Journal of Housing Economics最新文献

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Asymmetric information provision and flood risk salience

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-03-17 DOI: 10.1016/j.jhe.2025.102060

Dongxiao Niu , Piet Eichholtz , Nils Kok

This paper examines the impact of information provision on the capitalization of flood risk in the housing market. We exploit a climate risk disclosure program and a subsequent flooding event in the Netherlands, using a difference-in-differences framework. The results indicate that annual flood risk communication letters sent to residents in flood-prone areas have minimal impact on housing prices. In contrast, a small-scale flood event triggers a 3.4 % decline in house prices, demonstrating the effectiveness of direct experience in influencing price adjustments. This price effect is short-lived and is observed only among local buyers who have access to both the letters and firsthand flood experience, while non-local buyers remain unresponsive. We also observe an increase in the time on market and listing-to-sales ratio among local buyers, alongside a rise in the renter-occupied household ratio following flood risk information provision. Small-sized, high-educated, and risk-averse families tend to relocate from the high-risk area. The results in this paper provide insights for policymakers grappling with how to reduce information asymmetry in housing markets in the face of increasing climate risks.

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引用次数: 0

Dynamics of subletting: Evidence from Swedish university students

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-03-11 DOI: 10.1016/j.jhe.2025.102049

Theo Herold

Groups with more transient accommodation needs, such as students and expatriates, are increasingly turning to long-term rental sublets to satisfy their demand. We empirically analyze seasonality and market dynamics of such a market in the context of university admissions in Sweden. We find no difference in rents during the first half of the calendar year in student cities, followed by a sharp increase in August that stays persistent throughout the year. Student city listing density increases until May but is completely offset by September. During the subsequent 8 weeks following the university admission period, rents grow between 4.6 and 5.4 percent on average, while a one percentage point increase in the ratio of student net movement to population is associated with an increase in rent between 0.77 and 0.98 percent. Using a more robust subsample, we find that daily listing density in student cities decreases by 29.6 percent relative to non-student cities in the week immediately following the admission periods.

引用次数: 0

The ‘Green buildings’ directive: A quantification of its costs and benefits in two Italian regions 绿色建筑 "指令：意大利两个大区的成本与效益量化

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-03-08 DOI: 10.1016/j.jhe.2025.102057

Lorenzo Forni , Filippo Fortuna , Elena Giarda , Francesco Giovanardi , Demetrio Panarello

The building sector is responsible for a significant portion of greenhouse gas (GHG) emissions in Europe. Thus, achieving 2050 net-zero emissions targets necessitates the decarbonisation of the sector. This paper assesses the monetary costs, based on current technologies, of meeting the intermediate targets for 2030 and 2033 outlined in the EU Energy Performance of Buildings Directive (EPBD). The analysis focuses on two Italian regions with an ageing building stock and demonstrates that these costs are substantial. We employ open-source microdata on Energy Performance Certificates (EPCs) for the Lombardy and Piedmont regions, which provide information on dwellings’ energy class and recommendations of the necessary retrofits to reach a higher energy class, as well as CO2 emissions and energy consumption. We estimate a total expenditure of €118.9 billion to take Lombardy's and Piedmont's residential stock to at least energy class D, which is 20.2 % of the two regions’ GDP and 5.6 % of Italy's GDP. Understanding the balance of costs and benefits is crucial to evaluate the economic incentives for homeowners to adopt energy efficiency measures. Households are estimated to save yearly €3.3 billion in lower energy bills in the two regions, and CO2-equivalent emissions are estimated to drop annually by 6.9 million tons. While homeowners may internalise the private benefits, they are unlikely to account for the social benefits in terms of lower emissions. As a result, achieving the EPBD targets is likely to require public subsidies.

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引用次数: 0

Rational eviction: How landlords use evictions in response to rent control

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-03-06 DOI: 10.1016/j.jhe.2025.102047

Eilidh Geddes , Nicole Holz

When designing rent control regulations, policy makers aim to create regulations that ensure affordable and stable housing for current tenants while minimizing exits from the rental market by landlords. Vacancy decontrol provisions that allow rent re-sets between tenants intend to strike a balance between a lower rent burden for current tenants and future potential profitability for landlords. However, such provisions also increase the incentive for landlords to evict tenants. Such evictions reduce both the anti-displacement and rent reduction effects of rent control. To study the effects of rent control on eviction behavior, we exploit variation across ZIP codes in policy exposure to the passage of the 1994 rent control referendum in San Francisco. We find that a ZIP code with the average level of treatment experiences an additional 34 eviction notices—an 83% increase—and an additional 13 wrongful eviction claims—a 125% increase. These effects were concentrated in low-income ZIP codes and were larger in years when average rent prices rose faster than the allowed rent increases for controlled units.

