Pub Date : 2025-06-01Epub Date: 2025-05-03DOI: 10.1016/j.jhe.2025.102067
Marc-André Luik , Max Friedrich Steinhardt , Simon Voss
In this paper, we deliver the first causal evidence on the relationship between immigrant host-country language proficiency and homeownership. Using an instrumental variable strategy, we find a substantial positive impact of language skills on the propensity to own a home and the quality of housing among immigrants in the United States. While this effect is mediated by household income, our estimates also speak in favor of a direct language effect. Suggestive evidence further indicates that part of this effect may be driven by discrimination. Our results highlight the importance of host-country-specific human capital and, in particular, language proficiency for socio-economic assimilation in housing markets.
{"title":"Language proficiency and homeownership: Evidence from U.S. immigrants","authors":"Marc-André Luik , Max Friedrich Steinhardt , Simon Voss","doi":"10.1016/j.jhe.2025.102067","DOIUrl":"10.1016/j.jhe.2025.102067","url":null,"abstract":"<div><div>In this paper, we deliver the first causal evidence on the relationship between immigrant host-country language proficiency and homeownership. Using an instrumental variable strategy, we find a substantial positive impact of language skills on the propensity to own a home and the quality of housing among immigrants in the United States. While this effect is mediated by household income, our estimates also speak in favor of a direct language effect. Suggestive evidence further indicates that part of this effect may be driven by discrimination. Our results highlight the importance of host-country-specific human capital and, in particular, language proficiency for socio-economic assimilation in housing markets.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102067"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-01Epub Date: 2025-04-22DOI: 10.1016/j.jhe.2025.102070
Tiantian Dai , Shenyi Jiang , Yang Ming , Xinyi Zhang
Local governments in China have implemented a series of education and real estate policies to promote educational equity and mitigate the escalation of housing prices within school attendance zones. This paper examines the spatial spillover effects of changes in the probability of school enrollment, stemming from the implementation of the Multi-School Zoning Policies in Xicheng district, Beijing, on housing prices in neighboring districts. We first present a theoretical model and derive testable predictions. Subsequently, we utilize transaction-level data on previously owned homes to evaluate spillover effects in addition to direct treatment effects. A flexible event study model is employed to incorporate both the anticipatory effect induced by the early policy announcement and the post-treatment effect. Our findings highlight significant negative direct impacts on Xicheng’s average total home sale price (1.5 % to 2.8 %) and noteworthy positive spillover effects on home sale prices in neighboring districts (1.1 % to 1.6 %). Furthermore, the spillover effect operates as a general equilibrium effect, being more pronounced for housing units in better school attendance zones and that are smaller and closer to Xicheng district. Our findings suggest that in formulating regional policies to stabilize housing prices, policy makers should account for spillover effects to ensure that these policies align with the broader objectives of a larger region.
{"title":"The spatial spillover effect of the multi-school zoning policies","authors":"Tiantian Dai , Shenyi Jiang , Yang Ming , Xinyi Zhang","doi":"10.1016/j.jhe.2025.102070","DOIUrl":"10.1016/j.jhe.2025.102070","url":null,"abstract":"<div><div>Local governments in China have implemented a series of education and real estate policies to promote educational equity and mitigate the escalation of housing prices within school attendance zones. This paper examines the spatial spillover effects of changes in the probability of school enrollment, stemming from the implementation of the Multi-School Zoning Policies in Xicheng district, Beijing, on housing prices in neighboring districts. We first present a theoretical model and derive testable predictions. Subsequently, we utilize transaction-level data on previously owned homes to evaluate spillover effects in addition to direct treatment effects. A flexible event study model is employed to incorporate both the anticipatory effect induced by the early policy announcement and the post-treatment effect. Our findings highlight significant negative direct impacts on Xicheng’s average total home sale price (1.5 % to 2.8 %) and noteworthy positive spillover effects on home sale prices in neighboring districts (1.1 % to 1.6 %). Furthermore, the spillover effect operates as a general equilibrium effect, being more pronounced for housing units in better school attendance zones and that are smaller and closer to Xicheng district. Our findings suggest that in formulating regional policies to stabilize housing prices, policy makers should account for spillover effects to ensure that these policies align with the broader objectives of a larger region.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102070"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143898995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-01Epub Date: 2025-04-07DOI: 10.1016/j.jhe.2025.102062
Zhenguo Lin , Michael J. Seiler , Ralph B. Siebert (Professor of Economics) , Daniel T. Winkler (Professor of Finance and Real Estate)
Real estate contracts often have a wide variety of contractual contingencies. This study examines whether a property inspection clause, the sale of other property contingency clause, and a backup offer contract affect a property's time on the market and selling price. A theoretical model is created based on the relative bargaining power between the buyer and seller. Using a large sample of transactions from Miami-Dade County in South Florida, we find that contingency clauses are significantly affected by market conditions, time on the market, list price premiums, brokerage characteristics, home size, and age. The time on the market (TOM) for purchase contracts with a property (pending) inspection clause or a backup offer contract is shorter. In contrast, the TOM for a sale of other property clause is longer. When holding constant TOM, buyers pay less for properties with a property inspection clause. In comparison, sellers receive a premium for properties with a sale of other property contingency clause. A backup offer contract has no effect on the selling price.
