   -1.426         0.156
ENV_MIT                      0.163          0.067                 0.055    2.429     0.016     STR_TNHS                  0.148          0.043               0.085    3.439         0.001   STR_TNHS                  0.167          0.044               0.096    3.777             0
URBAN                    2.94E-04           0.001                 0.005    0.282     0.778     STR_COOP                  0.626          0.217               0.065    2.877         0.005   STR_COOP                   0.43          0.225               0.045    1.911         0.058
PCT_PUBL                    -0.166          0.102                -0.051   -1.628     0.106     STR_TWO               7.32E-02           0.034               0.055    2.141         0.034   STR_TWO               8.25E-02           0.036               0.061    2.278         0.024
SOURCES                  2.51E-03            0.01                 0.005     0.25     0.803     STR_SF                    0.382          0.136               0.056     2.81         0.006   STR_SF                    0.411          0.143                0.06    2.866         0.005
TE_BOND                 -4.70E-02           0.037                -0.034   -1.266     0.207     INNR_CTY                  0.123          0.045               0.064    2.749         0.007   INNR_CTY              9.20E-02           0.049               0.048    1.882         0.061
APP_CORP                 7.66E-02           0.069                 0.028    1.118     0.265     SF_O_SJ                   0.279          0.066               0.179    4.248             0
APP_LP                  -4.84E-02           0.042                -0.033    -1.14     0.256     S_Y                       0.172          0.072               0.073    2.402         0.017
APP_SP                        0.33          0.163                 0.049    2.022     0.045     FRES                  3.74E-02           0.086               0.011    0.436         0.664
APP_JV                      -0.113          0.152                -0.017   -0.744     0.458     BAKER                    -0.116          0.093              -0.032   -1.256         0.211
DEV_JV                  -5.18E-02           0.041                -0.037   -1.267     0.207     LA_R_OC                   0.153          0.064               0.108    2.383         0.018
DEV_FP                  -9.01E-02           0.045                -0.056   -1.985     0.049     MERCED               -3.04E-02           0.104              -0.006   -0.291         0.771
STR_TNHS                     0.165          0.044                 0.095    3.733         0     SALINAS               9.86E-02            0.11               0.023    0.897         0.371
STR_COOP                      0.72          0.216                 0.075    3.325     0.001     SAN_DIEG              8.61E-02           0.076               0.034    1.136         0.258
STR_TWO                  6.65E-02           0.039                  0.05    1.714     0.089     SLO_A_PR              9.17E-02           0.107               0.021    0.859         0.392
STR_SF                       0.428          0.136                 0.063     3.14     0.002     SB_SM_L                  -0.215          0.123              -0.045   -1.749         0.082
INNR_CTY                     0.152           0.05                 0.079    3.024     0.003     REDDING                   0.191          0.135               0.028     1.42         0.158
SF_O_SJ                      0.232          0.069                 0.149    3.361     0.001     MODESTO               6.93E-02           0.141                0.01    0.493         0.623
S_Y                          0.128          0.081                 0.054    1.585     0.115     YUBA                 -4.19E-02           0.186              -0.004   -0.225         0.823
FRES                     2.28E-02           0.088                 0.007     0.26     0.795     V_T_P                 2.81E-02           0.107               0.006    0.263         0.793
BAKER                       -0.151          0.094                -0.041   -1.603     0.111
LA_R_OC                      0.106          0.068                 0.075    1.559     0.121
MERCED                  -5.93E-02           0.107                -0.012   -0.554     0.581
SALINAS                  4.21E-02           0.112                  0.01    0.375     0.709
SAN_DIEG                 4.62E-02           0.084                 0.018    0.553     0.581
SLO_A_PR                 6.50E-02           0.108                 0.015      0.6     0.549
SB_SM_L                     -0.208          0.124                -0.043   -1.669     0.097
REDDING                      0.177          0.137                 0.026    1.294     0.198
MODESTO                  6.33E-02           0.143                 0.009    0.444     0.657
YUBA                    -6.59E-02           0.186                -0.007   -0.353     0.724
V_T_P                   -2.97E-03            0.11                -0.001   -0.027     0.979




