Annual Conference

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Real Estate and Urban Economics

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May 2023

Housing Speculation and Entrepreneurship

Yichu WANG, Xuan TIAN
We document a speculation channel through which house market booms negatively affect entrepreneurship. To address endogeneity concerns, we exploit plausibly exogenous variation in house prices generated by staggered and unintended policy spillovers in China. We find house market speculation triggere...
Keywords: Housing speculation, Entrepreneurship, house purchase restriction policy
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Annual Conference

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Real Estate and Urban Economics

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May 2023

Housing Wealth and Fertility in China: A Regression Discontinuity Design

Qinghua ZHANG, Fan ZHANG, Ya TAN, Geer ANG
In this paper we examine the effects of housing wealth on fertility outcomes using a regression discontinuity design based on a 2006 Chinese housing policy. We show that the positive shock to housing wealth generated by this policy increased the likelihood of fertility by a significant margin of 3.6...
Keywords: Housing wealth, Fertility, Labor Participation, Health
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Annual Conference

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Real Estate and Urban Economics

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May 2023

Frictional and Speculative Vacancies: The Effects of an Empty Homes Tax

Hong CHENG, Lu HAN , Derek STACEY
In this paper, we study the implications of a vacant home tax for housing availability and affordability. We develop a model with owner-occupied homes, tenanted rental units, and empty houses. Housing units are constructed by competitive developers and supplied to local households, but can also be s...
Keywords: empty houses, taxation of vacant homes, housing affordability
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Annual Conference

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Real Estate and Urban Economics

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May 2023

The Value of Cleaner Waterways: Evidence from the Black-and-Smelly Water Program in China

Yue YU, Qianyang ZHANG
This paper investigates the economic impacts of cleaning up heavily polluted waterways in urban neighborhoods. We exploit the Black-and-Smelly Water Program in China as a natural experiment to identify the causal impact of cleaner waterways on local housing prices, housing supply, and business growt...
Keywords: Water Pollution, Environmental Regulation, Real Estate Market, China
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Annual Conference

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Real Estate and Urban Economics

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May 2023

The Unintended Consequences of Coal Fired Power Plant Closures: Evidence from China

Yi FAN, Qiuxia GAO, Cheng Keat TANG
This paper examines the impact of power plant closures on air quality and health outcomes in China by exploiting quasi-experimental variation from the closures. We collected information associated with more than 1,700 power plants across China, and combined with high resolution satellite data measur...
Keywords: Externalities, Air Pollution, Coal-fired power plants, Displacement, Infant mortality
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