{"title":"Selling price, time on the market, and contractual contingencies","authors":"Zhenguo Lin , Michael J. Seiler , Ralph B. Siebert (Professor of Economics) , Daniel T. Winkler (Professor of Finance and Real Estate)","doi":"10.1016/j.jhe.2025.102062","DOIUrl":"10.1016/j.jhe.2025.102062","url":null,"abstract":"<div><div>Real estate contracts often have a wide variety of contractual contingencies. This study examines whether a property inspection clause, the sale of other property contingency clause, and a backup offer contract affect a property's time on the market and selling price. A theoretical model is created based on the relative bargaining power between the buyer and seller. Using a large sample of transactions from Miami-Dade County in South Florida, we find that contingency clauses are significantly affected by market conditions, time on the market, list price premiums, brokerage characteristics, home size, and age. The time on the market (TOM) for purchase contracts with a property (pending) inspection clause or a backup offer contract is shorter. In contrast, the TOM for a sale of other property clause is longer. When holding constant TOM, buyers pay less for properties with a property inspection clause. In comparison, sellers receive a premium for properties with a sale of other property contingency clause. A backup offer contract has no effect on the selling price.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102062"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143826434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-01Epub Date: 2025-04-23DOI: 10.1016/j.jhe.2025.102061
Lauriane Belloy, Fabien Candau
The issue of income segregation plagues numerous cities, and in particular Paris which is studied here. To mitigate this problem, the local government has implemented redevelopment policies that increase incentives to convert offices and other commercial units into social housing in high-demand areas. We find that these policies have a negligible effect. Only the most restrictive legislation slightly stimulated the conversion of social housing in the city center; all subsequent policies had no effect.
{"title":"Promoting social housing : Insights from redevelopment policies in Paris","authors":"Lauriane Belloy, Fabien Candau","doi":"10.1016/j.jhe.2025.102061","DOIUrl":"10.1016/j.jhe.2025.102061","url":null,"abstract":"<div><div>The issue of income segregation plagues numerous cities, and in particular Paris which is studied here. To mitigate this problem, the local government has implemented redevelopment policies that increase incentives to convert offices and other commercial units into social housing in high-demand areas. We find that these policies have a negligible effect. Only the most restrictive legislation slightly stimulated the conversion of social housing in the city center; all subsequent policies had no effect.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102061"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143869408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-01Epub Date: 2025-03-11DOI: 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.
{"title":"Dynamics of subletting: Evidence from Swedish university students","authors":"Theo Herold","doi":"10.1016/j.jhe.2025.102049","DOIUrl":"10.1016/j.jhe.2025.102049","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102049"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143641720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-01Epub Date: 2024-12-07DOI: 10.1016/j.jhe.2024.102039
Tianyun Zhu
I propose a novel approach which yields a likelihood-based estimator for the implicit price elasticity of demand for avoiding air pollution exposure. Applying my approach to a cross-sectional hedonic data set of Cleveland MSA, I find that the estimate on the implicit price elasticity of interest is approximately 0.03, smaller in magnitude than the national estimates obtained by prior studies. Beyond estimating the implicit price elasticity of demand for avoiding air pollution, my approach also allows for nonparametric characterization of the sorting equilibrium and full recovery of the bid function for each household type that sorts into an observed air quality level, which makes it possible to implement counterfactural welfare analysis of a non-marginal change in air quality.