                                                                                                                                                                                                                                                                     printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                                  2SLS-B (ln cost)                                                                                                                           51 of 52




Dependent Variable: LN_PCST                                                                   Dependent Variable: LN_PCST                                                                 Dependent Variable: LN_PCST

Model Summary                                                                                 Model Summary                                                                               Model Summary
                                    Adjusted R       Std. Error of the                                                         Adjusted R Std. Error of the                                                                Adjusted R Std. Error of the
       R               R Square                                                                     R             R Square                                                                      R             R Square
                                     Square             Estimate                                                                Square       Estimate                                                                       Square       Estimate
             .980(a)           0.96       0.948                 0.1535                                  .977(a)          0.955       0.945           0.1575                                         .962(a)          0.925       0.915           0.1953


ANOVA                                                                                         ANOVA                                                                                       ANOVA
                       Sum of                                                                                     Sum of                                                                                      Sum of
                                          df          Mean Square         F        Sig.                                              df         Mean Square        F           Sig.                                              df         Mean Square        F          Sig.
                       Squares                                                                                    Squares                                                                                     Squares
Regression                88.237                48               1.838    78.016   .000(a)    Regression              87.77                37             2.372    95.616       .000(a)   Regression             85.007                23             3.696    96.859      .000(a)
Residual                   3.676               156               0.024                        Residual                4.143               167             0.025                           Residual                6.907               181             0.038
Total                      91.913              204                                            Total                   91.913              204                                             Total                   91.913              204


Coefficients                                                                                  Coefficients                                                                                Coefficients
                          Unstandardized              Standardized                                                   Unstandardized             Standardized                                                     Unstandardized             Standardized
                           Coefficients               Coefficients                                                    Coefficients              Coefficients                                                      Coefficients              Coefficients
                                                                           t       Sig.                                                                            t           Sig.                                                                            t          Sig.
                          B           Std. Error          Beta                                                       B           Std. Error        Beta                                                          B           Std. Error        Beta

