To improve the quality of government regulations, the regulatory impact analysis is required when government makes new regulation and relieves existing regulations.  Recently, there are many arguments about deregulation of green belt zoning but most of these arguments are not based upon cost-benefit analysis. 

As a part of regulatory impact analysis, I measured the social cost of green belt zoning by using the Muth-Mills model.  It shows that green belt zoning resulted in extension of city size, raising land rent per acre and rental price per square foot of housing floor space, and increasing structural density.  

Excluding time cost, the individual cost of green belt zoning is measured about 250,000 won a year and the social cost of green belt zoning is about 4.7 trillion won.  Including time cost, the individual cost is measured about a million won and social cost is about 18.6 trillion won.