Local Effects of Large New Apartment Buildings in Low-Income Areas

• 成果类型: Article
• 署名作者: Asquith, Brian J.; Mast, Evan; Reed, Davin
• 署名单位: W.E. Upjohn Institute for Employment Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01055
• 发表日期: 2023-03
• 页码: 359-375
• 关键词: rent control; city; gentrification

摘要

We study the local effects of new market-rate housing in low-income areas using microdata on large apartment buildings, rents, and migration. New buildings decrease rents in nearby units by about 6% relative to units slightly farther away or near sites developed later, and they increase in-migration from low-income areas. We show that new buildings absorb many high-income households and increase the local housing stock substantially. If buildings improve nearby amenities, the effect is not large enough to increase rents. Amenity improvements could be limited because most buildings go into already-changing neighborhoods or buildings could create disamenities such as congestion.