(Constant)                    6.608         1.433                          4.611          0   (Constant)                 5.352         1.378                           3.883          0   (Constant)                 7.091         1.623                           4.37          0
PRED_PW                      0.292          0.093                 0.125    3.141    0.002     PRED_PW                   0.177          0.071               0.076    2.501         0.013   PRED_PW                   0.385          0.071               0.165    5.397            0
AFFORD                      -0.238          0.106                 -0.05   -2.242    0.026     AFFORD                   -0.152          0.098              -0.032   -1.552         0.123   AFFORD                   -0.188          0.115              -0.039   -1.638        0.103
TYPE_NO                     -0.123          0.052                -0.052   -2.364    0.019     TYPE_NO              -8.92E-02           0.051              -0.038   -1.757         0.081   TYPE_NO                  -0.137          0.059              -0.058   -2.341         0.02
TYPE_SE                     -0.199          0.038                -0.133    -5.28        0     TYPE_SE                  -0.195          0.034               -0.13   -5.782             0   TYPE_SE                  -0.151          0.039              -0.101   -3.856            0
TYPE_SI                     -0.608          0.093                 -0.14   -6.524        0     TYPE_SI                  -0.649          0.078               -0.15   -8.321             0   TYPE_SI                  -0.573          0.096              -0.132   -5.993            0
TYPE_SP                     -0.146          0.075                -0.045   -1.961    0.052     TYPE_SP                  -0.117          0.069              -0.036   -1.681         0.095   TYPE_SP                  -0.162          0.084              -0.049   -1.934        0.055
MIN_SET                 -2.84E-02           0.074                -0.008   -0.382    0.703     LN_UNITS                  0.914          0.022               1.036   41.252             0   LN_UNITS                  0.937          0.026               1.062   36.198            0
HIGH_COS                -2.28E-02            0.03                -0.017   -0.756    0.451     PIS_IND                     6.2          1.326                 0.1    4.674             0   PIS_IND                   4.558          1.545               0.073    2.949        0.004
ELEVATOR                 4.86E-03            0.04                 0.003    0.123    0.902     PK_UNDER                  0.152          0.042               0.085    3.651             0   PK_UNDER                  0.156          0.048               0.087    3.257        0.001
DENSITY                 -1.55E-04           0.001                -0.009   -0.308    0.759     THR_BR                8.41E-02            0.03               0.058    2.787         0.006   THR_BR                    0.102          0.035                0.07    2.873        0.005
LN_UNITS                     0.894          0.022                 1.013   40.048        0     ISLAND                    0.413          0.174               0.043    2.379         0.018   ISLAND                    0.443           0.21               0.046     2.11        0.036
PIS_IND                      5.247           1.36                 0.084    3.858        0     SPEC_NDS              2.58E-02           0.083               0.007    0.312         0.755   SPEC_NDS             -2.43E-02           0.099              -0.007   -0.244        0.807
THR_STOR                -2.41E-02           0.056                -0.012   -0.431    0.667     ENV_MIT               6.57E-02            0.06               0.022    1.105         0.271   ENV_MIT                   0.135          0.068               0.045    1.975         0.05
CHLD_CR                      0.126          0.066                 0.039    1.902    0.059     APP_NP                1.78E-02           0.039               0.011    0.461         0.645   APP_NP               -2.04E-02           0.044              -0.013   -0.463        0.644
PK_UNDER                     0.135          0.049                 0.075    2.758    0.007     DEV_NP                4.60E-02           0.035               0.034    1.324         0.187   DEV_NP                3.43E-02           0.041               0.025    0.834        0.405
THR_BR                   6.78E-02           0.031                 0.047    2.201    0.029     PCT_PUBL                  0.106          0.081               0.032    1.312         0.191   PCT_PUBL              9.86E-02           0.096                0.03     1.03        0.305
ISLAND                       0.523          0.176                 0.054    2.977    0.003     SOURCES               4.47E-03           0.009                0.01    0.485         0.629   SOURCES               2.35E-02           0.011               0.051     2.16        0.032
