Out-of-Town Home Buyers and City Welfare

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Journal of Finance Pub Date : 2021-05-22 DOI:10.1111/jofi.13057
JACK FAVILUKIS, STIJN VAN NIEUWERBURGH
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引用次数: 6

Abstract

Many cities have attracted a flurry of out-of-town (OOT) home buyers. Such capital inflows affect house prices, rents, construction, labor income, wealth, and ultimately welfare. We develop an equilibrium model to quantify the welfare effects of OOT home buyers for the typical U.S. metropolitan area. When OOT investors buy 10% of the housing in the city center and 5% in the suburbs, welfare among residents falls by 0.61% in consumption-equivalent units. House prices and rents rise substantially, resulting in welfare gains for owners and losses for renters. Policies that tax OOT buyers or mandate renting out vacant property mitigate welfare losses.

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外地购房者与城市福利
世界主要城市吸引了外地购房者的兴趣。这种资本流入当地房地产对价格和租金的影响影响了人们的负担能力,也影响了建筑业、当地劳动力市场、居民的空间分布,最终影响了经济福利。我们开发了一个城市的空间平衡模型,该模型以异质家庭为特征,这些家庭对消费、储蓄、劳动力供应、保有权状况和位置做出最佳决策。该模型在整个生命周期和横截面上产生了现实的财富积累和住房所有权模式。OOT房地产买家的流入推高了价格、租金和工资。它增加了年轻、高生产力和富裕家庭在市中心的集中度(绅士化)。当OOT投资者购买10%的住房存量时,城市福利将下降0.3%的永久消费水平。普通的租房者会遭受巨大的福利损失,而普通的房主则会获得适度的收益。我们将该模型应用于纽约大都会区,获得了OOT购买的详细数据,并发现观察到的OOT购买增加与0.1%的福利损失有关。
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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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