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作者

来源

REAL ESTATE ECONOMICS,Vol.45,Issue2,P.301-339

语言

英文

关键字

MORTGAGE INTEREST DEDUCTION; PROPERTY-TAX CAPITALIZATION; VALUING SCHOOL QUALITY; LOCAL PUBLIC-SERVICES; TIEBOUT HYPOTHESIS; EMPIRICAL-EVIDENCE; OF-LIFE; VALUES; LAND; HOMEOWNERSHIP

作者单位

[Hilber, Christian A. L.] London Sch Econ, Dept Geog & Environm, Houghton St, London WC2A 2AE, England. Hilber, CAL (reprint author), London Sch Econ, Dept Geog & Environm, Houghton St, London WC2A 2AE, England. E-Mail: c.hilber@lse.ac.uk

摘要

In this article, I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader economic implications of such capitalization. The main insights are: (1) house price capitalization is more pronounced in locations with strict regulatory and geographical supply constraints; (2) capitalization can induce the provision of durable local public goods and club goods; and (3) capitalization effectswhich are habitually ignored by policy-makershave important adverse consequences for a wide range of policies such as intergovernmental aid and the mortgage interest deduction.