SPEC_NDS                -2.54E-02           0.093                -0.007   -0.272    0.786     TE_BOND              -4.07E-02           0.033               -0.03   -1.226         0.222   TE_BOND              -5.55E-02           0.039               -0.04   -1.409         0.16
ENV_MIT                      0.109          0.063                 0.037    1.737    0.084     STR_TNHS                  0.129           0.04               0.074    3.244         0.001   STR_TNHS                   0.19          0.045               0.109    4.192            0
URBAN                    2.17E-04           0.001                 0.004    0.224    0.823     STR_COOP                  0.477          0.201                0.05     2.37         0.019   STR_COOP                  0.436          0.232               0.045    1.885        0.061
PCT_PUBL                -6.32E-02           0.095                -0.019   -0.665    0.507     STR_TWO               5.32E-02           0.032                0.04    1.688         0.093   STR_TWO               8.39E-02           0.037               0.063    2.258        0.025
SOURCES                  3.51E-03           0.009                 0.008    0.377    0.707     STR_SF                    0.274          0.126                0.04    2.184          0.03   STR_SF                    0.327          0.148               0.048    2.218        0.028
TE_BOND                 -5.04E-02           0.034                -0.037   -1.461    0.146     INNR_CTY              7.19E-02           0.041               0.038    1.744         0.083   INNR_CTY              3.79E-02            0.05                0.02    0.759        0.449
APP_CORP                 5.89E-02           0.063                 0.021    0.929    0.355     SF_O_SJ                   0.392          0.061               0.253    6.474             0
APP_LP                   4.98E-03           0.039                 0.003    0.127    0.899     S_Y                       0.206          0.067               0.087      3.1         0.002
APP_SP                       0.478          0.152                  0.07    3.158    0.002     FRES                 -2.11E-02            0.08              -0.006   -0.265         0.792
APP_JV                       -0.14          0.142                -0.021    -0.99    0.324     BAKER                -7.74E-02           0.086              -0.021   -0.901         0.369
DEV_JV                  -3.84E-02           0.038                -0.028    -1.01    0.314     LA_R_OC                   0.198           0.06                0.14     3.32         0.001
DEV_FP                  -6.79E-02           0.042                -0.042   -1.615    0.108     MERCED               -8.30E-03           0.097              -0.002   -0.086         0.932
STR_TNHS                     0.129          0.041                 0.074    3.164    0.002     SALINAS                   0.202          0.102               0.047    1.983         0.049
STR_COOP                     0.529          0.201                 0.055    2.634    0.009     SAN_DIEG                  0.212           0.07               0.085    3.049         0.003
STR_TWO                  4.24E-02           0.036                 0.032    1.178    0.241     SLO_A_PR                  0.199          0.099               0.046    2.019         0.045
STR_SF                       0.329          0.126                 0.048    2.608     0.01     SB_SM_L              -5.00E-03           0.114              -0.001   -0.044         0.965
INNR_CTY                     0.111          0.046                 0.059    2.404    0.017     REDDING                   0.182          0.125               0.027    1.454         0.148
SF_O_SJ                      0.358          0.064                 0.231    5.599        0     MODESTO               4.91E-02            0.13               0.007    0.377         0.707
S_Y                           0.16          0.075                 0.068    2.142    0.034     YUBA                 -2.96E-02           0.173              -0.003   -0.171         0.864
FRES                    -3.61E-02           0.081                 -0.01   -0.444    0.658     V_T_P                -8.37E-02           0.099              -0.017   -0.846         0.399
BAKER                       -0.117          0.088                -0.032   -1.332    0.185
LA_R_OC                      0.158          0.063                 0.111    2.505    0.013
MERCED                  -3.55E-02             0.1                -0.007   -0.356    0.722
SALINAS                      0.153          0.105                 0.035    1.467    0.144
SAN_DIEG                     0.196          0.077                 0.078    2.538    0.012
SLO_A_PR                      0.19            0.1                 0.044    1.887    0.061
SB_SM_L                  7.44E-03           0.116                 0.002    0.064    0.949
REDDING                     0.156           0.127                 0.023     1.23    0.221
MODESTO                  2.56E-02           0.132                 0.004    0.194    0.847
YUBA                    -5.21E-02           0.173                -0.005   -0.301    0.764
V_T_P                   -9.20E-02           0.103                -0.019   -0.896    0.372




