Place-Based Policies and the Housing Market

• 成果类型: Article
• 署名作者: Koster, Hans R. A.; van Ommeren, Jos
• 署名单位: Vrije Universiteit Amsterdam; HSE University (National Research University Higher School of Economics); Tinbergen Institute; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00779
• 发表日期: 2019-07
• 页码: 400-414
• 关键词: discontinuity; impacts

摘要

We study the economic effects of place-based policies in the housing market, by investigating the effects of a place-based program on prices of surrounding owner-occupied properties. The program improved the quality of public housing in 83 impoverished neighborhoods throughout the Netherlands. We combine a first-difference approach with a fuzzy regression-discontinuity design to address the fundamental issue that these neighborhoods are endogenously treated. Improvements in public housing induced surrounding housing prices to increase by 3.5%. The program's external benefits are sizable and at least half of the value of investments in public housing.