Journal of Housing Economics最新文献_第2页

The spatial spillover effect of the multi-school zoning policies 多校区划政策的空间溢出效应

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-04-22 DOI: 10.1016/j.jhe.2025.102070

Tiantian Dai , Shenyi Jiang , Yang Ming , Xinyi Zhang

{"title":"The spatial spillover effect of the multi-school zoning policies","authors":"Tiantian Dai , Shenyi Jiang , Yang Ming , Xinyi Zhang","doi":"10.1016/j.jhe.2025.102070","DOIUrl":"10.1016/j.jhe.2025.102070","url":null,"abstract":"<div><div>Local governments in China have implemented a series of education and real estate policies to promote educational equity and mitigate the escalation of housing prices within school attendance zones. This paper examines the spatial spillover effects of changes in the probability of school enrollment, stemming from the implementation of the Multi-School Zoning Policies in Xicheng district, Beijing, on housing prices in neighboring districts. We first present a theoretical model and derive testable predictions. Subsequently, we utilize transaction-level data on previously owned homes to evaluate spillover effects in addition to direct treatment effects. A flexible event study model is employed to incorporate both the anticipatory effect induced by the early policy announcement and the post-treatment effect. Our findings highlight significant negative direct impacts on Xicheng’s average total home sale price (1.5 % to 2.8 %) and noteworthy positive spillover effects on home sale prices in neighboring districts (1.1 % to 1.6 %). Furthermore, the spillover effect operates as a general equilibrium effect, being more pronounced for housing units in better school attendance zones and that are smaller and closer to Xicheng district. Our findings suggest that in formulating regional policies to stabilize housing prices, policy makers should account for spillover effects to ensure that these policies align with the broader objectives of a larger region.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102070"},"PeriodicalIF":1.4,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143898995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Capital structure, the adjusted present value, and mortgage choice 资本结构、调整后现值与抵押选择

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-04-18 DOI: 10.1016/j.jhe.2025.102066

Dogan Tirtiroglu , Ercan Tirtiroglu

引用次数: 0

Living in the gender spectrum: Evidence from non-cisgender applications in the rental housing market 生活在性别光谱中：来自租赁住房市场中非顺性别应用的证据

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-04-08 DOI: 10.1016/j.jhe.2025.102064

Sofia Fritzson , Joakim Jansson

引用次数: 0

Rent control and the supply of affordable housing 租金管制和经济适用房的供应

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-04-07 DOI: 10.1016/j.jhe.2025.102063

Christina Stacy , Timothy R. Hodge , Timothy M. Komarek , Christopher Davis , Alena Stern , Owen Noble , Jorge Morales-Burnett , Amy Rogin

{"title":"Rent control and the supply of affordable housing","authors":"Christina Stacy , Timothy R. Hodge , Timothy M. Komarek , Christopher Davis , Alena Stern , Owen Noble , Jorge Morales-Burnett , Amy Rogin","doi":"10.1016/j.jhe.2025.102063","DOIUrl":"10.1016/j.jhe.2025.102063","url":null,"abstract":"<div><div>We generate the first cross-city panel dataset of rent control reforms and estimate their effect on the supply of rental housing overall and across varying levels of affordability. To identify reforms, we use machine learning algorithms to analyze over 76,000 newspaper articles from 7000 news outlets, spanning 27 metropolitan areas and >4000 census places across the US between 2000 and April of 2021. We then manually validate identified articles to ensure accuracy and combine these data with rental unit counts by affordability level, created using Census microdata. To assess the impact of rent control reforms on rental supply, we employ a two-way fixed effects model with place specific time trends and examine the robustness of our results with a staggered treatment design. Our results provide evidence that more restrictive rent control reforms are associated with a 10-percent reduction in the total number of rental units in a city. When stratified by affordability (based on U.S. Department of Housing and Urban Development definitions of affordability), these reforms lead to an increase in the availability of units affordable to extremely low-income households by about 52 % (with a lower-bound effect equal to 11 %), offset by a decline in units affordable to higher-income households of about 46 % (with a lower-bound estimate equal to 4 %). These findings highlight the complex trade-offs inherent to rent control policies, illustrating differential impacts across income groups and underscoring the nuanced nature of such interventions.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102063"},"PeriodicalIF":1.4,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143826433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Selling price, time on the market, and contractual contingencies 销售价格、上市时间和合同附带条件

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-04-07 DOI: 10.1016/j.jhe.2025.102062

Zhenguo Lin , Michael J. Seiler , Ralph B. Siebert (Professor of Economics) , Daniel T. Winkler (Professor of Finance and Real Estate)