                                                                                                                                                                                                                                                                    printed: 8/27/2012,2:58 AM
f06033b9-fbe8-4ad6-be69-fc1f45ead02f.xls                                                                                           2SLS-B (ln cost)                                                                                                                                     52 of 52




Dependent Variable: LN_SSCST                                                                    Dependent Variable: LN_SSCST                                                             Dependent Variable: LN_SSCST

Model Summary                                                                                   Model Summary                                                                            Model Summary
                                    Adjusted R        Std. Error of the                                                          Adjusted R Std. Error of the                                                             Adjusted R Std. Error of the
       R               R Square                                                                       R             R Square                                                                   R             R Square
                                     Square              Estimate                                                                 Square       Estimate                                                                    Square       Estimate
             .969(a)          0.939        0.92                 0.19066                                   .965(a)          0.932       0.917           0.1945                                      .957(a)          0.916       0.906           0.2071


ANOVA                                                                                           ANOVA                                                                                    ANOVA
                       Sum of                                                                                       Sum of                                                                                   Sum of
                                          df           Mean Square         F         Sig.                                              df         Mean Square         F       Sig.                                              df          Mean Square         F        Sig.
                       Squares                                                                                      Squares                                                                                  Squares
Regression                87.064                48                1.814    49.899    .000(a)    Regression             86.418                37             2.336    61.753   .000(a)    Regression             84.971                23              3.694    86.137    .000(a)
Residual                   5.671               156                0.036                         Residual                6.316               167             0.038                        Residual                7.763               181              0.043
Total                      92.734              204                                              Total                   92.734              204                                          Total                   92.734              204


Coefficients                                                                                    Coefficients                                                                             Coefficients
                          Unstandardized               Standardized                                                    Unstandardized             Standardized                                                  Unstandardized              Standardized
                           Coefficients                Coefficients                                                     Coefficients              Coefficients                                                   Coefficients               Coefficients
                                                                            t        Sig.                                                                             t       Sig.                                                                              t        Sig.
                          B           Std. Error           Beta                                                        B           Std. Error        Beta                                                       B           Std. Error         Beta

