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higher willingness to pay for historic amenities. The results contribute to an explanation for the substantial spatial income …
Persistent link: https://www.econbiz.de/10011126409
Equilibrium of the housing market depends on a complex set of interactions between: (1) individual location decisions; (2) individual housing investment; (3) collective decisions on urban growth. We embed these three elements in a model of a dynamic economy with two sources of friction:...
Persistent link: https://www.econbiz.de/10011071149
We estimate the effect of the UK Stamp Duty Land Tax on household mobility using micro data. Exploiting a discontinuity in the tax schedule as a quasi-experimental setting, we isolate the impact of the stamp duty from other determinants of mobility. Our empirical strategy essentially compares...
Persistent link: https://www.econbiz.de/10011126731
imposed on land supply. Given the income elasticity of demand for space this has policy implications perhaps even more serious …
Persistent link: https://www.econbiz.de/10010745894
House price capitalization – the adjustment of house prices to changes in local public service and tax levels – has long been thought to be a means of testing for efficiency in the local public sector. In this article I argue that the extent of house price capitalization itself may have...
Persistent link: https://www.econbiz.de/10011126064
on homeownership. We find that the MID boosts homeownership attainment only of higher income households in less tightly …
Persistent link: https://www.econbiz.de/10011126437
Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan-to-value (LTV) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal inference is confounded by house price levels,...
Persistent link: https://www.econbiz.de/10011126690
. We find that the MID only boosts homeownership attainment of higher income households in less tightly regulated housing …
Persistent link: https://www.econbiz.de/10010884709
This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting with high property transaction costs (i) homeowners are more likely to invest in social...
Persistent link: https://www.econbiz.de/10010928759
Using the proprietary dataset of a real estate agency, I analyse tens of thousands of housing sale and rental transactions in Central London during the 2005-2011 period. I run hedonic regressions on both prices and rents and show that price-rent ratios are higher for bigger and more central...
Persistent link: https://www.econbiz.de/10010744927