Car restriction policies and housing markets

• 成果类型: Article
• 署名作者: Lyu, Xueying
• 署名单位: Nankai University; Nankai University
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2022.102850
• 发表日期: 2022
• 关键词: Car restriction policies; housing prices; capitalization; Wealth redistribution

摘要

This paper investigates the differential impacts of a unique car restriction policy - the car purchase lottery in Beijing - on the housing markets across locations within the city. I use a difference-in-differences approach to compare heterogeneous neighborhoods before and after the implementation of the policy. Housing prices experience a relative increase at locations closer to common destinations (employment centers: 0.7% per kilometer; primary schools: 3.3% per kilometer) and with better access to public transit (subways: 1.2% per kilometer; buses: 0.08% per line). These changes reflect capitalization of the car restriction policy and imply a large wealth redistribution as large as 6 years of average disposable income across homeowners. The results are relevant to policy, both in the context of unintended consequences and for efforts to develop offsetting measures.