(Constant)                    7.453            1.78                         4.187           0   (Constant)                 6.926         1.702                         4.07          0   (Constant)                 7.852            1.72                       4.565           0
PRED_PW                      0.299          0.115                  0.127    2.589     0.011     PRED_PW                   0.225          0.087               0.096    2.577    0.011     PRED_PW                   0.386          0.076                0.164    5.099         0
AFFORD                      -0.412          0.132                 -0.085   -3.118     0.002     AFFORD                   -0.363          0.121              -0.075   -3.009    0.003     AFFORD                   -0.375          0.121               -0.078   -3.091     0.002
TYPE_NO                     -0.216          0.065                 -0.091   -3.326     0.001     TYPE_NO                  -0.187          0.063              -0.079   -2.977    0.003     TYPE_NO                  -0.231          0.062               -0.097   -3.728         0
TYPE_SE                        -0.2         0.047                 -0.133   -4.259         0     TYPE_SE                  -0.161          0.042              -0.107   -3.865        0     TYPE_SE                  -0.141          0.042               -0.094   -3.386     0.001
TYPE_SI                     -0.648          0.116                 -0.149   -5.591         0     TYPE_SI                  -0.554          0.096              -0.127   -5.749        0     TYPE_SI                  -0.511          0.101               -0.117    -5.04         0
TYPE_SP                     -0.104          0.093                 -0.032   -1.122     0.264     TYPE_SP              -4.69E-02           0.086              -0.014   -0.546    0.586     TYPE_SP              -8.54E-02           0.089               -0.026   -0.963     0.337
MIN_SET                   0.01536           0.092                  0.004    0.166     0.868     LN_UNITS                   0.91          0.027               1.027   33.257        0     LN_UNITS                  0.929          0.027                1.048   33.847         0
HIGH_COS                 -0.04584           0.037                 -0.034   -1.223     0.223     PIS_IND                   4.327          1.638               0.069    2.642    0.009     PIS_IND                   3.475          1.638                0.056    2.121     0.035
ELEVATOR                   0.0448           0.049                  0.032    0.911     0.364     PK_UNDER                  0.169          0.051               0.094    3.283    0.001     PK_UNDER                  0.175          0.051                0.097    3.447     0.001
DENSITY                0.0006931            0.001                   0.04    1.109     0.269     THR_BR                    0.147          0.037               0.101     3.94        0     THR_BR                    0.156          0.037                0.107    4.161         0
LN_UNITS                     0.887          0.028                  1.001   31.982         0     ISLAND                    0.677          0.214                0.07    3.157    0.002     ISLAND                    0.728          0.223                0.075    3.271     0.001
PIS_IND                      4.071          1.689                  0.065     2.41     0.017     SPEC_NDS                 -0.236          0.102              -0.064   -2.318    0.022     SPEC_NDS                 -0.285          0.105               -0.077   -2.699     0.008
THR_STOR                0.004324             0.07                  0.002    0.062      0.95     ENV_MIT              -4.11E-02           0.073              -0.014    -0.56    0.577     ENV_MIT               1.52E-02           0.073                0.005     0.21     0.834
CHLD_CR                   0.04956           0.082                  0.015    0.602     0.548     APP_NP               -2.20E-02           0.048              -0.014   -0.462    0.645     APP_NP               -6.83E-02           0.047               -0.042    -1.46     0.146
PK_UNDER                     0.113          0.061                  0.062    1.861     0.065     DEV_NP                    0.105          0.043               0.077    2.452    0.015     DEV_NP                    0.108          0.044                0.079    2.465     0.015
THR_BR                       0.128          0.038                  0.088    3.343     0.001     PCT_PUBL                 -0.172            0.1              -0.052   -1.727    0.086     PCT_PUBL                 -0.196          0.102                -0.06   -1.927     0.056
ISLAND                       0.774          0.218                   0.08    3.545     0.001     SOURCES               1.51E-02           0.011               0.032    1.324    0.187     SOURCES               2.43E-02           0.012                0.052    2.108     0.036
SPEC_NDS                    -0.276          0.116                 -0.075   -2.382     0.018     TE_BOND              -7.30E-02           0.041              -0.053    -1.78    0.077     TE_BOND              -7.56E-02           0.042               -0.055   -1.811     0.072
ENV_MIT                  -0.01602           0.078                 -0.005   -0.206     0.837     STR_TNHS                  0.148          0.049               0.085    3.017    0.003     STR_TNHS                  0.168          0.048                0.096     3.49     0.001
URBAN                  0.0003209            0.001                  0.006    0.267      0.79     STR_COOP                  0.725          0.249               0.075    2.915    0.004     STR_COOP                  0.609          0.245                0.063    2.482     0.014
PCT_PUBL                    -0.315          0.118                 -0.096   -2.673     0.008     STR_TWO               9.04E-02           0.039               0.067    2.323    0.021     STR_TWO                   0.103          0.039                0.077    2.614      0.01
SOURCES                   0.01605           0.012                  0.034    1.387     0.167     STR_SF                    0.418          0.155               0.061    2.697    0.008     STR_SF                    0.439          0.156                0.064    2.803     0.006
TE_BOND                  -0.06276           0.043                 -0.046   -1.466     0.145     INNR_CTY                  0.159          0.051               0.084    3.131    0.002     INNR_CTY                  0.128          0.053                0.067    2.422     0.016
APP_CORP                     0.156          0.079                  0.057     1.98     0.049     SF_O_SJ                   0.285          0.075               0.183    3.815        0
APP_LP                    0.03115           0.049                  0.021    0.639     0.524     S_Y                       0.194          0.082               0.082    2.362    0.019
APP_SP                        0.51          0.188                  0.075    2.712     0.007     FRES                  3.26E-02           0.098               0.009    0.331    0.741
APP_JV                 -0.003619            0.176                 -0.001   -0.021     0.984     BAKER                -7.78E-02           0.106              -0.021   -0.734    0.464
DEV_JV                      -0.107          0.047                 -0.077   -2.274     0.024     LA_R_OC                   0.166          0.074               0.117    2.264    0.025
DEV_FP                      -0.146          0.052                 -0.091      -2.8    0.006     MERCED               -1.66E-02            0.12              -0.003   -0.139     0.89
STR_TNHS                     0.147          0.051                  0.084    2.909     0.004     SALINAS                   0.184          0.126               0.042    1.459    0.147
STR_COOP                     0.781          0.249                  0.081    3.132     0.002     SAN_DIEG                  0.114          0.086               0.045    1.323    0.188
STR_TWO                    0.0612           0.045                  0.045     1.37     0.173     SLO_A_PR              9.65E-02           0.122               0.022    0.791     0.43
STR_SF                       0.436          0.157                  0.064    2.776     0.006     SB_SM_L                  -0.102          0.141              -0.021   -0.728    0.468
INNR_CTY                     0.172          0.058                  0.091    2.995     0.003     REDDING                   0.253          0.154               0.037    1.644    0.102
SF_O_SJ                      0.237          0.079                  0.152    2.986     0.003     MODESTO                   0.112          0.161               0.016    0.697    0.487
S_Y                          0.138          0.093                  0.058    1.487     0.139     YUBA                  7.87E-02           0.213               0.008    0.369    0.713
FRES                    0.003191            0.101                  0.001    0.032     0.975     V_T_P                      0.11          0.122               0.023    0.898    0.371
BAKER                       -0.119          0.109                 -0.032   -1.089     0.278
LA_R_OC                      0.118          0.078                  0.083    1.513     0.132
MERCED                   -0.05559           0.124                 -0.011   -0.449     0.654
SALINAS                      0.152           0.13                  0.035    1.171     0.243
SAN_DIEG                  0.07638           0.096                   0.03    0.798     0.426
SLO_A_PR                  0.06098           0.125                  0.014    0.489     0.626
SB_SM_L                  -0.09641           0.144                 -0.02    -0.671     0.503
REDDING                     0.218           0.158                 0.032      1.38      0.17
MODESTO                   0.06985           0.164                  0.01     0.425     0.671
YUBA                      0.04079           0.215                 0.004      0.19      0.85
V_T_P                     0.05764           0.128                 0.012     0.452     0.652




                                                                                                                                                                                                                                                                        printed: 8/27/2012,2:58 AM

				
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