A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?

• 成果类型: Article
• 署名作者: Brueckner, Jan K.; Kahn, Matthew E.; Lin, Gary C.
• 署名单位: University of California System; University of California Irvine; University of Southern California
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20210190
• 发表日期: 2023
• 页码: 285-319
• 关键词: rent extraction; urban; migration; taxation

摘要

This paper studies the impacts of work from home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts down-ward pressure on housing prices and rents in high-productivity counties, a result of workers starting to relocate to cheaper metro areas during the pandemic without forsaking their desirable jobs. We also show that WFH tends to flatten intracity house-price gradi-ents, weakening the price premium associated with good job access.