{"title":"Selling price, time on the market, and contractual contingencies","authors":"Zhenguo Lin , Michael J. Seiler , Ralph B. Siebert (Professor of Economics) , Daniel T. Winkler (Professor of Finance and Real Estate)","doi":"10.1016/j.jhe.2025.102062","DOIUrl":"10.1016/j.jhe.2025.102062","url":null,"abstract":"<div><div>Real estate contracts often have a wide variety of contractual contingencies. This study examines whether a property inspection clause, the sale of other property contingency clause, and a backup offer contract affect a property's time on the market and selling price. A theoretical model is created based on the relative bargaining power between the buyer and seller. Using a large sample of transactions from Miami-Dade County in South Florida, we find that contingency clauses are significantly affected by market conditions, time on the market, list price premiums, brokerage characteristics, home size, and age. The time on the market (TOM) for purchase contracts with a property (pending) inspection clause or a backup offer contract is shorter. In contrast, the TOM for a sale of other property clause is longer. When holding constant TOM, buyers pay less for properties with a property inspection clause. In comparison, sellers receive a premium for properties with a sale of other property contingency clause. A backup offer contract has no effect on the selling price.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102062"},"PeriodicalIF":1.4,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143826434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Asymmetric information provision and flood risk salience 信息提供不对称和洪水风险突出

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-03-17 DOI: 10.1016/j.jhe.2025.102060

Dongxiao Niu , Piet Eichholtz , Nils Kok

{"title":"Asymmetric information provision and flood risk salience","authors":"Dongxiao Niu , Piet Eichholtz , Nils Kok","doi":"10.1016/j.jhe.2025.102060","DOIUrl":"10.1016/j.jhe.2025.102060","url":null,"abstract":"<div><div>This paper examines the impact of information provision on the capitalization of flood risk in the housing market. We exploit a climate risk disclosure program and a subsequent flooding event in the Netherlands, using a difference-in-differences framework. The results indicate that annual flood risk communication letters sent to residents in flood-prone areas have minimal impact on housing prices. In contrast, a small-scale flood event triggers a 3.4 % decline in house prices, demonstrating the effectiveness of direct experience in influencing price adjustments. This price effect is short-lived and is observed only among local buyers who have access to both the letters and firsthand flood experience, while non-local buyers remain unresponsive. We also observe an increase in the time on market and listing-to-sales ratio among local buyers, alongside a rise in the renter-occupied household ratio following flood risk information provision. Small-sized, high-educated, and risk-averse families tend to relocate from the high-risk area. The results in this paper provide insights for policymakers grappling with how to reduce information asymmetry in housing markets in the face of increasing climate risks.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102060"},"PeriodicalIF":1.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143704757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Dynamics of subletting: Evidence from Swedish university students 转租的动态：来自瑞典大学生的证据

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-03-11 DOI: 10.1016/j.jhe.2025.102049

Theo Herold

引用次数: 0

The ‘Green buildings’ directive: A quantification of its costs and benefits in two Italian regions 绿色建筑 "指令：意大利两个大区的成本与效益量化

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-03-08 DOI: 10.1016/j.jhe.2025.102057

Lorenzo Forni , Filippo Fortuna , Elena Giarda , Francesco Giovanardi , Demetrio Panarello

{"title":"The ‘Green buildings’ directive: A quantification of its costs and benefits in two Italian regions","authors":"Lorenzo Forni , Filippo Fortuna , Elena Giarda , Francesco Giovanardi , Demetrio Panarello","doi":"10.1016/j.jhe.2025.102057","DOIUrl":"10.1016/j.jhe.2025.102057","url":null,"abstract":"<div><div>The building sector is responsible for a significant portion of greenhouse gas (GHG) emissions in Europe. Thus, achieving 2050 net-zero emissions targets necessitates the decarbonisation of the sector. This paper assesses the monetary costs, based on current technologies, of meeting the intermediate targets for 2030 and 2033 outlined in the EU Energy Performance of Buildings Directive (EPBD). The analysis focuses on two Italian regions with an ageing building stock and demonstrates that these costs are substantial. We employ open-source microdata on Energy Performance Certificates (EPCs) for the Lombardy and Piedmont regions, which provide information on dwellings’ energy class and recommendations of the necessary retrofits to reach a higher energy class, as well as CO2 emissions and energy consumption. We estimate a total expenditure of €118.9 billion to take Lombardy's and Piedmont's residential stock to at least energy class D, which is 20.2 % of the two regions’ GDP and 5.6 % of Italy's GDP. Understanding the balance of costs and benefits is crucial to evaluate the economic incentives for homeowners to adopt energy efficiency measures. Households are estimated to save yearly €3.3 billion in lower energy bills in the two regions, and CO2-equivalent emissions are estimated to drop annually by 6.9 million tons. While homeowners may internalise the private benefits, they are unlikely to account for the social benefits in terms of lower emissions. As a result, achieving the EPBD targets is likely to require public subsidies.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102057"},"PeriodicalIF":1.4,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Rational eviction: How landlords use evictions in response to rent control 理性驱逐：房东如何利用驱逐来应对租金管制

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-03-06 DOI: 10.1016/j.jhe.2025.102047

Eilidh Geddes , Nicole Holz

引用次数: 0

Housing regulation and bubbles 房地产调控与泡沫

IF 1.4 3区经济学

Journal of Housing Economics Pub Date : 2025-03-01 DOI: 10.1016/j.jhe.2025.102046

Claire Océane Chevallier , Sarah El Joueidi

引用次数: 0