{"title":"Estimating the implicit price elasticity of the demand for air quality: A hedonic approach","authors":"Tianyun Zhu","doi":"10.1016/j.jhe.2024.102039","DOIUrl":"10.1016/j.jhe.2024.102039","url":null,"abstract":"<div><div>I propose a novel approach which yields a likelihood-based estimator for the implicit price elasticity of demand for avoiding air pollution exposure. Applying my approach to a cross-sectional hedonic data set of Cleveland MSA, I find that the estimate on the implicit price elasticity of interest is approximately 0.03, smaller in magnitude than the national estimates obtained by prior studies. Beyond estimating the implicit price elasticity of demand for avoiding air pollution, my approach also allows for nonparametric characterization of the sorting equilibrium and full recovery of the bid function for each household type that sorts into an observed air quality level, which makes it possible to implement counterfactural welfare analysis of a non-marginal change in air quality.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"67 ","pages":"Article 102039"},"PeriodicalIF":1.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143176596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-01Epub Date: 2024-12-31DOI: 10.1016/j.jhe.2024.102040
Stephanie Casey Pierce , Julia K. Brown , Stephanie Moulton , Yung Chun
Policy interventions often target negative shocks to employment or housing as independent events. For instance, unemployment benefits aim to make up for lost earnings while mortgage assistance programs aim to prevent foreclosures. Yet, research suggests that housing markets and labor markets are systematically correlated. In this paper, we test the extent to which temporary mortgage payment relief improves long-term labor outcomes. We use data on unemployed homeowners who sought assistance through the U.S. Department of Treasury's Hardest Hit Fund program in Ohio, which subsidized the mortgage payment for unemployed homeowners for up to 18 months while they searched for a job. Through event study difference-in-differences models with individual fixed effects, we find that the receipt of mortgage payment subsidies extends the duration of unemployment in the short term but results in significantly higher earnings and a higher probability of being employed over the long term. These positive long-term findings, however, are only observed when mortgage payment relief is provided shortly after the onset of the unemployment shock. This highlights the importance of timely intervention to not only prevent foreclosures but also to improve labor market outcomes for homeowners experiencing an income shock.
We thank the Ohio Housing Finance Agency for research support. Additional research assistance for this project was provided by Olga Kondratjeva. Funding for this research was provided by the John D. and Catherine T. MacArthur Foundation, Grant No: 13-103361-000-USP, “How Housing Matters to Families and Communities”, Title: A Multistate Study of Housing and Employment Impacts of Foreclosure Prevention Programs. The views in this paper are those of the researchers and do not represent the views of The MacArthur Foundation, The Ohio Housing Finance Agency, The Ohio State University, or any other government agency.
政策干预往往将就业或住房的负面冲击作为独立事件。例如，失业救济金旨在弥补失去的收入，而抵押贷款援助计划旨在防止丧失抵押品赎回权。然而，研究表明，住房市场和劳动力市场是系统性相关的。在本文中，我们测试了临时抵押贷款支付救济改善长期劳动结果的程度。我们使用了通过美国财政部在俄亥俄州的重灾区基金项目寻求帮助的失业房主的数据，该项目为失业房主在寻找工作期间提供长达18个月的抵押贷款补贴。通过具有个体固定效应的事件研究差异中的差异模型，我们发现领取抵押贷款补贴在短期内延长了失业持续时间，但在长期内显著提高了收入和就业概率。然而，这些积极的长期结果只有在失业冲击开始后不久提供抵押贷款支付减免时才能观察到。这凸显了及时干预的重要性，不仅可以防止止赎，还可以改善经历收入冲击的房主的劳动力市场结果。我们感谢俄亥俄州住房金融局的研究支持。Olga Kondratjeva为该项目提供了额外的研究援助。本研究由John D. and Catherine T. MacArthur基金会资助，资助号：13-103361- 1000 - usp，“住房对家庭和社区的影响”，题目：预防止赎项目对住房和就业影响的多州研究。本文仅代表研究人员的观点，不代表麦克阿瑟基金会、俄亥俄住房金融局、俄亥俄州立大学或任何其他政府机构的观点。
{"title":"Labor outcomes of mortgage payment subsidies for unemployed homeowners","authors":"Stephanie Casey Pierce , Julia K. Brown , Stephanie Moulton , Yung Chun","doi":"10.1016/j.jhe.2024.102040","DOIUrl":"10.1016/j.jhe.2024.102040","url":null,"abstract":"<div><div>Policy interventions often target negative shocks to employment or housing as independent events. For instance, unemployment benefits aim to make up for lost earnings while mortgage assistance programs aim to prevent foreclosures. Yet, research suggests that housing markets and labor markets are systematically correlated. In this paper, we test the extent to which temporary mortgage payment relief improves long-term labor outcomes. We use data on unemployed homeowners who sought assistance through the U.S. Department of Treasury's Hardest Hit Fund program in Ohio, which subsidized the mortgage payment for unemployed homeowners for up to 18 months while they searched for a job. Through event study difference-in-differences models with individual fixed effects, we find that the receipt of mortgage payment subsidies extends the duration of unemployment in the short term but results in significantly higher earnings and a higher probability of being employed over the long term. These positive long-term findings, however, are only observed when mortgage payment relief is provided shortly after the onset of the unemployment shock. This highlights the importance of timely intervention to not only prevent foreclosures but also to improve labor market outcomes for homeowners experiencing an income shock.</div><div>We thank the Ohio Housing Finance Agency for research support. Additional research assistance for this project was provided by Olga Kondratjeva. Funding for this research was provided by the John D. and Catherine T. MacArthur Foundation, Grant No: 13-103361-000-USP, “How Housing Matters to Families and Communities”, Title: A Multistate Study of Housing and Employment Impacts of Foreclosure Prevention Programs. The views in this paper are those of the researchers and do not represent the views of The MacArthur Foundation, The Ohio Housing Finance Agency, The Ohio State University, or any other government agency.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"67 ","pages":"Article 102040"},"PeriodicalIF":1.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-01Epub Date: 2024-12-24DOI: 10.1016/j.jhe.2024.102041
