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作者

Simon Büchler;Maximilian v. Ehrlich;Olivier Schöni

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.126,P.

语言

英文

关键字

Housing supply;Capitalization rate;Land use regulation;Geographic constraints;R 1;R 3;R 5

作者单位

MIT Center for Real Estate;Center for Regional Economic Development (CRED), Department of Economics, University of Bern;Department of Finance, Insurance and Real Estate, Laval University;MIT Center for Real Estate;Center for Regional Economic Development (CRED), Department of Economics, University of Bern;Department of Finance, Insurance and Real Estate, Laval University

摘要

We provide empirical evidence that increases in housing rental income lead to a larger supply response than price increases of the same percentage value. We rationalize this differential in supply responsiveness with an amplification mechanism arising from a downward revision of capitalization rates following a rental income increase. We document that the amplification of the housing supply price elasticity is less pronounced in geographically constrained and tightly regulated neighborhoods and areas having more sophisticated investors. Our findings hold valuable lessons for public policies affecting the housing rental income, such as rent control and housing subsidies.