Using Purchase Restrictions to Cool Housing Markets: A Within-Market Analysis
Publication in refereed journal
已正式接受出版

香港中文大學研究人員
替代計量分析
.

其它資訊
摘要In response to worsening housing affordability resulting from rapid housing price appreciation, some governments have introduced taxes or restrictions to reduce demand for local residential real estate by non-residents. We study the effectiveness of these efforts using the restrictions imposed by local Chinese governments in 2010–11 on the number of residential properties an individual could purchase. We use sales by developers of newly constructed units and exploit within city variation in the imposition of these restrictions to identify their effect on prices and transaction volumes. In addition to these direct effects on demand, we also identify the effects of these policies on supply using data from local government auctions of land to developers. Our results suggest that in the short run, restrictions on non-owner-occupant purchases significantly reduce activity levels by approximately 40%, compared to areas without restrictions. These effects diminish with time. However, there are no relative changes post-policy introduction in housing price between restricted and unrestricted areas. The results operate via end-user demand and not through the land market and the subsequent supply response by developers, as there is no relative change in either the number of land auctions or prices paid for land between districts with and districts without purchase restrictions following their introduction.
出版社接受日期10.08.2019
著者Tsur Somerville, Long Wang, Yang Yang
期刊名稱Journal of Urban Economics
出版年份2019
出版社Elsevier
國際標準期刊號0094-1190
電子國際標準期刊號1095-9068
語言美式英語

上次更新時間 2021-24-01 於 03:15