Going off the rails? Metro as a hedge against the decapitalisation effects of state-backed reference price polices on housing values

IF 6 1区经济学 Q1 URBAN STUDIES

Cities Pub Date : 2025-05-21 DOI:10.1016/j.cities.2025.106072

Fang Bian , Zhenghao Hu , You Zhou

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引用次数: 0

Abstract

Housing prices represent the monetary equilibrium of the housing market, balancing the trade-off between housing and transportation costs, while still being subject to the imposition of price controls. In this research, we employed the hedonic difference-in-differences modelling approach to explore the role of metro stations in the (de-)capitalisation effects of price controls on resale property prices, using the imposition of the government reference price (GRP) policy in Shenzhen as an exogenous shock. Our findings indicate that metro stations act as a “hedge” against the decapitalisation impacts of the GRP policy, with properties located near metro stations experienced smaller price depreciations compared to those farther away. In addition, our study revealed that the “hedging effect” of metro stations decays as the distance from the metro station increases. The research findings provide policy implications that the implementation of price control measures must account for the spatially heterogeneous impacts of the GRP policy within and across the impact zones of metro stations. Ignoring these differences could widen the price gap between regulated and non-regulated properties.

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偏离轨道？Metro作为对冲政府支持的参考价格政策对住房价值的资本化效应的工具

房价代表了住房市场的货币平衡，平衡了住房和交通成本之间的取舍，同时仍然受到价格管制的影响。在本研究中，我们利用深圳政府参考价格（GRP）政策的实施作为外生冲击，采用差异中的差异模型方法来探讨地铁站在价格管制对转售房地产价格的（去）资本化效应中的作用。我们的研究结果表明，地铁站可以“对冲”GRP政策对资本减值的影响，地铁站附近的房产价格贬值幅度小于远离地铁站的房产。此外，我们的研究发现，地铁站的“对冲效应”随着距离地铁站的增加而衰减。研究结果为价格控制措施的实施提供了政策启示，即必须考虑到GRP政策在地铁站影响区内和跨影响区的空间异质性影响。忽视这些差异可能会扩大受监管和不受监管房产之间的价格差距。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Cities URBAN STUDIES-

CiteScore

11.20

自引率

9.00%

发文量

517

期刊介绍： Cities offers a comprehensive range of articles on all aspects of urban policy. It provides an international and interdisciplinary platform for the exchange of ideas and information between urban planners and policy makers from national and local government, non-government organizations, academia and consultancy. The primary aims of the journal are to analyse and assess past and present urban development and management as a reflection of effective, ineffective and non-existent planning policies; and the promotion of the implementation of appropriate urban policies in both the developed and the developing world.