Yaqun Zhu, Jun Kong
This paper utilizes a quasi-experiment in China that removed home purchase restrictions (HPR) in 2014 to examine the causal effect of homeownership on public sector employment through a difference-in-differences (DID) approach. Combining the 2012, 2014 China Family Panel Studies (CFPS) and the 2011, 2013, 2015 China Household Finance Survey (CHFS), we find that removing the HPR significantly decreases the probability of working in the public sector by 47 %, this negative effect holds for both homeowners and renters. The mechanism analyses show that firstly, removing the HPR increases house prices, which makes homeowners more resistant to possible unemployment shock, and thus reduces the attractiveness of the public sector, which is called as the wealth buffer channel; secondly, the rising house prices discourages renters to work in the public sector, where workers are paid lower wages and struggle to afford a more expensive house in the future, this is the home purchase channel; thirdly, as the HPR in China, is a prevailing Hukou1-based discriminatory policy, the removal of HPR makes local Hukou no longer necessary to qualify for buying a house, and then reduce the propensity of public sector employment, that is the homeownership eligibility channel. In addition, it is found that the impact of removing the HPR is larger for unmarried males who have a higher likelihood of buying a house to improve their competitiveness in the marriage market. Lastly, there are greater negative effects for young workers and employees with children.
{"title":"Homeownership and public sector employment: Evidence from the removal of home purchase restrictions in China","authors":"Yaqun Zhu, Jun Kong","doi":"10.1016/j.jhe.2024.102041","DOIUrl":"10.1016/j.jhe.2024.102041","url":null,"abstract":"<div><div>This paper utilizes a quasi-experiment in China that removed home purchase restrictions (HPR) in 2014 to examine the causal effect of homeownership on public sector employment through a difference-in-differences (DID) approach. Combining the 2012, 2014 China Family Panel Studies (CFPS) and the 2011, 2013, 2015 China Household Finance Survey (CHFS), we find that removing the HPR significantly decreases the probability of working in the public sector by 47 %, this negative effect holds for both homeowners and renters. The mechanism analyses show that firstly, removing the HPR increases house prices, which makes homeowners more resistant to possible unemployment shock, and thus reduces the attractiveness of the public sector, which is called as the wealth buffer channel; secondly, the rising house prices discourages renters to work in the public sector, where workers are paid lower wages and struggle to afford a more expensive house in the future, this is the home purchase channel; thirdly, as the HPR in China, is a prevailing <em>Hukou</em><span><span><sup>1</sup></span></span>-based discriminatory policy, the removal of HPR makes local <em>Hukou</em> no longer necessary to qualify for buying a house, and then reduce the propensity of public sector employment, that is the homeownership eligibility channel. In addition, it is found that the impact of removing the HPR is larger for unmarried males who have a higher likelihood of buying a house to improve their competitiveness in the marriage market. Lastly, there are greater negative effects for young workers and employees with children.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"67 ","pages":"Article 102041"},"PeriodicalIF":1.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143176599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-01Epub Date: 2025-02-06DOI: 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.
{"title":"Putting a ceiling on housing costs: The aftermath of nationwide rent control in the case of jeonse system in Korea","authors":"Kang Mo Koo , Jinyoo Kim","doi":"10.1016/j.jhe.2025.102045","DOIUrl":"10.1016/j.jhe.2025.102045","url":null,"abstract":"<div><div>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 <em>jeonse</em> contracts and a marked increase in other lease types including a mixture of lump sum deposit (the <em>jeonse</em> system) and partial monthly payments.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"67 ","pages":"Article 102045"},"PeriodicalIF":1.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143422170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-01Epub Date: 2025-02-17DOI: 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.
{"title":"Using machine learning to estimate the heterogeneous impact of Airbnb on house prices: Evidence from Corsica","authors":"Daniel Brunstein , Georges Casamatta , Sauveur Giannoni","doi":"10.1016/j.jhe.2025.102044","DOIUrl":"10.1016/j.jhe.2025.102044","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"67 ","pages":"Article 102044"},"PeriodicalIF":1.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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