在制定房租管制条例时，政策制定者的目标是制定既能确保现有租户负担得起和稳定的住房，又能尽量减少房东退出租赁市场的条例。允许租户之间重新设定租金的空置率解除管制条款，意在当前租户的较低租金负担与房东未来的潜在盈利能力之间取得平衡。然而，此类规定也增加了房东驱逐房客的动机。这种驱逐行为降低了租金管制的反迁移和减租效果。为了研究房租管制对驱逐行为的影响，我们利用了 1994 年旧金山房租管制公投通过后不同邮政编码在政策暴露方面的差异。我们发现，在平均处理水平下，一个邮政编码会多收到 34 份驱逐通知--增加了 83%，并多收到 13 份不当驱逐索赔--增加了 125%。这些影响主要集中在低收入的邮政编码中，并且在平均租金价格上涨快于受管制单位的允许租金涨幅的年份中影响更大。

引用次数: 0

Housing regulation and bubbles

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-03-01 DOI: 10.1016/j.jhe.2025.102046

Claire Océane Chevallier , Sarah El Joueidi

This paper develops a dynamic general equilibrium model in infinite horizon, in which deterministic rational housing bubbles may emerge. Borrowers are constrained by two macroprudential regulations: DTI and LTV limits. The study investigates whether housing bubbles can arise under these regulatory constraints and identifies the specific conditions for their emergence. Our findings show that: (1) with LTV regulations, the equilibrium may feature a housing bubble; (2) when agents face an LTV regulation, two equilibria may emerge: a bubbleless and a housing bubble equilibria; (3) tighter LTV regulations exacerbate the growth of housing bubbles.

引用次数: 0

The impact of loss aversion on seller behavior in the housing market

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-02-26 DOI: 10.1016/j.jhe.2025.102048

Changha Jin, Sungho Yun

This study explores how loss aversion influences seller behavior in the housing market, employing both the reservation rule and the number-of-offers rule approaches. We show that loss aversion can increase the reservation value in an infinite-time model under the reservation rule, and a disposition effect can arise solely from reference dependence with risk-neutral sellers, consistent with prior research. In contrast, in a finite-time model with specific deadlines, the prospect of forced sales at a loss in the final period incentivizes sellers to opt for earlier sales, leading to dynamic fluctuations in the reservation value, both upwards and downwards. This finding adds a novel dimension to the existing literature. Furthermore, employing the number-of-offers rule, we find that loss aversion can lead sellers to await more offers, supporting the negative correlation between prices and time on the market.

引用次数: 0

Using machine learning to estimate the heterogeneous impact of Airbnb on house prices: Evidence from Corsica

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-02-17 DOI: 10.1016/j.jhe.2025.102044

Daniel Brunstein , Georges Casamatta , Sauveur Giannoni

This study investigates the influence of Airbnb on property prices in Corsica. Leveraging machine learning techniques, we obtain more robust results than those achieved with conventional methods and uncover heterogeneous effects of Airbnb on property values. Our analysis reveals that a 1% increase in Airbnb listings leads to an average 0.21% rise in house prices. Interestingly, this effect is more pronounced in economically less developed regions, such as inland municipalities and remote seaside resorts, compared to traditionally popular tourist destinations and urban areas.

引用次数: 0

Putting a ceiling on housing costs: The aftermath of nationwide rent control in the case of jeonse system in Korea

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-02-06 DOI: 10.1016/j.jhe.2025.102045

Kang Mo Koo , Jinyoo Kim

We examine the impact of tenant protection policies on the rental housing market in Korea. Three regulations were enacted in 2020 to reduce the burden of rent and to protect the right to renew a rental agreement. These 1) put a cap on rent increases at 5 % at lease renewal; 2) require registering all leases; and 3) empower tenants to renew leases for an additional 2-year period. Using detailed rental contract information, this paper aims to investigate the impact of the rent control policies and the changes in tenants’ lease types. We find that the policies increased average rent in Greater Seoul by 17.7 % in the 2-year period post the effective date of the policies, and the impact is persistent. The negative impact on rental housing affordability is not limited to specific districts. However, districts with lower income levels experienced slightly higher increases in rental deposits. Moreover, we find a significant shift in contract mode, with a lower number of pure jeonse contracts and a marked increase in other lease types including a mixture of lump sum deposit (the jeonse system) and partial monthly payments.

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引用次数: 0

Mandatory energy efficiency disclosure policies and house prices

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-01-17 DOI: 10.1016/j.jhe.2025.102043

Sven Damen, Tijmen van Kempen

Mandatory disclosure policies are increasingly being used by governments around the world to reduce information-driven market failures related to climate risk and energy efficiency. We exploit two policy changes in Flanders (Belgium) to study the causal effect of mandatory energy efficiency disclosure policies on house prices. We find that the introduction of mandatory energy performance certificates with an energy efficiency score in 2008 did not affect the association between energy efficiency and sales prices, indicating that the policy change did not reduce information frictions. However, the introduction of EPC labels in 2019 affected the capitalization of energy efficiency.

引用次数: 0

Circumventing rent controls with tenants’ maintenance fees: Evidence from Korea

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2025-01-04 DOI: 10.1016/j.jhe.2025.102042

Sungjin Yun , Hoon Choi

This paper investigates the use of side payments to circumvent rent control policies, focusing on the 2020 amendment to Korea's Housing Lease Protection Act. Using a difference-in-differences-in-differences approach with data from the 2019–2022 waves of the Household Income and Expenditure Survey, we find a significant increase in maintenance fees following the expansion of rent control. This increase is particularly evident in units not subject to strict maintenance fee regulations, suggesting that landlords exploit regulatory gaps by raising fees in response to the rent cap. Our findings further indicate that individuals disproportionately affected by higher maintenance fees tend to be female, aged 30 to 39, aged 70 or older, and lacking a college degree. This pattern suggests that landlords may target individuals perceived as having weaker negotiating power, thus capitalizing on potential vulnerabilities.

引用次数: 0

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